Ringcentral (RNG) Downgraded by J P Morgan Chase & Co to “Neutral”

J P Morgan Chase & Co lowered shares of Ringcentral (NYSE:RNG) from an overweight rating to a neutral rating in a report issued on Tuesday. The brokerage currently has $52.00 target price on the software maker’s stock.

Several other brokerages have also commented on RNG. Oppenheimer upped their price target on shares of Ringcentral from $45.00 to $50.00 and gave the stock an outperform rating in a research report on Thursday, November 9th. BidaskClub raised shares of Ringcentral from a hold rating to a buy rating in a research report on Wednesday, August 16th. Zacks Investment Research lowered shares of Ringcentral from a buy rating to a hold rating in a research report on Wednesday, October 18th. Craig Hallum reaffirmed a buy rating and set a $50.00 price target (up previously from $40.00) on shares of Ringcentral in a research report on Thursday, November 9th. Finally, Northland Securities reaffirmed an outperform rating and set a $46.00 price target (up previously from $43.00) on shares of Ringcentral in a research report on Tuesday, October 3rd. Four equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. The stock presently has a consensus rating of Buy and a consensus price target of $45.14.

Shares of Ringcentral (NYSE:RNG) traded up $1.20 during mid-day trading on Tuesday, reaching $47.80. 23,178 shares of the company traded hands, compared to its average volume of 662,459. Ringcentral has a 1 year low of $20.55 and a 1 year high of $49.95.

Ringcentral (NYSE:RNG) last issued its quarterly earnings results on Wednesday, November 8th. The software maker reported $0.06 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 firm had revenue of $129.76 million during the quarter, compared to analyst estimates of $126.06 million. During the same quarter in the prior year, the business posted $0.03 earnings per share. Ringcentral’s revenue for the quarter was up 34.0% compared to the same quarter last year. equities research analysts expect that Ringcentral will post -0.33 EPS for the current fiscal year.

In other news, CEO Vladimir Shmunis sold 101,453 shares of the company’s stock in a transaction on Wednesday, November 22nd. The shares were sold at an average price of $48.34, for a total value of $4,904,238.02. Following the completion of the transaction, the chief executive officer now directly owns 355,041 shares in the company, valued at $17,162,681.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Mitesh Dhruv sold 3,000 shares of the company’s stock in a transaction on Thursday, September 14th. The shares were sold at an average price of $41.37, for a total transaction of $124,110.00. Following the completion of the transaction, the chief financial officer now owns 141,113 shares of the company’s stock, valued at $5,837,844.81. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 311,442 shares of company stock valued at $14,367,556. 14.53% of the stock is owned by insiders.

Several hedge funds have recently made changes to their positions in the company. Capital World Investors boosted its stake in shares of Ringcentral by 23.9% in the second quarter. Capital World Investors now owns 6,599,000 shares of the software maker’s stock valued at $241,193,000 after purchasing an additional 1,275,000 shares during the period. Vanguard Group Inc. boosted its stake in shares of Ringcentral by 2.9% in the second quarter. Vanguard Group Inc. now owns 5,335,616 shares of the software maker’s stock valued at $195,017,000 after purchasing an additional 151,567 shares during the period. BlackRock Inc. boosted its stake in shares of Ringcentral by 11.6% in the second quarter. BlackRock Inc. now owns 4,272,844 shares of the software maker’s stock valued at $156,173,000 after purchasing an additional 445,306 shares during the period. FMR LLC boosted its stake in shares of Ringcentral by 40.1% in the second quarter. FMR LLC now owns 2,905,422 shares of the software maker’s stock valued at $106,193,000 after purchasing an additional 832,314 shares during the period. Finally, Hunt Lane Capital LP boosted its stake in shares of Ringcentral by 14.3% in the second quarter. Hunt Lane Capital LP now owns 1,600,000 shares of the software maker’s stock valued at $58,480,000 after purchasing an additional 200,000 shares during the period. Institutional investors and hedge funds own 76.43% of the company’s stock.

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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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