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

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

Several other research firms have also issued reports on RNG. Robert W. Baird raised their target price on shares of RingCentral from $35.00 to $36.00 and gave the stock a “neutral” rating in a report on Monday, August 5th. Deutsche Bank Aktiengesellschaft boosted their target price on RingCentral from $42.00 to $45.00 and gave the company a “buy” rating in a research report on Tuesday, August 6th. StockNews.com downgraded RingCentral from a “strong-buy” rating to a “buy” rating in a report on Saturday, October 19th. Wedbush boosted their price objective on RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $45.00 price objective on shares of RingCentral in a research report on Friday, November 8th. Eight equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $40.73.

RingCentral Trading Up 4.6 %

RNG opened at $37.94 on Monday. The stock has a 50-day moving average of $32.44 and a 200 day moving average of $32.39. RingCentral has a 12 month low of $26.63 and a 12 month high of $40.98. The firm has a market cap of $3.48 billion, a P/E ratio of -35.79, a P/E/G ratio of 2.30 and a beta of 0.99.

RingCentral (NYSE:RNG) last announced its earnings results on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.10. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. The firm had revenue of $608.77 million during the quarter, compared to analysts’ expectations of $601.91 million. On average, research analysts forecast that RingCentral will post 0.84 earnings per share for the current fiscal year.

Insider Activity at RingCentral

In other RingCentral news, CAO John H. Marlow sold 19,498 shares of the stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $32.52, for a total transaction of $634,074.96. Following the sale, the chief accounting officer now owns 391,542 shares of the company’s stock, valued at approximately $12,732,945.84. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CAO John H. Marlow sold 19,498 shares of the company’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $32.52, for a total transaction of $634,074.96. Following the completion of the sale, the chief accounting officer now directly owns 391,542 shares in the company, valued at $12,732,945.84. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Vaibhav Agarwal sold 10,184 shares of RingCentral stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $32.88, for a total value of $334,849.92. Following the completion of the transaction, the chief financial officer now owns 137,545 shares in the company, valued at $4,522,479.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 103,824 shares of company stock valued at $3,386,396 over the last ninety days. 6.76% of the stock is owned by company insiders.

Institutional Investors Weigh In On RingCentral

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Capital World Investors increased its position in shares of RingCentral by 7.3% during the first 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 in the last quarter. Pacer Advisors Inc. raised its stake in RingCentral by 45.3% in the third quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker’s stock valued at $83,483,000 after buying an additional 822,892 shares during the last quarter. Vanguard Group Inc. boosted its holdings in RingCentral by 5.2% in the first quarter. Vanguard Group Inc. now owns 10,909,549 shares of the software maker’s stock worth $378,998,000 after acquiring an additional 538,325 shares in the last quarter. Foundry Partners LLC purchased a new stake in shares of RingCentral during the third quarter worth about $8,886,000. Finally, Cubist Systematic Strategies LLC increased its holdings in shares of RingCentral by 130.1% during the second quarter. Cubist Systematic Strategies LLC now owns 414,347 shares of the software maker’s stock valued at $11,685,000 after acquiring an additional 234,238 shares in the last quarter. Hedge funds and other institutional investors own 98.61% of the company’s stock.

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.