Ringcentral, Inc. (NYSE:RNG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday.

According to Zacks, “RingCentral, Inc. provides solutions for business communications primarily in the United States. The Company’s products include RingCentral Office, RingCentral Mobile and RingCentral Fax. It provides solutions such as auto-receptionist, flexible extension structure, multiple voicemail boxes, smart call routing, business answering rules, extension dialing, call transfers and elegant integration with Smartphones. RingCentral, Inc. is headquartered in San Mateo, California. “

Several other brokerages also recently weighed in on RNG. Stephens reiterated an “overweight” rating and issued a $44.00 target price on shares of Ringcentral in a research note on Sunday, June 25th. Northland Securities reiterated a “buy” rating and issued a $37.00 target price on shares of Ringcentral in a research note on Friday, June 23rd. SunTrust Banks, Inc. assumed coverage on Ringcentral in a research note on Monday, June 26th. They issued a “buy” rating and a $47.00 target price on the stock. Oppenheimer Holdings, Inc. lifted their target price on Ringcentral from $33.00 to $45.00 in a research note on Thursday, July 13th. Finally, Jefferies Group LLC reiterated a “buy” rating and issued a $38.00 target price on shares of Ringcentral in a research note on Sunday, July 2nd. One analyst has rated the stock with a sell rating, three have given a hold rating and eleven have assigned a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $38.17.

Shares of Ringcentral (NYSE:RNG) opened at 35.10 on Tuesday. The stock’s market cap is $2.66 billion. The firm has a 50-day moving average price of $36.19 and a 200 day moving average price of $30.47. Ringcentral has a 52-week low of $19.35 and a 52-week high of $39.00.

Ringcentral (NYSE:RNG) last announced its earnings results on Wednesday, August 2nd. The software maker reported $0.04 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.01. Ringcentral had a negative return on equity of 20.54% and a negative net margin of 6.77%. The company had revenue of $119.40 million for the quarter, compared to the consensus estimate of $118.19 million. During the same period last year, the business posted $0.02 EPS. The company’s revenue was up 30.1% on a year-over-year basis. Analysts expect that Ringcentral will post $0.17 earnings per share for the current year.

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In other Ringcentral news, CEO Vladimir Shmunis sold 73,000 shares of the business’s stock in a transaction on Thursday, July 13th. The stock was sold at an average price of $36.87, for a total transaction of $2,691,510.00. Following the sale, the chief executive officer now directly owns 355,041 shares in the company, valued at $13,090,361.67. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO John H. Marlow sold 5,000 shares of the business’s stock in a transaction on Tuesday, July 18th. The stock was sold at an average price of $35.80, for a total value of $179,000.00. Following the sale, the chief accounting officer now owns 138,830 shares in the company, valued at $4,970,114. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 358,251 shares of company stock worth $12,643,495. 14.53% of the stock is owned by company insiders.

A number of hedge funds have recently bought and sold shares of RNG. Falcon Point Capital LLC purchased a new stake in Ringcentral during the first quarter worth approximately $257,000. Kornitzer Capital Management Inc. KS purchased a new stake in Ringcentral during the first quarter worth approximately $1,548,000. Russell Investments Group Ltd. increased its stake in Ringcentral by 71.3% in the first quarter. Russell Investments Group Ltd. now owns 90,087 shares of the software maker’s stock worth $2,549,000 after buying an additional 37,487 shares during the last quarter. Strs Ohio purchased a new stake in Ringcentral during the first quarter worth approximately $580,000. Finally, Shell Asset Management Co. increased its stake in Ringcentral by 2.5% in the first quarter. Shell Asset Management Co. now owns 481,616 shares of the software maker’s stock worth $13,630,000 after buying an additional 11,649 shares during the last quarter. Institutional investors own 71.20% of the company’s stock.

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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