Ringcentral, Inc. (NYSE:RNG) Downgraded by BidaskClub to “Hold”
BidaskClub downgraded shares of Ringcentral, Inc. (NYSE:RNG) from a buy rating to a hold rating in a research report report published on Friday.
A number of other research firms also recently commented on RNG. Stephens reaffirmed an overweight rating and set a $44.00 price objective on shares of Ringcentral in a research note on Sunday, June 25th. Northland Securities reaffirmed a buy rating and set a $37.00 price objective on shares of Ringcentral in a research note on Friday, June 23rd. SunTrust Banks, Inc. began coverage on shares of Ringcentral in a research note on Monday, June 26th. They set a buy rating and a $47.00 price objective for the company. Oppenheimer Holdings, Inc. upped their price objective on shares of Ringcentral from $33.00 to $45.00 in a research note on Thursday, July 13th. Finally, Jefferies Group LLC reaffirmed a buy rating and set a $38.00 price objective on shares of Ringcentral in a research note on Sunday, July 2nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the stock. Ringcentral has an average rating of Buy and an average price target of $36.80.
Shares of Ringcentral (RNG) traded up 1.221% on Friday, reaching $35.225. 151,244 shares of the company’s stock traded hands. The stock’s 50-day moving average price is $36.18 and its 200-day moving average price is $30.37. The stock’s market capitalization is $2.65 billion. Ringcentral has a 52 week low of $19.35 and a 52 week high of $39.00.
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In other news, CEO Vladimir Shmunis sold 88,454 shares of the business’s stock in a transaction dated Wednesday, May 24th. The stock was sold at an average price of $34.17, for a total transaction of $3,022,473.18. Following the completion of the sale, the chief executive officer now owns 386,279 shares in the company, valued at approximately $13,199,153.43. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Kira Makagon sold 10,000 shares of the business’s stock in a transaction dated Friday, May 19th. The stock was sold at an average price of $33.66, for a total value of $336,600.00. Following the sale, the executive vice president now owns 180,938 shares of the company’s stock, valued at approximately $6,090,373.08. The disclosure for this sale can be found here. Insiders have sold a total of 358,251 shares of company stock valued at $12,643,495 in the last quarter. Company insiders own 14.53% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. Ameritas Investment Partners Inc. bought a new position in Ringcentral during the first quarter worth $143,000. Fortaleza Asset Management Inc. bought a new position in Ringcentral during the first quarter worth $157,000. Invictus RG bought a new position in Ringcentral during the first quarter worth $162,000. Amalgamated Bank bought a new position in Ringcentral during the first quarter worth $203,000. Finally, Westpac Banking Corp bought a new position in Ringcentral during the first quarter worth $214,000. Institutional investors and hedge funds own 71.39% 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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