Ringcentral (NYSE:RNG) Trading 7.1% Higher – Time to Buy?

Shares of Ringcentral, Inc. (NYSE:RNG) rose 7.1% during trading on Tuesday . The stock traded as high as $29.10 and last traded at $29.3020. Approximately 606,549 shares traded hands during mid-day trading, a decline of 59% from the average daily volume of 1,496,240 shares. The stock had previously closed at $27.37.

Analyst Upgrades and Downgrades

RNG has been the topic of a number of research analyst reports. Rosenblatt Securities reiterated a “buy” rating and issued a $32.00 target price on shares of Ringcentral in a research report on Tuesday, November 4th. Morgan Stanley cut their target price on shares of Ringcentral from $31.00 to $30.00 and set an “equal weight” rating for the company in a report on Thursday, January 15th. Needham & Company LLC reaffirmed a “buy” rating and set a $36.00 price target on shares of Ringcentral in a research note on Tuesday, November 4th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Ringcentral in a research report on Monday, December 29th. Finally, Zacks Research downgraded shares of Ringcentral from a “hold” rating to a “strong sell” rating in a report on Tuesday, February 3rd. Four investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Ringcentral currently has a consensus rating of “Hold” and a consensus target price of $31.46.

Ringcentral Trading Up 8.1%

The business’s 50-day simple moving average is $28.32 and its 200 day simple moving average is $28.61. The firm has a market cap of $2.56 billion, a PE ratio of 210.69, a P/E/G ratio of 1.12 and a beta of 1.23.

Insider Activity

In other news, CEO Vladimir Shmunis sold 27,018 shares of Ringcentral stock in a transaction that occurred on Monday, November 24th. The shares were sold at an average price of $27.68, for a total value of $747,858.24. Following the transaction, the chief executive officer owned 262,240 shares of the company’s stock, valued at $7,258,803.20. The trade was a 9.34% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Kira Makagon sold 6,495 shares of the firm’s stock in a transaction that occurred on Friday, December 26th. The shares were sold at an average price of $29.22, for a total transaction of $189,783.90. Following the completion of the sale, the chief operating officer owned 336,162 shares of the company’s stock, valued at approximately $9,822,653.64. This trade represents a 1.90% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 115,838 shares of company stock valued at $3,164,064. Corporate insiders own 7.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Global Retirement Partners LLC increased its holdings in shares of Ringcentral by 98.5% in the third quarter. Global Retirement Partners LLC now owns 901 shares of the software maker’s stock valued at $26,000 after purchasing an additional 447 shares during the period. EverSource Wealth Advisors LLC lifted its stake in Ringcentral by 269.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,012 shares of the software maker’s stock valued at $29,000 after acquiring an additional 738 shares during the period. Harvest Fund Management Co. Ltd acquired a new stake in Ringcentral during the 3rd quarter valued at approximately $30,000. Jones Financial Companies Lllp boosted its holdings in shares of Ringcentral by 61.6% in the 3rd quarter. Jones Financial Companies Lllp now owns 1,217 shares of the software maker’s stock valued at $37,000 after acquiring an additional 464 shares during the last quarter. Finally, Covestor Ltd increased its stake in shares of Ringcentral by 198.5% in the fourth quarter. Covestor Ltd now owns 1,594 shares of the software maker’s stock worth $46,000 after acquiring an additional 1,060 shares during the period. Hedge funds and other institutional investors own 98.61% of the company’s stock.

Ringcentral Company Profile

RingCentral, Inc is a leading provider of cloud-based business communications and collaboration solutions. The company’s flagship platform delivers unified communications as a service (UCaaS), integrating voice over IP (VoIP) phone systems, video conferencing, team messaging and SMS into a single, cloud-native application. In addition to its UCaaS offering, RingCentral provides contact center as a service (CCaaS) capabilities, enabling organizations to manage customer interactions across voice, email, chat and social channels from a centralized dashboard.

Founded in 1999 and headquartered in Belmont, California, RingCentral went public on the New York Stock Exchange under the ticker RNG in 2013.