StockNews.com cut shares of RingCentral (NYSE:RNG – Get Rating) from a buy rating to a hold rating in a research note released on Tuesday.
Several other analysts have also recently weighed in on the company. Northland Securities dropped their price objective on RingCentral from $63.00 to $54.00 in a report on Thursday, May 11th. Raymond James dropped their price objective on RingCentral from $75.00 to $62.00 and set a strong-buy rating for the company in a report on Thursday, February 16th. Wells Fargo & Company dropped their price objective on RingCentral from $60.00 to $50.00 in a report on Wednesday, May 10th. MKM Partners cut RingCentral from a buy rating to a neutral rating and set a $40.00 price objective for the company. in a report on Monday, January 23rd. Finally, Jefferies Financial Group lowered their price target on RingCentral from $50.00 to $45.00 in a research note on Friday, February 24th. Eleven equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average price target of $47.39.
RingCentral Stock Down 3.4 %
Shares of NYSE RNG opened at $29.50 on Tuesday. The firm’s 50-day simple moving average is $28.69 and its 200 day simple moving average is $33.95. The company has a market cap of $2.82 billion, a price-to-earnings ratio of -3.60, a price-to-earnings-growth ratio of 47.61 and a beta of 0.94. RingCentral has a 12-month low of $25.32 and a 12-month high of $68.54.
Insiders Place Their Bets
Institutional Investors Weigh In On RingCentral
Large investors have recently made changes to their positions in the stock. Alyeska Investment Group L.P. raised its stake in RingCentral by 510.3% in the 4th quarter. Alyeska Investment Group L.P. now owns 1,714,543 shares of the software maker’s stock valued at $60,695,000 after acquiring an additional 1,433,595 shares during the period. Pictet Asset Management SA raised its stake in RingCentral by 25.7% in the 1st quarter. Pictet Asset Management SA now owns 4,602,025 shares of the software maker’s stock valued at $141,144,000 after acquiring an additional 940,926 shares during the period. Norges Bank bought a new stake in RingCentral in the 4th quarter valued at $31,316,000. Sylebra Capital Ltd bought a new position in RingCentral during the 1st quarter worth $24,952,000. Finally, Renaissance Technologies LLC bought a new position in RingCentral during the 1st quarter worth $83,500,000. Institutional investors and hedge funds own 88.09% of the company’s stock.
RingCentral, Inc engages in the provision of global enterprise cloud communications and collaboration solutions. The firm’s solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, PCs and desk phones, and allows for communication across multiple modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings and fax.
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