Shares of RingCentral, Inc. (NYSE:RNG – Get Free Report) have been given a consensus rating of “Moderate Buy” by the sixteen ratings firms that are currently covering the company, MarketBeat reports. Eight investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $38.56.
RNG has been the subject of a number of research reports. Wells Fargo & Company dropped their price target on RingCentral from $36.00 to $31.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 21st. KeyCorp dropped their price target on RingCentral from $50.00 to $48.00 and set an “overweight” rating for the company in a research note on Wednesday, February 21st. Needham & Company LLC dropped their price target on RingCentral from $46.00 to $42.00 and set a “buy” rating for the company in a research note on Wednesday, February 21st. Wedbush reissued a “neutral” rating and set a $40.00 price target on shares of RingCentral in a research note on Friday, February 16th. Finally, Morgan Stanley lowered their price objective on RingCentral from $35.00 to $32.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 17th.
Read Our Latest Analysis on RingCentral
Insider Transactions at RingCentral
Institutional Investors Weigh In On RingCentral
Several hedge funds and other institutional investors have recently made changes to their positions in RNG. IFP Advisors Inc grew its position in RingCentral by 36.1% in the third quarter. IFP Advisors Inc now owns 3,206 shares of the software maker’s stock worth $95,000 after acquiring an additional 850 shares during the period. SG Americas Securities LLC boosted its position in shares of RingCentral by 9.3% during the third quarter. SG Americas Securities LLC now owns 14,324 shares of the software maker’s stock worth $424,000 after buying an additional 1,213 shares during the period. Handelsbanken Fonder AB boosted its position in shares of RingCentral by 91.2% during the third quarter. Handelsbanken Fonder AB now owns 20,270 shares of the software maker’s stock worth $601,000 after buying an additional 9,670 shares during the period. Simplicity Solutions LLC purchased a new position in shares of RingCentral during the third quarter worth $305,000. Finally, Commonwealth Equity Services LLC boosted its position in shares of RingCentral by 14.6% during the third quarter. Commonwealth Equity Services LLC now owns 15,426 shares of the software maker’s stock worth $457,000 after buying an additional 1,964 shares during the period. Institutional investors and hedge funds own 98.61% of the company’s stock.
RingCentral Stock Down 0.9 %
Shares of RNG opened at $30.01 on Friday. The business has a 50-day simple moving average of $32.98 and a two-hundred day simple moving average of $31.83. The stock has a market cap of $2.77 billion, a price-to-earnings ratio of -17.15, a PEG ratio of 3.24 and a beta of 0.92. RingCentral has a 52 week low of $25.08 and a 52 week high of $43.28.
RingCentral (NYSE:RNG – Get Free Report) last issued its quarterly earnings results on Tuesday, February 20th. The software maker reported ($0.33) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.31). The business had revenue of $571.27 million during the quarter, compared to analyst estimates of $569.65 million. On average, equities analysts anticipate that RingCentral will post 0.45 earnings per share for the current fiscal year.
RingCentral Company Profile
RingCentral, Inc, together with its subsidiaries, provides cloud communications, video meetings, collaboration, and contact center software-as-a-service solutions worldwide. The company's products include RingCentral Message Video Phone that provides a unified experience for communication and collaboration across multiple modes, including HD voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers AI-powered omnichannel and workforce engagement solutions with integrated RingCentral MVP; and RingCX, an AI-powered contact center that a native delivers omnichannel experience.
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