Ringcentral, Inc. (RNG) Stock Rating Lowered by Zacks Investment Research

Ringcentral, Inc. (NYSE:RNG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday, October 18th.

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. “

RNG has been the topic of a number of other reports. BidaskClub lowered shares of Ringcentral from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 19th. Summit Redstone reiterated a “buy” rating and issued a $40.00 price target (up from $36.00) on shares of Ringcentral in a research note on Thursday, August 3rd. Northland Securities set a $43.00 price objective on Ringcentral and gave the company a “buy” rating in a report on Thursday, August 3rd. Robert W. Baird downgraded Ringcentral from an “outperform” rating to a “neutral” rating and increased their price objective for the company from $38.80 to $41.00 in a report on Thursday, August 10th. Finally, Dougherty & Co increased their price objective on Ringcentral from $36.00 to $40.00 and gave the company a “buy” rating in a report on Thursday, August 3rd. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Ringcentral presently has an average rating of “Buy” and an average target price of $42.77.

Ringcentral (NYSE:RNG) traded up $0.20 during midday trading on Wednesday, reaching $44.25. 308,364 shares of the company’s stock were exchanged, compared to its average volume of 419,753. Ringcentral has a 52 week low of $19.60 and a 52 week high of $44.95.

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In other Ringcentral news, insider Praful Shah sold 10,000 shares of Ringcentral stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $37.98, for a total transaction of $379,800.00. Following the transaction, the insider now owns 300,176 shares of the company’s stock, valued at approximately $11,400,684.48. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, COO David Sipes sold 13,800 shares of the firm’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $38.64, for a total transaction of $533,232.00. Following the sale, the chief operating officer now owns 291,580 shares of the company’s stock, valued at approximately $11,266,651.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 382,106 shares of company stock valued at $15,665,035. Company insiders own 14.53% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in RNG. Ameritas Investment Partners Inc. purchased a new position in Ringcentral in the 1st quarter valued at approximately $143,000. Invictus RG purchased a new position in Ringcentral in the 1st quarter valued at approximately $162,000. ProShare Advisors LLC purchased a new position in Ringcentral in the 2nd quarter valued at approximately $202,000. Amalgamated Bank purchased a new position in Ringcentral in the 1st quarter valued at approximately $203,000. Finally, Raymond James Financial Services Advisors Inc. purchased a new position in Ringcentral in the 1st quarter valued at approximately $229,000. Institutional investors and hedge funds own 74.21% of the company’s stock.

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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