StockNews.com Downgrades RingCentral (NYSE:RNG) to Buy

RingCentral (NYSE:RNG) was downgraded by equities researchers at StockNews.com from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Wednesday.

A number of other equities research analysts have also weighed in on RNG. Wells Fargo & Company reiterated an “underweight” rating and set a $30.00 target price (down from $38.00) on shares of RingCentral in a research note on Tuesday, January 7th. Robert W. Baird boosted their price objective on shares of RingCentral from $36.00 to $38.00 and gave the company a “neutral” rating in a research report on Monday, November 11th. Piper Sandler boosted their price objective on shares of RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Raymond James reissued an “outperform” rating and set a $45.00 price objective (down previously from $50.00) on shares of RingCentral in a research report on Friday, January 3rd. Finally, Mizuho cut their price objective on shares of RingCentral from $42.00 to $36.00 and set a “neutral” rating for the company in a research report on Monday. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $40.60.

RingCentral Trading Up 1.0 %

Shares of RNG opened at $35.18 on Wednesday. The firm has a market cap of $3.18 billion, a PE ratio of -33.18, a P/E/G ratio of 1.43 and a beta of 1.01. The firm has a fifty day simple moving average of $35.89 and a two-hundred day simple moving average of $34.35. RingCentral has a 1-year low of $26.98 and a 1-year high of $42.19.

Insider Buying and Selling

In other RingCentral news, CEO Vladimir Shmunis sold 66,451 shares of the business’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $34.96, for a total value of $2,323,126.96. Following the sale, the chief executive officer now owns 479,468 shares in the company, valued at $16,762,201.28. The trade was a 12.17 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Vaibhav Agarwal sold 10,184 shares of the business’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $34.97, for a total transaction of $356,134.48. Following the completion of the sale, the chief financial officer now owns 116,306 shares in the company, valued at approximately $4,067,220.82. The trade was a 8.05 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 115,188 shares of company stock valued at $4,113,047. Company insiders own 6.97% of the company’s stock.

Institutional Trading of RingCentral

Several hedge funds have recently bought and sold shares of the stock. Sovereign Financial Group Inc. lifted its stake in RingCentral by 4.0% in the 4th quarter. Sovereign Financial Group Inc. now owns 10,079 shares of the software maker’s stock worth $353,000 after purchasing an additional 386 shares in the last quarter. Gagnon Securities LLC raised its position in shares of RingCentral by 5.6% during the 4th quarter. Gagnon Securities LLC now owns 7,703 shares of the software maker’s stock valued at $270,000 after buying an additional 407 shares in the last quarter. Xponance Inc. raised its position in shares of RingCentral by 4.2% during the 4th quarter. Xponance Inc. now owns 10,664 shares of the software maker’s stock valued at $373,000 after buying an additional 426 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of RingCentral by 10.4% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,983 shares of the software maker’s stock valued at $176,000 after buying an additional 468 shares in the last quarter. Finally, KBC Group NV raised its position in shares of RingCentral by 38.9% during the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock valued at $84,000 after buying an additional 744 shares in the last quarter. Hedge funds and other institutional investors own 98.61% of the company’s stock.

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.