RingCentral’s (RNG) “Buy” Rating Reiterated at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of RingCentral (NYSE:RNG) in a report issued on Monday morning, Benzinga reports. Needham & Company LLC currently has a $42.00 price objective on the software maker’s stock.

A number of other brokerages also recently commented on RNG. Piper Sandler lowered their price objective on RingCentral from $32.00 to $31.00 and set a neutral rating for the company in a research report on Wednesday, July 10th. Rosenblatt Securities upgraded shares of RingCentral from a neutral rating to a buy rating and raised their price objective for the company from $35.00 to $45.00 in a report on Friday, August 2nd. Northland Securities boosted their target price on shares of RingCentral from $43.00 to $50.00 and gave the stock an outperform rating in a research note on Friday, August 2nd. StockNews.com cut RingCentral from a strong-buy rating to a buy rating in a research note on Thursday, July 25th. Finally, Wedbush reiterated a neutral rating and issued a $40.00 price objective on shares of RingCentral in a report on Thursday, May 9th. Eight equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $40.07.

RingCentral Price Performance

Shares of RingCentral stock opened at $33.76 on Monday. The stock has a market capitalization of $3.11 billion, a price-to-earnings ratio of -22.66, a price-to-earnings-growth ratio of 3.02 and a beta of 1.03. The business has a 50-day moving average of $31.25 and a 200 day moving average of $32.67. RingCentral has a 12 month low of $25.08 and a 12 month high of $38.35.

RingCentral (NYSE:RNG) last announced its quarterly earnings data on Thursday, August 1st. The software maker reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. The business had revenue of $592.91 million during the quarter, compared to analyst estimates of $586.39 million. During the same quarter last year, the firm posted ($0.03) EPS. The company’s revenue for the quarter was up 9.9% on a year-over-year basis. Equities research analysts anticipate that RingCentral will post 0.54 earnings per share for the current year.

Insider Buying and Selling at RingCentral

In related news, CFO Vaibhav Agarwal sold 11,406 shares of the stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $36.01, for a total transaction of $410,730.06. Following the completion of the sale, the chief financial officer now directly owns 158,784 shares of the company’s stock, valued at $5,717,811.84. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CFO Vaibhav Agarwal sold 11,406 shares of the stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $36.01, for a total transaction of $410,730.06. Following the completion of the transaction, the chief financial officer now directly owns 158,784 shares of the company’s stock, valued at $5,717,811.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Sonalee Elizabeth Parekh sold 8,478 shares of RingCentral stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $34.85, for a total value of $295,458.30. Following the completion of the sale, the chief financial officer now directly owns 388,919 shares in the company, valued at approximately $13,553,827.15. The disclosure for this sale can be found here. Insiders sold a total of 21,869 shares of company stock valued at $762,165 in the last ninety days. Insiders own 6.76% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of RNG. Capital World Investors grew its stake in shares of RingCentral by 7.3% during the 1st quarter. Capital World Investors now owns 12,139,394 shares of the software maker’s stock worth $421,723,000 after purchasing an additional 825,156 shares during the period. Vanguard Group Inc. grew its position in RingCentral by 5.2% during the first quarter. Vanguard Group Inc. now owns 10,909,549 shares of the software maker’s stock worth $378,998,000 after buying an additional 538,325 shares during the period. First Trust Advisors LP increased its holdings in RingCentral by 15.9% in the fourth quarter. First Trust Advisors LP now owns 1,991,917 shares of the software maker’s stock valued at $67,626,000 after buying an additional 273,109 shares in the last quarter. Norges Bank acquired a new stake in shares of RingCentral during the 4th quarter valued at approximately $30,471,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of RingCentral by 0.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 732,545 shares of the software maker’s stock worth $24,870,000 after acquiring an additional 2,303 shares in the last quarter. 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.