Ringcentral, Inc. (RNG) Rating Lowered to Equal Weight at Morgan Stanley
Ringcentral, Inc. (NYSE:RNG) was downgraded by analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a research note issued on Thursday, Marketbeat Ratings reports. The analysts noted that the move was a valuation call.
A number of other equities analysts have also weighed in on RNG. Dougherty & Co started coverage on Ringcentral in a research report on Wednesday, April 26th. They issued a “buy” rating and a $36.00 target price for the company. CIBC boosted their target price on Ringcentral from $32.00 to $33.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 2nd. William Blair reissued an “outperform” rating on shares of Ringcentral in a research report on Monday, May 22nd. Jefferies Group LLC boosted their target price on Ringcentral from $32.00 to $38.00 and gave the stock a “buy” rating in a research report on Friday, April 28th. Finally, Oppenheimer Holdings, Inc. reissued an “outperform” rating and issued a $33.00 target price (up previously from $32.00) on shares of Ringcentral in a research report on Monday, May 1st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $36.80.
Shares of Ringcentral (RNG) traded down 3.33% during mid-day trading on Thursday, hitting $34.80. 929,757 shares of the stock traded hands. The company’s 50-day moving average price is $36.33 and its 200 day moving average price is $29.57. Ringcentral has a 1-year low of $19.35 and a 1-year high of $39.00. The company’s market capitalization is $2.62 billion.
Ringcentral (NYSE:RNG) last announced its quarterly earnings results on Tuesday, April 25th. The software maker reported ($0.09) earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of ($0.09). The company had revenue of $111.80 million for the quarter, compared to analysts’ expectations of $110.35 million. Ringcentral had a negative net margin of 7.41% and a negative return on equity of 20.12%. Ringcentral’s revenue was up 29.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.01 EPS. Equities research analysts forecast that Ringcentral will post $0.16 EPS for the current fiscal year.
In other news, CEO Vladimir Shmunis sold 88,454 shares of the company’s stock in a transaction dated Wednesday, May 24th. The shares were sold at an average price of $34.17, for a total transaction of $3,022,473.18. Following the completion of the sale, the chief executive officer now owns 386,279 shares of the company’s stock, valued at approximately $13,199,153.43. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Clyde Hosein sold 200,000 shares of the company’s stock in a transaction dated Monday, May 1st. The shares were sold at an average price of $32.08, for a total transaction of $6,416,000.00. Following the sale, the chief financial officer now directly owns 273,691 shares of the company’s stock, valued at approximately $8,780,007.28. The disclosure for this sale can be found here. Insiders have sold a total of 558,251 shares of company stock valued at $19,059,495 in the last ninety days. Insiders own 14.53% of the company’s stock.
Several large investors have recently added to or reduced their stakes in RNG. Ameritas Investment Partners Inc. acquired a new stake in Ringcentral during the first quarter valued at approximately $143,000. Fortaleza Asset Management Inc. acquired a new stake in Ringcentral during the first quarter valued at approximately $157,000. Invictus RG acquired a new stake in Ringcentral during the first quarter valued at approximately $162,000. Amalgamated Bank acquired a new stake in Ringcentral during the first quarter valued at approximately $203,000. Finally, Westpac Banking Corp acquired a new stake in Ringcentral during the first quarter valued at approximately $214,000. 72.03% of the stock is owned by hedge funds and other institutional investors.
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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