Ringcentral (RNG) Rating Lowered to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of Ringcentral (NYSE:RNG) from a buy rating to a hold rating in a report issued on Wednesday, November 15th.

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. “

RNG has been the subject of a number of other reports. BidaskClub downgraded shares of Ringcentral from a strong-buy rating to a buy rating in a research report on Wednesday, July 19th. Summit Redstone restated a buy rating and set a $40.00 price objective (up from $36.00) on shares of Ringcentral in a research report on Thursday, August 3rd. Bank of America lifted their price objective on Ringcentral from $45.00 to $50.00 and gave the stock a buy rating in a research report on Wednesday, October 25th. Oppenheimer lifted their price objective on Ringcentral from $45.00 to $50.00 and gave the stock an outperform rating in a research report on Thursday, November 9th. Finally, Northland Securities set a $43.00 price objective on Ringcentral and gave the stock a buy rating in a research report on Thursday, August 3rd. Three research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. The stock has an average rating of Buy and an average price target of $44.15.

Ringcentral (NYSE:RNG) traded down $2.25 during mid-day trading on Wednesday, hitting $44.00. 598,402 shares of the stock were exchanged, compared to its average volume of 663,704. Ringcentral has a 52 week low of $20.55 and a 52 week high of $49.95.

Ringcentral (NYSE:RNG) last posted its quarterly earnings results on Wednesday, November 8th. The software maker reported $0.06 earnings per share (EPS) for the quarter, beating the Zacks’ 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 last year, the firm earned $0.03 EPS. The company’s revenue for the quarter was up 34.0% on a year-over-year basis. sell-side analysts anticipate that Ringcentral will post -0.33 earnings per share for the current year.

In other Ringcentral news, insider Praful Shah sold 10,000 shares of Ringcentral stock in a transaction that occurred on Tuesday, September 19th. The shares were sold at an average price of $41.08, for a total value of $410,800.00. Following the completion of the sale, the insider now directly owns 310,176 shares of the company’s stock, valued at approximately $12,742,030.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO David Sipes sold 15,270 shares of Ringcentral stock in a transaction that occurred on Tuesday, November 28th. The stock was sold at an average price of $49.06, for a total transaction of $749,146.20. Following the completion of the sale, the chief operating officer now directly owns 280,781 shares of the company’s stock, valued at $13,775,115.86. The disclosure for this sale can be found here. Insiders sold a total of 361,576 shares of company stock valued at $16,249,722 over the last ninety days. 14.53% of the stock is owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in RNG. BlackRock Inc. grew its stake in shares of Ringcentral by 64,315.0% during the 1st quarter. BlackRock Inc. now owns 3,827,538 shares of the software maker’s stock valued at $108,320,000 after buying an additional 3,821,596 shares during the period. Capital World Investors grew its stake in shares of Ringcentral by 23.9% during the 2nd quarter. Capital World Investors now owns 6,599,000 shares of the software maker’s stock valued at $241,193,000 after buying an additional 1,275,000 shares during the period. Whale Rock Capital Management LLC purchased a new stake in shares of Ringcentral during the 2nd quarter valued at $39,450,000. FMR LLC grew its stake in shares of Ringcentral by 40.1% during the 2nd quarter. FMR LLC now owns 2,905,422 shares of the software maker’s stock valued at $106,193,000 after buying an additional 832,314 shares during the period. Finally, Southpoint Capital Advisors LP purchased a new stake in shares of Ringcentral during the 2nd quarter valued at $18,275,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

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About Ringcentral

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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