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

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

A number of other equities analysts have also commented on the stock. Deutsche Bank Aktiengesellschaft raised their price objective on shares of RingCentral from $42.00 to $45.00 and gave the company a “buy” rating in a research report on Tuesday, August 6th. Robert W. Baird raised their price target on shares of RingCentral from $35.00 to $36.00 and gave the company a “neutral” rating in a report on Monday, August 5th. StockNews.com cut shares of RingCentral from a “strong-buy” rating to a “buy” rating in a report on Saturday, October 19th. Northland Securities increased their price objective on RingCentral from $43.00 to $50.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Finally, Rosenblatt Securities restated a “buy” rating and set a $45.00 target price on shares of RingCentral in a research report on Friday, November 8th. Eight 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 a consensus target price of $40.73.

RingCentral Price Performance

Shares of RNG stock opened at $36.74 on Monday. The company’s fifty day simple moving average is $32.59 and its two-hundred day simple moving average is $32.42. RingCentral has a 1 year low of $26.98 and a 1 year high of $40.98.

RingCentral (NYSE:RNG) last released its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 earnings per share (EPS) for the quarter, beating 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 company had revenue of $608.77 million for the quarter, compared to analyst estimates of $601.91 million. Research analysts anticipate that RingCentral will post 0.84 EPS for the current year.

Insider Activity

In other news, CEO Vladimir Shmunis sold 62,244 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $32.51, for a total transaction of $2,023,552.44. Following the completion of the sale, the chief executive officer now owns 573,725 shares of the company’s stock, valued at approximately $18,651,799.75. This represents a 9.79 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Vaibhav Agarwal sold 1,985 shares of RingCentral stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $31.40, for a total transaction of $62,329.00. Following the completion of the transaction, the chief financial officer now directly owns 135,560 shares in the company, valued at approximately $4,256,584. The trade was a 1.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 103,824 shares of company stock valued at $3,386,396. Corporate insiders own 6.76% of the company’s stock.

Institutional Investors Weigh In On RingCentral

Large investors have recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC boosted its holdings in shares of RingCentral by 3.6% during the first quarter. Janney Montgomery Scott LLC now owns 28,610 shares of the software maker’s stock worth $994,000 after purchasing an additional 981 shares during the period. Sei Investments Co. lifted its holdings in RingCentral by 2.3% in the 1st quarter. Sei Investments Co. now owns 23,485 shares of the software maker’s stock worth $816,000 after buying an additional 539 shares during the period. Russell Investments Group Ltd. grew its position in shares of RingCentral by 289.4% in the 1st quarter. Russell Investments Group Ltd. now owns 153,806 shares of the software maker’s stock worth $5,343,000 after buying an additional 114,304 shares during the last quarter. State Board of Administration of Florida Retirement System increased its stake in shares of RingCentral by 6.2% during the first quarter. State Board of Administration of Florida Retirement System now owns 92,189 shares of the software maker’s stock valued at $3,203,000 after buying an additional 5,376 shares during the period. Finally, Jupiter Asset Management Ltd. bought a new position in shares of RingCentral during the first quarter valued at approximately $1,510,000. 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.