Ringcentral, Inc. (RNG) Downgraded to Hold at Zacks Investment Research
Ringcentral, Inc. (NYSE:RNG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday.
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 equities research analysts also recently issued reports on RNG. Oppenheimer Holdings, Inc. boosted their price objective on shares of Ringcentral from $45.00 to $50.00 and gave the stock an “outperform” rating in a research note on Thursday, November 9th. Northland Securities reiterated an “outperform” rating and set a $46.00 price objective (up from $43.00) on shares of Ringcentral in a research note on Tuesday, October 3rd. Dougherty & Co reiterated a “buy” rating and set a $40.00 price objective (up from $36.00) on shares of Ringcentral in a research note on Wednesday, August 9th. Robert W. Baird downgraded shares of Ringcentral from an “outperform” rating to a “neutral” rating and upped their target price for the company from $38.80 to $41.00 in a research note on Thursday, August 10th. Finally, BidaskClub upgraded shares of Ringcentral from a “hold” rating to a “buy” rating in a research note on Wednesday, August 16th. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $44.15.
Ringcentral (NYSE:RNG) last released its quarterly earnings data on Wednesday, November 8th. The software maker reported $0.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.02. Ringcentral had a negative net margin of 5.80% and a negative return on equity of 17.97%. The company had revenue of $129.76 million during the quarter, compared to the consensus estimate of $126.06 million. During the same period in the previous year, the firm earned $0.03 earnings per share. Ringcentral’s revenue for the quarter was up 34.0% on a year-over-year basis. equities research analysts predict that Ringcentral will post -0.33 earnings per share for the current year.
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In other Ringcentral news, COO David Sipes sold 3,000 shares of the stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $44.01, for a total transaction of $132,030.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Praful Shah sold 10,000 shares of the stock in a transaction on Tuesday, August 22nd. The shares were sold at an average price of $37.98, for a total transaction of $379,800.00. Following the transaction, the insider now owns 300,176 shares in the company, valued at $11,400,684.48. The disclosure for this sale can be found here. Insiders have sold a total of 360,106 shares of company stock worth $14,796,035 over the last quarter. 14.53% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Ameritas Investment Partners Inc. boosted its stake in Ringcentral by 8.3% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,480 shares of the software maker’s stock valued at $200,000 after acquiring an additional 418 shares during the last quarter. ProShare Advisors LLC bought a new position in Ringcentral during the 2nd quarter valued at $202,000. Amalgamated Bank bought a new position in Ringcentral during the 1st quarter valued at $203,000. Principal Financial Group Inc. bought a new position in Ringcentral during the 1st quarter valued at $237,000. Finally, Virtu KCG Holdings LLC bought a new position in Ringcentral during the 2nd quarter valued at $248,000. Hedge funds and other institutional investors own 73.85% 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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