In a research report issued on Friday, the rating was changed from a "hold" to a "buy".
Other equity analysts have also published research reports on the company. Wells Fargo & Company lowered its price target for RingCentral in a Wednesday research report from $60.00 down to $50.00. Rosenblatt Securities began covering RingCentral on Thursday, 23rd March in a research note. They gave the company a rating of 'buy' and set a target price of $35.00. Northland Securities reduced their price target for RingCentral in a Thursday research note from $63.00 down to $54.00. KeyCorp raised their price target for RingCentral in a Wednesday research note from $40.00 up to $45.00. Piper Sandler reduced their price target on RingCentral on Wednesday from $45.00 down to $29.00. Ten equity research analysts gave the company a hold recommendation, 12 a buy recommendation and 1 a strong purchase rating. On Friday, the stock fell $1.34 to $27.40. Stock traded at 2,697.873 shares compared to the average of 2,064,283. RingCentral's one-year low is $25.32, and its one-year high is $69.79. Market cap is $2.62 billion. Price-to-earnings has been set at -2.97, and beta is 0.94. The stock's simple moving 50-day average is $29.29, and its simple two-hundred-day average is $34.19.
The last time ) released its quarterly results was on February 15th. Software maker reported ($0.32) per share earnings for the quarter. This was below the consensus estimate ($0.19) ($0.13). Revenue for the quarter was $524.75 millions, which is lower than the consensus estimate ($528.41). RingCentral's negative net margin was 44.22%, and its negative return on equity was 765.97%. Analysts predict that RingCentral's current fiscal year will result in -0.12 earnings per share.
RingCentral Insiders Buying and selling
In a transaction that took place on Thursday, 16th February, 2,614 shares were sold. The stock was bought at an average of $39.36 for a value of $102,887.04. The chief accounting officer owns approximately 3,899,198.40 worth of shares after the transaction. On Friday, 17th February, 4,944 shares were sold. The stock was bought at an average of $36.90 for a transaction totaling $182,433.60. The chief financial officer owns approximately $4,760.284.50 worth of shares after the transaction. On Thursday, 16th February, the company sold 2,614 of its shares. Stock was sold for an average of $39.36 and a total of $102,887.04. The chief accounting officer owns now 99,065 company shares, worth approximately $3,899 198.40. Insiders sold 12,305 shares worth $458,254 of stock in the company during the last quarter. Insiders control 6.49% the stock of their company.
RingCentral Institutional Trading
Recently, hedge funds increased or decreased their stakes. Alyeska Investment Group L.P. increased its holdings of shares of RingCentral in the fourth quarter by 510.3%. Alyeska Investment Group L.P. owns now 1,714,543 of the software maker’s stock valued $60,695,000. It purchased an additional 1,433,595 during the period. Pictet Asset Management SA increased its holdings of RingCentral shares by 25.7% during the first quarter. Pictet Asset Management SA owns 4,602,025 of the software maker’s stock, valued at $141,144,000. This is after purchasing an additional 940-926 shares. Norges Bank purchased a new position in RingCentral shares in the fourth quarter, valued at about $31,316,000. Renaissance Technologies LLC purchased a new RingCentral position during the first quarter valued at $83,500,000. First Trust Advisors LP increased its holdings of RingCentral by 46.3% in the third quarter. First Trust Advisors LP owns 1,556.709 shares in the software maker, worth $62,206,000. This is after buying an additional 492,925 during the third quarter. Institutional investors and hedge fund own 88.09%.
RingCentral Company Profile
RingCentral, Inc provides global enterprise cloud communication and collaboration solutions. RingCentral's solutions allow users to have a single identity on multiple devices and locations, such as smartphones, tablets and PCs. They also enable communication in multiple modes including SMS, high-definition video, messaging, collaboration, online meetings, faxing and conferencing.
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