RingCentral, Inc. (NYSE:RNG) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of RingCentral, Inc. (NYSE:RNGGet Rating) have received a consensus recommendation of “Moderate Buy” from the twenty-four brokerages that are currently covering the stock, MarketBeat.com reports. Five research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among analysts that have covered the stock in the last year is $142.19.

RNG has been the subject of a number of research reports. Wells Fargo & Company lowered their target price on RingCentral from $115.00 to $100.00 and set an “overweight” rating for the company in a report on Wednesday, August 3rd. Morgan Stanley decreased their price objective on RingCentral from $105.00 to $75.00 and set an “equal weight” rating for the company in a report on Thursday, July 14th. BTIG Research decreased their price objective on RingCentral from $120.00 to $105.00 and set a “buy” rating for the company in a report on Wednesday, August 3rd. Jefferies Financial Group decreased their price objective on RingCentral from $100.00 to $80.00 in a report on Monday, May 23rd. Finally, MKM Partners began coverage on RingCentral in a report on Thursday, August 4th. They issued a “buy” rating and a $80.00 price objective for the company.

RingCentral Price Performance

RNG stock opened at $43.69 on Friday. The stock has a 50-day moving average price of $49.63 and a two-hundred day moving average price of $75.56. The stock has a market cap of $4.16 billion, a PE ratio of -7.10 and a beta of 0.98. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 33.52. RingCentral has a 1 year low of $40.59 and a 1 year high of $315.00.

RingCentral (NYSE:RNGGet Rating) last released its earnings results on Tuesday, August 2nd. The software maker reported ($0.57) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.10). The firm had revenue of $486.90 million for the quarter, compared to the consensus estimate of $478.98 million. RingCentral had a negative return on equity of 233.94% and a negative net margin of 31.67%. Equities analysts forecast that RingCentral will post -1.42 EPS for the current fiscal year.

Insiders Place Their Bets

In other RingCentral news, CAO Vaibhav Agarwal sold 1,960 shares of the firm’s stock in a transaction that occurred on Tuesday, August 16th. The shares were sold at an average price of $50.23, for a total transaction of $98,450.80. Following the completion of the sale, the chief accounting officer now directly owns 109,957 shares in the company, valued at $5,523,140.11. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, COO Mohammed Katibeh sold 2,978 shares of RingCentral stock in a transaction that occurred on Tuesday, August 16th. The shares were sold at an average price of $50.26, for a total value of $149,674.28. Following the completion of the sale, the chief operating officer now directly owns 136,905 shares in the company, valued at $6,880,845.30. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Vaibhav Agarwal sold 1,960 shares of RingCentral stock in a transaction that occurred on Tuesday, August 16th. The shares were sold at an average price of $50.23, for a total transaction of $98,450.80. Following the completion of the sale, the chief accounting officer now owns 109,957 shares of the company’s stock, valued at $5,523,140.11. The disclosure for this sale can be found here. Insiders sold 16,884 shares of company stock worth $763,314 over the last three months. Insiders own 7.35% of the company’s stock.

Institutional Investors Weigh In On RingCentral

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Legal & General Group Plc raised its position in shares of RingCentral by 13.4% in the second quarter. Legal & General Group Plc now owns 527,475 shares of the software maker’s stock valued at $27,566,000 after buying an additional 62,334 shares in the last quarter. ExodusPoint Capital Management LP increased its stake in RingCentral by 62.2% in the second quarter. ExodusPoint Capital Management LP now owns 76,854 shares of the software maker’s stock valued at $4,016,000 after acquiring an additional 29,477 shares during the last quarter. Neo Ivy Capital Management bought a new position in RingCentral in the second quarter valued at approximately $80,000. B. Riley Asset Management LLC bought a new position in RingCentral in the second quarter valued at approximately $1,636,000. Finally, Worldquant Millennium Advisors LLC bought a new position in RingCentral in the second quarter valued at approximately $3,350,000. 86.29% of the stock is currently owned by institutional investors and hedge funds.

RingCentral Company Profile

(Get Rating)

RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect in North America. The company offers business cloud communications and contact center solutions based on its Message Video Phone? platform. Its products include RingCentral Office that provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers omni-channel; and RingCentral Engage Digital, a digital customer engagement platform that allows enterprises to interact with their customers.

Recommended Stories

Analyst Recommendations for RingCentral (NYSE:RNG)

Receive News & Ratings for RingCentral Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for RingCentral and related companies with MarketBeat.com's FREE daily email newsletter.