Zacks Investment Research upgraded shares of RingCentral Inc. (NYSE:RNG) from a sell rating to a hold rating in a research note released on Thursday.

According to Zacks, “RingCentral, Inc. provides solutions for business communications primarily in the United States. The Company’s products include RingCentral Office, RingCentral Mobile and RingCentral Fax. It provides solutions such as auto-receptionist, flexible extension structure, multiple voicemail boxes, smart call routing, business answering rules, extension dialing, call transfers and elegant integration with Smartphones. RingCentral, Inc. is headquartered in San Mateo, California. “

Other equities research analysts also recently issued research reports about the company. Jefferies Group raised their price target on RingCentral from $27.00 to $29.00 and gave the stock a buy rating in a report on Thursday, August 4th. Robert W. Baird began coverage on RingCentral in a report on Thursday, August 25th. They issued a neutral rating and a $24.00 price target for the company. Oppenheimer Holdings Inc. reissued an outperform rating and issued a $29.00 price target (up previously from $27.00) on shares of RingCentral in a report on Friday, August 5th. Finally, Goldman Sachs Group Inc. reissued a neutral rating and issued a $26.00 price target on shares of RingCentral in a report on Wednesday, October 26th. Four equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus price target of $25.89.

Analyst Recommendations for RingCentral (NYSE:RNG)

RingCentral (NYSE:RNG) opened at 22.85 on Thursday. The company’s market cap is $1.68 billion. The company has a 50-day moving average of $21.84 and a 200-day moving average of $21.64. RingCentral has a 52 week low of $13.88 and a 52 week high of $25.67.

RingCentral (NYSE:RNG) last issued its quarterly earnings results on Tuesday, October 25th. The company reported $0.03 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.02. The business earned $96.80 million during the quarter, compared to the consensus estimate of $41.93 million. RingCentral had a negative return on equity of 20.73% and a negative net margin of 8.17%. The company’s quarterly revenue was up 26.0% on a year-over-year basis. During the same quarter last year, the company earned ($0.09) earnings per share. On average, equities analysts expect that RingCentral will post $0.08 EPS for the current year.

In other news, SVP Praful Shah sold 2,415 shares of the business’s stock in a transaction that occurred on Monday, August 29th. The stock was sold at an average price of $22.19, for a total value of $53,588.85. Following the completion of the sale, the senior vice president now directly owns 338,247 shares in the company, valued at $7,505,700.93. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Vladimir Shmunis sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, November 7th. The shares were sold at an average price of $20.42, for a total value of $408,400.00. Following the completion of the sale, the chief executive officer now owns 227,522 shares of the company’s stock, valued at $4,645,999.24. The disclosure for this sale can be found here. Corporate insiders own 17.34% of the company’s stock.

Hedge funds have recently bought and sold shares of the stock. BlackRock Inc. boosted its stake in RingCentral by 43.0% in the second quarter. BlackRock Inc. now owns 5,361 shares of the company’s stock worth $105,000 after buying an additional 1,612 shares during the period. Tower Research Capital LLC TRC acquired a new stake in RingCentral during the second quarter worth approximately $116,000. BNP Paribas Arbitrage SA boosted its stake in RingCentral by 82.0% in the third quarter. BNP Paribas Arbitrage SA now owns 5,616 shares of the company’s stock worth $133,000 after buying an additional 2,530 shares during the period. Teacher Retirement System of Texas boosted its stake in RingCentral by 18.1% in the second quarter. Teacher Retirement System of Texas now owns 6,994 shares of the company’s stock worth $138,000 after buying an additional 1,071 shares during the period. Finally, Barclays PLC boosted its stake in RingCentral by 11,150.0% in the second quarter. Barclays PLC now owns 7,200 shares of the company’s stock worth $142,000 after buying an additional 7,136 shares during the period. Institutional investors and hedge funds own 69.61% of the company’s stock.

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About RingCentral

RingCentral, Inc is a provider of software-as-a-service (SaaS) solutions for business communications. The Company’s cloud-based business communications solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, personal computers (PCs) and desk phones, and allow for communication across multiple channels, including voice, text, team messaging collaboration, high definition (HD) video for Web conferencing and fax.

5 Day Chart for NYSE:RNG

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