RingCentral (NYSE:RNG) Given Buy Rating at Rosenblatt Securities

Rosenblatt Securities reaffirmed their buy rating on shares of RingCentral (NYSE:RNG) in a research report report published on Monday morning,Benzinga reports. The brokerage currently has a $32.00 price objective on the software maker’s stock.

A number of other analysts also recently commented on RNG. UBS Group decreased their price objective on shares of RingCentral from $38.00 to $33.00 and set a “neutral” rating on the stock in a report on Friday, May 9th. Mizuho lifted their price target on shares of RingCentral from $25.00 to $27.00 and gave the company a “neutral” rating in a research report on Monday, May 12th. Morgan Stanley lowered their price target on RingCentral from $40.00 to $29.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 16th. Wedbush dropped their price objective on RingCentral from $38.00 to $30.00 and set a “neutral” rating for the company in a research note on Friday, May 9th. Finally, Raymond James decreased their target price on RingCentral from $40.00 to $35.00 and set an “outperform” rating on the stock in a research report on Friday, May 9th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $33.08.

RingCentral Price Performance

RingCentral stock opened at $26.24 on Monday. The stock’s 50 day moving average price is $25.34 and its 200 day moving average price is $31.47. RingCentral has a 1-year low of $20.59 and a 1-year high of $42.19. The company has a market cap of $2.36 billion, a PE ratio of -40.99, a price-to-earnings-growth ratio of 1.27 and a beta of 1.33.

RingCentral (NYSE:RNG) last issued its earnings results on Thursday, May 8th. The software maker reported $1.00 EPS for the quarter, topping the consensus estimate of $0.96 by $0.04. RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. The company had revenue of $612.06 million for the quarter, compared to analyst estimates of $610.53 million. During the same period in the previous year, the firm earned $0.87 EPS. The business’s revenue was up 4.8% on a year-over-year basis. On average, equities research analysts anticipate that RingCentral will post 1.29 EPS for the current fiscal year.

Insider Transactions at RingCentral

In other news, SVP John H. Marlow sold 35,089 shares of RingCentral stock in a transaction on Monday, February 24th. The stock was sold at an average price of $28.56, for a total value of $1,002,141.84. Following the completion of the sale, the senior vice president now owns 313,510 shares of the company’s stock, valued at $8,953,845.60. The trade was a 10.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Vaibhav Agarwal sold 2,247 shares of the company’s stock in a transaction on Friday, May 16th. The shares were sold at an average price of $27.97, for a total value of $62,848.59. Following the completion of the transaction, the chief financial officer now owns 120,982 shares of the company’s stock, valued at $3,383,866.54. The trade was a 1.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 249,987 shares of company stock worth $7,162,128 over the last ninety days. 6.97% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On RingCentral

Several hedge funds have recently modified their holdings of the stock. Contour Asset Management LLC acquired a new position in RingCentral during the first quarter worth approximately $45,650,000. Arrowstreet Capital Limited Partnership grew its stake in shares of RingCentral by 414.3% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,445,245 shares of the software maker’s stock valued at $50,598,000 after buying an additional 1,164,241 shares during the period. Jacobs Levy Equity Management Inc. increased its holdings in shares of RingCentral by 354.8% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 870,666 shares of the software maker’s stock worth $21,558,000 after buying an additional 679,211 shares during the last quarter. Valley Wealth Managers Inc. purchased a new position in shares of RingCentral in the 4th quarter worth $20,792,000. Finally, Capital World Investors boosted its holdings in RingCentral by 5.9% in the fourth quarter. Capital World Investors now owns 10,663,441 shares of the software maker’s stock valued at $373,327,000 after acquiring an additional 591,398 shares during the last quarter. 98.61% of the stock is owned by institutional investors and hedge funds.

About RingCentral

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.