J P Morgan Chase & Co cut shares of RingCentral (NYSE:RNG) from an overweight rating to a neutral rating in a research note issued to investors on Tuesday, MarketBeat reports. J P Morgan Chase & Co currently has $52.00 price target on the software maker’s stock.

RNG has been the subject of a number of other reports. Northland Securities reissued an outperform rating and issued a $46.00 price objective (up from $43.00) on shares of RingCentral in a research note on Tuesday, October 3rd. BidaskClub raised shares of RingCentral from a hold rating to a buy rating in a research note on Wednesday, August 16th. Oppenheimer lifted their price objective on shares of RingCentral from $50.00 to $56.00 and gave the stock an outperform rating in a research note on Wednesday, December 6th. Zacks Investment Research cut shares of RingCentral from a buy rating to a hold rating in a research note on Wednesday, October 18th. Finally, Jefferies Group reissued a buy rating and issued a $48.00 price objective on shares of RingCentral in a research note on Thursday, October 19th. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The stock currently has an average rating of Buy and a consensus target price of $45.14.

RingCentral (NYSE RNG) opened at $48.95 on Tuesday. RingCentral has a 52 week low of $20.55 and a 52 week high of $49.95.

RingCentral (NYSE:RNG) last posted its earnings results on Wednesday, November 8th. The software maker reported $0.06 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.04 by $0.02. The company had revenue of $129.76 million during the quarter, compared to analysts’ expectations of $126.06 million. RingCentral had a negative net margin of 5.80% and a negative return on equity of 17.97%. RingCentral’s quarterly revenue was up 34.0% on a year-over-year basis. During the same period last year, the company posted $0.03 earnings per share. equities analysts expect that RingCentral will post -0.33 earnings per share for the current year.

In related news, COO David Sipes sold 9,300 shares of RingCentral stock in a transaction dated Wednesday, December 13th. The shares were sold at an average price of $48.08, for a total transaction of $447,144.00. Following the completion of the transaction, the chief operating officer now directly owns 273,281 shares of the company’s stock, valued at approximately $13,139,350.48. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO John H. Marlow sold 1,945 shares of RingCentral stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $48.65, for a total transaction of $94,624.25. Following the transaction, the chief accounting officer now directly owns 120,373 shares of the company’s stock, valued at $5,856,146.45. The disclosure for this sale can be found here. Insiders sold a total of 317,742 shares of company stock valued at $14,690,590 over the last three months. Corporate insiders own 14.53% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in RNG. Aperio Group LLC boosted its stake in shares of RingCentral by 1.5% during the 2nd quarter. Aperio Group LLC now owns 11,457 shares of the software maker’s stock worth $419,000 after purchasing an additional 169 shares during the period. Sei Investments Co. boosted its stake in shares of RingCentral by 66.1% during the 2nd quarter. Sei Investments Co. now owns 31,255 shares of the software maker’s stock worth $1,142,000 after purchasing an additional 12,442 shares during the period. TD Asset Management Inc. boosted its stake in shares of RingCentral by 11.2% during the 2nd quarter. TD Asset Management Inc. now owns 19,827 shares of the software maker’s stock worth $725,000 after purchasing an additional 2,000 shares during the period. Schwab Charles Investment Management Inc. boosted its stake in shares of RingCentral by 3.4% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 265,033 shares of the software maker’s stock worth $9,687,000 after purchasing an additional 8,712 shares during the period. Finally, First Trust Advisors LP boosted its stake in shares of RingCentral by 984.1% during the 2nd quarter. First Trust Advisors LP now owns 81,467 shares of the software maker’s stock worth $2,978,000 after purchasing an additional 73,952 shares during the period. 76.43% of the stock is owned by hedge funds and other institutional investors.

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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.

Analyst Recommendations for RingCentral (NYSE:RNG)

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