RingCentral (NYSE:RNG) Given Neutral Rating at Rosenblatt Securities

Rosenblatt Securities reiterated their neutral rating on shares of RingCentral (NYSE:RNG) in a report published on Wednesday morning, Benzinga reports. The brokerage currently has a $35.00 target price on the software maker’s stock.

Several other research firms also recently commented on RNG. Morgan Stanley decreased their price objective on RingCentral from $35.00 to $32.00 and set an equal weight rating on the stock in a research note on Wednesday, April 17th. KeyCorp reduced their price objective on shares of RingCentral from $50.00 to $48.00 and set an overweight rating for the company in a research note on Wednesday, February 21st. Mizuho cut their price target on RingCentral from $40.00 to $36.00 and set a buy rating for the company in a research note on Wednesday, February 21st. Needham & Company LLC dropped their price objective on RingCentral from $46.00 to $42.00 and set a buy rating for the company in a research note on Wednesday, February 21st. Finally, Wedbush reissued a neutral rating and set a $40.00 target price on shares of RingCentral in a research note on Friday, February 16th. Eight 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 stock. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $38.56.

RingCentral Stock Up 1.6 %

NYSE RNG opened at $30.08 on Wednesday. The company has a 50-day moving average price of $32.91 and a 200-day moving average price of $31.86. RingCentral has a 52 week low of $25.08 and a 52 week high of $43.28.

RingCentral (NYSE:RNG) last issued its quarterly earnings results on Tuesday, February 20th. The software maker reported ($0.33) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.31). The firm had revenue of $571.27 million for the quarter, compared to analyst estimates of $569.65 million. On average, equities analysts predict 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 stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $34.47, for a total value of $44,362.89. Following the sale, the director now directly owns 23,688 shares of the company’s stock, valued at approximately $816,525.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other RingCentral news, CFO Vaibhav Agarwal sold 14,113 shares of the company’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $34.84, for a total value of $491,696.92. Following the transaction, the chief financial officer now directly owns 116,640 shares in the company, valued at approximately $4,063,737.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kenneth A. Goldman sold 1,287 shares of the firm’s stock in a transaction that occurred 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 directly owns 23,688 shares in the company, valued at $816,525.36. The disclosure for this sale can be found here. Insiders have sold 23,608 shares of company stock worth $800,974 over the last quarter. Insiders own 6.76% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC purchased a new stake in shares of RingCentral in the 4th quarter worth $26,000. Hexagon Capital Partners LLC lifted its stake in RingCentral by 116.8% in the fourth quarter. Hexagon Capital Partners LLC now owns 930 shares of the software maker’s stock worth $32,000 after acquiring an additional 501 shares during the period. Tennessee Valley Asset Management Partners bought a new position in RingCentral during the 4th quarter worth about $33,000. Nisa Investment Advisors LLC grew its holdings in RingCentral by 100.0% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,000 shares of the software maker’s stock worth $34,000 after acquiring an additional 500 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. increased its position in RingCentral by 438.1% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 1,200 shares of the software maker’s stock valued at $41,000 after purchasing an additional 977 shares during the period. 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.