KeyCorp Begins Coverage on RingCentral (NYSE:RNG)

KeyCorp assumed coverage on shares of RingCentral (NYSE:RNG) in a research note released on Friday, MarketBeat reports. The firm issued a sector weight rating on the software maker’s stock.

Several other research analysts also recently commented on RNG. Wall Street Zen upgraded RingCentral from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, May 13th. Barclays cut their target price on RingCentral from $37.00 to $31.00 and set an “equal weight” rating for the company in a research note on Friday, February 21st. Robert W. Baird cut their target price on RingCentral from $38.00 to $32.00 and set a “neutral” rating for the company in a research note on Tuesday, February 25th. Needham & Company LLC assumed coverage on RingCentral in a research note on Friday, May 9th. They issued a “buy” rating and a $36.00 target price for the company. Finally, Raymond James cut their target price on RingCentral from $40.00 to $35.00 and set an “outperform” rating for the company in a research note on Friday, May 9th. One analyst has rated the stock with a sell rating, eight have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $33.08.

RingCentral Stock Up 1.5%

Shares of NYSE RNG opened at $27.20 on Friday. RingCentral has a 52 week low of $20.59 and a 52 week high of $42.19. The business has a 50-day simple moving average of $25.23 and a two-hundred day simple moving average of $30.61. The company has a market cap of $2.45 billion, a P/E ratio of -42.51, a P/E/G ratio of 1.27 and a beta of 1.27.

RingCentral (NYSE:RNG) last issued its earnings results on Thursday, May 8th. The software maker reported $1.00 EPS for the quarter, topping the consensus estimate of $0.96 by $0.04. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. The business had revenue of $612.06 million during the quarter, compared to the consensus estimate of $610.53 million. During the same quarter last year, the company earned $0.87 EPS. The firm’s revenue was up 4.8% compared to the same quarter last year. Equities research analysts anticipate that RingCentral will post 1.29 EPS for the current year.

Insider Buying and Selling at RingCentral

In related news, CFO Vaibhav Agarwal sold 2,247 shares of the firm’s stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $27.97, for a total transaction of $62,848.59. Following the transaction, the chief financial officer now directly owns 120,982 shares of the company’s stock, valued at approximately $3,383,866.54. This trade represents a 1.82% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Vladimir Shmunis sold 94,956 shares of the firm’s stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $26.56, for a total value of $2,522,031.36. Following the transaction, the chief executive officer now directly owns 607,719 shares in the company, valued at approximately $16,141,016.64. This represents a 13.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 215,686 shares of company stock valued at $5,727,463 in the last 90 days. Corporate insiders own 6.97% of the company’s stock.

Hedge Funds Weigh In On RingCentral

Large investors have recently modified their holdings of the company. Kayne Anderson Rudnick Investment Management LLC purchased a new position in shares of RingCentral during the 4th quarter valued at about $49,000. New Age Alpha Advisors LLC purchased a new position in shares of RingCentral during the 1st quarter valued at about $49,000. PNC Financial Services Group Inc. raised its holdings in shares of RingCentral by 26.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,925 shares of the software maker’s stock valued at $72,000 after buying an additional 615 shares in the last quarter. Venturi Wealth Management LLC increased its stake in RingCentral by 55.2% in the 4th quarter. Venturi Wealth Management LLC now owns 2,891 shares of the software maker’s stock worth $101,000 after purchasing an additional 1,028 shares during the period. Finally, KBC Group NV increased its stake in RingCentral by 30.8% in the 4th quarter. KBC Group NV now owns 3,478 shares of the software maker’s stock worth $122,000 after purchasing an additional 819 shares during the period. 98.61% of the stock is owned by hedge funds and other institutional investors.

About RingCentral

RingCentral, Inc, together with its subsidiaries, provides cloud communications, video meetings, collaboration, and contact center software-as-a-service solutions worldwide. The company’s products include RingCentral Message Video Phone that provides a unified experience for communication and collaboration across multiple modes, including HD voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers AI-powered omnichannel and workforce engagement solutions with integrated RingCentral MVP; and RingCX, an AI-powered contact center that a native delivers omnichannel experience.