RingCentral’s (RNG) “Neutral” Rating Reaffirmed at Rosenblatt Securities

Rosenblatt Securities restated their neutral rating on shares of RingCentral (NYSE:RNG) in a research report sent to investors on Wednesday, Benzinga reports. The brokerage currently has a $35.00 price objective on the software maker’s stock.

Several other equities analysts have also recently weighed in on RNG. Wedbush restated a neutral rating and issued a $40.00 price objective on shares of RingCentral in a report on Friday, February 16th. Mizuho decreased their price target on RingCentral from $40.00 to $36.00 and set a buy rating for the company in a research note on Wednesday, February 21st. Needham & Company LLC dropped their price objective on RingCentral from $46.00 to $42.00 and set a buy rating on the stock in a research note on Wednesday, February 21st. KeyCorp decreased their target price on shares of RingCentral from $50.00 to $48.00 and set an overweight rating for the company in a research note on Wednesday, February 21st. Finally, Wells Fargo & Company dropped their price target on shares of RingCentral from $36.00 to $31.00 and set an equal weight rating on the stock in a research report on Wednesday, February 21st. Eight 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 company. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus target price of $38.56.

RingCentral Trading Up 1.6 %

RingCentral stock opened at $30.08 on Wednesday. The company has a 50 day moving average of $32.91 and a 200-day moving average of $31.86. RingCentral has a twelve month low of $25.08 and a twelve month high of $43.28.

RingCentral (NYSE:RNG) last posted its quarterly earnings data on Tuesday, February 20th. The software maker reported ($0.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.31). The company had revenue of $571.27 million during the quarter, compared to analyst estimates of $569.65 million. As a group, analysts anticipate that RingCentral will post 0.45 EPS for the current fiscal year.

Insider Activity

In other RingCentral news, CFO Vaibhav Agarwal sold 6,224 shares of the firm’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $31.55, for a total transaction of $196,367.20. Following the transaction, the chief financial officer now owns 130,753 shares in the company, valued at approximately $4,125,257.15. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, Director Kenneth A. Goldman sold 1,287 shares of the firm’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $34.47, for a total value of $44,362.89. Following the sale, the director now directly owns 23,688 shares of the company’s stock, valued at $816,525.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Vaibhav Agarwal sold 6,224 shares of the stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $31.55, for a total transaction of $196,367.20. Following the completion of the transaction, the chief financial officer now directly owns 130,753 shares of the company’s stock, valued at approximately $4,125,257.15. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 23,608 shares of company stock worth $800,974. Corporate insiders own 6.76% of the company’s stock.

Hedge Funds Weigh In On RingCentral

Institutional investors and hedge funds have recently bought and sold shares of the company. SG Americas Securities LLC raised its position in shares of RingCentral by 9.3% during the third quarter. SG Americas Securities LLC now owns 14,324 shares of the software maker’s stock worth $424,000 after acquiring an additional 1,213 shares during the last quarter. Handelsbanken Fonder AB boosted its stake in shares of RingCentral by 91.2% in the 3rd quarter. Handelsbanken Fonder AB now owns 20,270 shares of the software maker’s stock valued at $601,000 after purchasing an additional 9,670 shares during the last quarter. Simplicity Solutions LLC bought a new position in RingCentral during the third quarter worth $305,000. Commonwealth Equity Services LLC lifted its holdings in RingCentral by 14.6% in the third quarter. Commonwealth Equity Services LLC now owns 15,426 shares of the software maker’s stock valued at $457,000 after buying an additional 1,964 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in RingCentral by 9.2% during the third quarter. Bank of New York Mellon Corp now owns 678,036 shares of the software maker’s stock valued at $20,090,000 after acquiring an additional 57,358 shares during the last quarter. 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.