RingCentral (RNG) Stock Rating Upgraded by TheStreet
RNG has been the topic of several other reports. Zacks Investment Research lowered shares of RingCentral from a buy rating to a hold rating in a research note on Wednesday, October 18th. Oppenheimer lifted their price target on shares of RingCentral from $45.00 to $50.00 and gave the company an outperform rating in a research note on Thursday, November 9th. Bank of America lifted their price target on shares of RingCentral from $45.00 to $50.00 and gave the company a buy rating in a research note on Wednesday, October 25th. Jefferies Group restated a buy rating and set a $48.00 price objective on shares of RingCentral in a research note on Thursday, October 19th. Finally, Northland Securities restated a buy rating and set a $46.00 price objective on shares of RingCentral in a research note on Friday, November 10th. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus price target of $53.79.
Shares of RingCentral (NYSE RNG) opened at $57.15 on Monday. RingCentral has a 52 week low of $22.55 and a 52 week high of $58.70. The stock has a market cap of $4,126.68, a price-to-earnings ratio of -168.08 and a beta of 0.87.
In other news, CAO John H. Marlow sold 1,945 shares of the business’s stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $48.65, for a total transaction of $94,624.25. Following the transaction, the chief accounting officer now directly owns 120,373 shares in the company, valued at approximately $5,856,146.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Praful Shah sold 10,000 shares of the company’s stock in a transaction dated Tuesday, November 21st. The shares were sold at an average price of $48.61, for a total transaction of $486,100.00. Following the completion of the transaction, the insider now owns 296,050 shares in the company, valued at approximately $14,390,990.50. The disclosure for this sale can be found here. Insiders have sold a total of 230,934 shares of company stock worth $11,112,262 over the last 90 days. 14.53% of the stock is owned by company insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Renaissance Technologies LLC grew its stake in RingCentral by 14.8% in the 4th quarter. Renaissance Technologies LLC now owns 1,769,500 shares of the software maker’s stock valued at $85,644,000 after buying an additional 228,200 shares during the last quarter. Invictus RG acquired a new position in RingCentral in the 4th quarter valued at about $269,000. Geode Capital Management LLC grew its stake in RingCentral by 1.2% in the 4th quarter. Geode Capital Management LLC now owns 530,786 shares of the software maker’s stock valued at $25,689,000 after buying an additional 6,043 shares during the last quarter. Amalgamated Bank grew its stake in RingCentral by 11.2% in the 4th quarter. Amalgamated Bank now owns 8,851 shares of the software maker’s stock valued at $428,000 after buying an additional 894 shares during the last quarter. Finally, OppenheimerFunds Inc. grew its stake in RingCentral by 3.6% in the 4th quarter. OppenheimerFunds Inc. now owns 640,825 shares of the software maker’s stock valued at $31,015,000 after buying an additional 22,530 shares during the last quarter. Institutional investors and hedge funds own 75.37% of the company’s stock.
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RingCentral Company Profile
RingCentral, Inc is a provider of software-as-a-service (SaaS) solutions for businesses to support modern communications. The Company’s cloud-based business communications solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, personal computers (PCs) and desk phones, and allow for communication across multiple channels, including high definition (HD) voice, video, short messaging service (SMS), messaging and collaboration, conferencing, online meetings, and fax.
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