Shares of Ringcentral, Inc. (NYSE:RNG) traded up 5.4% on Monday . The company traded as high as $44.35 and last traded at $44.00. 1,487,251 shares traded hands during mid-day trading, an increase of 124% from the average session volume of 663,216 shares. The stock had previously closed at $41.75.

A number of research analysts recently issued reports on the stock. Northland Securities reiterated an “outperform” rating and issued a $46.00 target price (up from $43.00) on shares of Ringcentral in a research note on Tuesday. Dougherty & Co reissued a “buy” rating and set a $40.00 target price (up previously from $36.00) on shares of Ringcentral in a research report on Wednesday, August 9th. Robert W. Baird lowered shares of Ringcentral from an “outperform” rating to a “neutral” rating and boosted their target price for the stock from $38.80 to $41.00 in a research report on Thursday, August 10th. BidaskClub upgraded shares of Ringcentral from a “hold” rating to a “buy” rating in a report on Wednesday, August 16th. Finally, Jefferies Group LLC restated a “buy” rating and set a $38.00 price target on shares of Ringcentral in a report on Thursday, August 3rd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eleven have given a buy rating to the company’s stock. Ringcentral has an average rating of “Buy” and a consensus price target of $39.42.

The stock’s 50-day moving average is $40.61 and its 200 day moving average is $35.22. The stock’s market cap is $3.39 billion.

Ringcentral (NYSE:RNG) last announced its earnings results on Wednesday, August 2nd. The software maker reported $0.04 EPS for the quarter, topping the consensus estimate of $0.03 by $0.01. Ringcentral had a negative net margin of 6.77% and a negative return on equity of 19.59%. The business had revenue of $119.40 million during the quarter, compared to the consensus estimate of $118.19 million. During the same quarter in the previous year, the firm posted $0.02 EPS. Ringcentral’s revenue was up 30.1% compared to the same quarter last year. Equities research analysts anticipate that Ringcentral, Inc. will post $0.17 EPS for the current fiscal year.

In related news, CEO Vladimir Shmunis sold 73,000 shares of Ringcentral stock in a transaction that occurred on Thursday, July 13th. The stock was sold at an average price of $36.87, for a total transaction of $2,691,510.00. Following the completion of the sale, the chief executive officer now directly owns 355,041 shares of the company’s stock, valued at approximately $13,090,361.67. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Mitesh Dhruv sold 3,000 shares of the business’s stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $38.16, for a total value of $114,480.00. Following the completion of the sale, the chief financial officer now owns 138,113 shares of the company’s stock, valued at $5,270,392.08. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 358,998 shares of company stock valued at $14,057,990. Corporate insiders own 14.53% of the company’s stock.

A number of hedge funds have recently bought and sold shares of RNG. Aperio Group LLC lifted its holdings in shares of Ringcentral by 1.5% during the second quarter. Aperio Group LLC now owns 11,457 shares of the software maker’s stock worth $419,000 after buying an additional 169 shares in the last quarter. Falcon Point Capital LLC increased its position in Ringcentral by 3.2% during the second quarter. Falcon Point Capital LLC now owns 9,356 shares of the software maker’s stock worth $342,000 after acquiring an additional 288 shares during the period. Ameritas Investment Partners Inc. increased its position in Ringcentral by 8.3% during the second quarter. Ameritas Investment Partners Inc. now owns 5,480 shares of the software maker’s stock worth $200,000 after acquiring an additional 418 shares during the period. Suntrust Banks Inc. increased its position in Ringcentral by 5.5% during the second quarter. Suntrust Banks Inc. now owns 9,970 shares of the software maker’s stock worth $364,000 after acquiring an additional 523 shares during the period. Finally, Amalgamated Bank increased its position in Ringcentral by 11.5% during the second quarter. Amalgamated Bank now owns 8,006 shares of the software maker’s stock worth $293,000 after acquiring an additional 825 shares during the period. Hedge funds and other institutional investors own 75.22% of the company’s stock.

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Ringcentral Company Profile

RingCentral, Inc is a provider of software-as-a-service (SaaS) solutions for businesses to support modern 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 high definition (HD) voice, video, short messaging service (SMS), messaging and collaboration, conferencing, online meetings, and fax.

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