RingCentral (NYSE:RNG) Shares Gap Up After Analyst Upgrade

Shares of RingCentral, Inc. (NYSE:RNG) gapped up prior to trading on Wednesday after UBS Group raised their price target on the stock from $37.00 to $40.00. The stock had previously closed at $29.99, but opened at $33.34. UBS Group currently has a neutral rating on the stock. RingCentral shares last traded at $34.52, with a volume of 1,047,783 shares.

A number of other equities analysts have also recently commented on RNG. The Goldman Sachs Group decreased their target price on RingCentral from $38.00 to $34.00 and set a “neutral” rating on the stock in a report on Wednesday, February 21st. Wells Fargo & Company cut their price objective on RingCentral from $36.00 to $31.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 21st. Wedbush reaffirmed a “neutral” rating and set a $40.00 price target on shares of RingCentral in a report on Friday, February 16th. Mizuho increased their price objective on shares of RingCentral from $36.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Rosenblatt Securities reaffirmed a “neutral” rating and issued a $35.00 target price on shares of RingCentral in a report on Wednesday, May 1st. Nine equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, RingCentral currently has an average rating of “Moderate Buy” and a consensus price target of $39.11.

Insider Activity

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

Hedge Funds Weigh In On RingCentral

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC lifted its stake in shares of RingCentral by 9.3% in the third quarter. SG Americas Securities LLC now owns 14,324 shares of the software maker’s stock worth $424,000 after buying an additional 1,213 shares in the last quarter. Commonwealth Equity Services LLC boosted its stake in RingCentral by 14.6% during the third quarter. Commonwealth Equity Services LLC now owns 15,426 shares of the software maker’s stock worth $457,000 after buying an additional 1,964 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of RingCentral by 9.2% in 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 purchasing an additional 57,358 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in RingCentral by 15.6% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,628 shares of the software maker’s stock worth $433,000 after purchasing an additional 1,972 shares during the period. Finally, Mackenzie Financial Corp boosted its holdings in RingCentral by 303.2% in the 3rd quarter. Mackenzie Financial Corp now owns 56,623 shares of the software maker’s stock valued at $1,625,000 after purchasing an additional 42,581 shares during the last quarter. 98.61% of the stock is owned by hedge funds and other institutional investors.

RingCentral Trading Up 15.7 %

The firm’s fifty day simple moving average is $32.80 and its two-hundred day simple moving average is $31.90. The company has a market capitalization of $3.20 billion, a price-to-earnings ratio of -19.65, a price-to-earnings-growth ratio of 3.24 and a beta of 0.94.

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

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.