RingCentral (NYSE:RNG) Given Buy Rating at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of RingCentral (NYSE:RNG) in a research note released on Wednesday morning, Benzinga reports. The firm currently has a $42.00 price target on the software maker’s stock.

RNG has been the topic of a number of other reports. Morgan Stanley dropped their price objective on shares of RingCentral from $35.00 to $32.00 and set an equal weight rating on the stock in a research report on Wednesday, April 17th. The Goldman Sachs Group reduced their target price on RingCentral from $38.00 to $34.00 and set a neutral rating for the company in a report on Wednesday, February 21st. Piper Sandler dropped their price target on RingCentral from $34.00 to $31.00 and set a neutral rating on the stock in a research note on Wednesday, February 21st. Mizuho boosted their price objective on RingCentral from $36.00 to $38.00 and gave the company a buy rating in a research note on Wednesday. Finally, Rosenblatt Securities restated a neutral rating and set a $35.00 target price on shares of RingCentral in a research report on Wednesday, May 1st. Ten 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. Based on data from MarketBeat.com, RingCentral presently has a consensus rating of Moderate Buy and an average target price of $39.44.

RingCentral Stock Performance

Shares of RNG stock opened at $34.29 on Wednesday. RingCentral has a fifty-two week low of $25.08 and a fifty-two week high of $43.28. The company has a 50 day moving average price of $32.83 and a 200 day moving average price of $31.92. The stock has a market capitalization of $3.17 billion, a P/E ratio of -19.65, a price-to-earnings-growth ratio of 3.24 and a beta of 0.94.

RingCentral (NYSE:RNG) last posted 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 business had revenue of $571.27 million for the quarter, compared to analyst estimates of $569.65 million. On average, research analysts forecast that RingCentral will post 0.45 EPS for the current fiscal year.

Insider Buying and Selling at RingCentral

In related news, Director Kenneth A. Goldman sold 1,287 shares of the company’s stock in a transaction 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 of the company’s stock, valued at $816,525.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO Vaibhav Agarwal sold 14,113 shares of RingCentral stock in a transaction on Friday, March 15th. The stock was sold at an average price of $34.84, for a total transaction of $491,696.92. Following the completion of the transaction, the chief financial officer now owns 116,640 shares of the company’s stock, valued at approximately $4,063,737.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Kenneth A. Goldman sold 1,287 shares of the stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $34.47, for a total transaction of $44,362.89. Following the completion of the sale, the director now directly owns 23,688 shares in the company, valued at $816,525.36. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 23,608 shares of company stock valued at $800,974. 6.76% of the stock is owned by corporate insiders.

Institutional Trading of RingCentral

Several institutional investors and hedge funds have recently modified their holdings of the business. Intellectus Partners LLC raised its position in shares of RingCentral by 4.3% in the fourth quarter. Intellectus Partners LLC now owns 8,550 shares of the software maker’s stock valued at $290,000 after buying an additional 350 shares during the last quarter. Treasurer of the State of North Carolina raised its holdings in RingCentral by 1.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 37,832 shares of the software maker’s stock valued at $1,284,000 after acquiring an additional 360 shares during the last quarter. 1492 Capital Management LLC lifted its stake in shares of RingCentral by 1.0% during the 4th quarter. 1492 Capital Management LLC now owns 36,751 shares of the software maker’s stock worth $1,248,000 after purchasing an additional 363 shares during the period. Hexagon Capital Partners LLC boosted its holdings in shares of RingCentral by 44.1% during the first quarter. Hexagon Capital Partners LLC now owns 1,340 shares of the software maker’s stock worth $47,000 after purchasing an additional 410 shares during the last quarter. Finally, Simplicity Solutions LLC grew its position in shares of RingCentral by 4.5% in the fourth quarter. Simplicity Solutions LLC now owns 10,761 shares of the software maker’s stock valued at $365,000 after purchasing an additional 467 shares during the period. Hedge funds and other institutional investors 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.