Rosenblatt Securities Reaffirms “Buy” Rating for RingCentral (NYSE:RNG)

RingCentral (NYSE:RNG)‘s stock had its “buy” rating reaffirmed by stock analysts at Rosenblatt Securities in a research note issued on Friday, Benzinga reports. They presently have a $45.00 price target on the software maker’s stock. Rosenblatt Securities’ target price would indicate a potential upside of 23.46% from the company’s previous close.

Several other analysts have also recently issued reports on RNG. Wedbush upgraded RingCentral to a “hold” rating in a research note on Thursday, October 17th. Robert W. Baird lifted their price objective on RingCentral from $35.00 to $36.00 and gave the company a “neutral” rating in a research note on Monday, August 5th. StockNews.com lowered shares of RingCentral from a “strong-buy” rating to a “buy” rating in a research note on Saturday, October 19th. Wells Fargo & Company raised their target price on shares of RingCentral from $28.00 to $35.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Finally, Piper Sandler lowered their price target on shares of RingCentral from $32.00 to $31.00 and set a “neutral” rating for the company in a report on Wednesday, July 10th. Eight equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, RingCentral presently has a consensus rating of “Moderate Buy” and a consensus price target of $40.07.

RingCentral Stock Up 1.2 %

RNG opened at $36.45 on Friday. RingCentral has a 52 week low of $26.23 and a 52 week high of $38.35. The business has a fifty day simple moving average of $31.76 and a 200-day simple moving average of $31.97. The firm has a market cap of $3.35 billion, a P/E ratio of -25.67, a P/E/G ratio of 2.80 and a beta of 0.99.

RingCentral (NYSE:RNG) last announced its earnings results on Thursday, August 1st. The software maker reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. The firm had revenue of $592.91 million for the quarter, compared to analysts’ expectations of $586.39 million. The business’s revenue was up 9.9% compared to the same quarter last year. During the same quarter last year, the business earned ($0.03) earnings per share. Sell-side analysts expect that RingCentral will post 0.63 earnings per share for the current year.

Insider Buying and Selling

In other RingCentral news, CFO Vaibhav Agarwal sold 1,985 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $31.40, for a total value of $62,329.00. Following the completion of the sale, the chief financial officer now owns 135,560 shares in the company, valued at approximately $4,256,584. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other RingCentral news, CFO Sonalee Elizabeth Parekh sold 9,913 shares of the firm’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $33.45, for a total transaction of $331,589.85. Following the transaction, the chief financial officer now directly owns 358,622 shares of the company’s stock, valued at approximately $11,995,905.90. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Vaibhav Agarwal sold 1,985 shares of the stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $31.40, for a total transaction of $62,329.00. Following the sale, the chief financial officer now owns 135,560 shares of the company’s stock, valued at $4,256,584. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 103,824 shares of company stock worth $3,386,396 in the last quarter. 6.76% of the stock is owned by insiders.

Hedge Funds Weigh In On RingCentral

Several institutional investors have recently added to or reduced their stakes in RNG. PNC Financial Services Group Inc. increased its holdings in shares of RingCentral by 13.6% in the fourth quarter. PNC Financial Services Group Inc. now owns 4,522 shares of the software maker’s stock valued at $154,000 after purchasing an additional 540 shares during the period. Allspring Global Investments Holdings LLC increased its stake in RingCentral by 39.4% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 33,703 shares of the software maker’s stock valued at $1,171,000 after buying an additional 9,520 shares during the period. Janney Montgomery Scott LLC raised its position in RingCentral by 3.6% during the 1st quarter. Janney Montgomery Scott LLC now owns 28,610 shares of the software maker’s stock worth $994,000 after buying an additional 981 shares during the last quarter. Capstone Investment Advisors LLC acquired a new stake in shares of RingCentral in the 1st quarter worth $542,000. Finally, GSA Capital Partners LLP acquired a new stake in shares of RingCentral in the 1st quarter worth $704,000. Institutional investors and hedge funds own 98.61% of the company’s stock.

RingCentral Company Profile

RingCentral, Inc, together with its subsidiaries, provides cloud communications, video meetings, collaboration, and contact center software-as-a-service solutions worldwide. The company’s products include RingCentral Message Video Phone that provides a unified experience for communication and collaboration across multiple modes, including HD voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers AI-powered omnichannel and workforce engagement solutions with integrated RingCentral MVP; and RingCX, an AI-powered contact center that a native delivers omnichannel experience.