Ringcentral, Inc. (RNG) Downgraded by Zacks Investment Research to Hold
Zacks Investment Research cut shares of Ringcentral, Inc. (NYSE:RNG) from a buy rating to a hold rating in a report published on Wednesday.
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 subject of several other reports. BidaskClub downgraded shares of Ringcentral from a strong-buy rating to a buy rating in a report on Wednesday, July 19th. Summit Redstone reaffirmed a buy rating and issued a $40.00 price objective (up from $36.00) on shares of Ringcentral in a report on Thursday, August 3rd. Bank of America Corporation raised their price objective on shares of Ringcentral from $45.00 to $50.00 and gave the stock a buy rating in a report on Wednesday, October 25th. Northland Securities set a $43.00 price objective on shares of Ringcentral and gave the stock a buy rating in a report on Thursday, August 3rd. Finally, Robert W. Baird downgraded shares of Ringcentral from an outperform rating to a neutral rating and raised their price objective for the stock from $38.80 to $41.00 in a report on Thursday, August 10th. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. The company has an average rating of Buy and a consensus price target of $44.15.
Shares of Ringcentral (NYSE RNG) traded up $0.80 during mid-day trading on Wednesday, hitting $47.20. 460,777 shares of the stock traded hands, compared to its average volume of 669,990. Ringcentral has a 12 month low of $19.95 and a 12 month high of $47.95.
Ringcentral (NYSE:RNG) last issued its quarterly earnings results on Wednesday, November 8th. The software maker reported $0.06 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.04 by $0.02. The company had revenue of $129.76 million during the quarter, compared to analyst estimates of $126.06 million. Ringcentral had a negative net margin of 5.80% and a negative return on equity of 17.97%. Ringcentral’s quarterly revenue was up 34.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.03 EPS. research analysts expect that Ringcentral will post -0.33 earnings per share for the current year.
In related news, COO David Sipes sold 1,500 shares of Ringcentral stock in a transaction on Monday, October 16th. The shares were sold at an average price of $44.00, for a total value of $66,000.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Vladimir Shmunis sold 101,452 shares of Ringcentral stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $38.20, for a total transaction of $3,875,466.40. Following the completion of the transaction, the chief executive officer now owns 355,041 shares in the company, valued at approximately $13,562,566.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 360,106 shares of company stock worth $14,796,035. Corporate insiders own 14.53% of the company’s stock.
Large investors have recently modified their holdings of the stock. Ameritas Investment Partners Inc. raised its position in Ringcentral by 8.3% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,480 shares of the software maker’s stock worth $200,000 after purchasing an additional 418 shares during the period. ProShare Advisors LLC purchased a new position in shares of Ringcentral in the second quarter valued at about $202,000. Amalgamated Bank purchased a new position in shares of Ringcentral in the first quarter valued at about $203,000. Principal Financial Group Inc. purchased a new position in shares of Ringcentral in the first quarter valued at about $237,000. Finally, Virtu KCG Holdings LLC purchased a new position in shares of Ringcentral in the second quarter valued at about $248,000. Institutional investors own 73.85% of the company’s stock.
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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