Brokerages Set RingCentral, Inc. (NYSE:RNG) Target Price at $40.73

Shares of RingCentral, Inc. (NYSE:RNG) have been assigned a consensus recommendation of “Moderate Buy” from the fifteen brokerages that are currently covering the company, MarketBeat.com reports. Eight equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating on the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $40.73.

A number of research firms have recently weighed in on RNG. Raymond James lowered their price objective on RingCentral from $52.00 to $50.00 and set a “strong-buy” rating for the company in a research report on Friday, November 8th. Wells Fargo & Company upped their price objective on shares of RingCentral from $28.00 to $35.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Rosenblatt Securities reissued a “buy” rating and set a $45.00 target price on shares of RingCentral in a research report on Friday, November 8th. Northland Securities raised their price target on shares of RingCentral from $43.00 to $50.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Finally, Wedbush boosted their price objective on shares of RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a report on Friday, November 8th.

RingCentral Price Performance

RNG opened at $35.78 on Tuesday. The firm has a market capitalization of $3.29 billion, a PE ratio of -33.75, a price-to-earnings-growth ratio of 2.41 and a beta of 0.99. The business’s 50-day moving average is $32.75 and its two-hundred day moving average is $32.47. RingCentral has a 1 year low of $26.98 and a 1 year high of $40.98.

RingCentral (NYSE:RNG) last issued its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.10. RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. The firm had revenue of $608.77 million for the quarter, compared to the consensus estimate of $601.91 million. As a group, sell-side analysts expect that RingCentral will post 0.84 EPS for the current year.

Insider Buying and Selling at RingCentral

In other RingCentral news, CFO Vaibhav Agarwal sold 10,184 shares of the stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $32.88, for a total transaction of $334,849.92. Following the transaction, the chief financial officer now directly owns 137,545 shares of the company’s stock, valued at $4,522,479.60. This trade represents a 6.89 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Sonalee Elizabeth Parekh sold 9,913 shares of the business’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $33.45, for a total transaction of $331,589.85. Following the sale, the chief financial officer now directly owns 358,622 shares of the company’s stock, valued at $11,995,905.90. This represents a 2.69 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 103,824 shares of company stock valued at $3,386,396. Corporate insiders own 6.76% of the company’s stock.

Institutional Investors Weigh In On RingCentral

Several large investors have recently bought and sold shares of RNG. Versant Capital Management Inc increased its position in shares of RingCentral by 138.3% during the second quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker’s stock worth $32,000 after purchasing an additional 664 shares in the last quarter. Point72 DIFC Ltd acquired a new position in RingCentral during the second quarter worth about $39,000. Venturi Wealth Management LLC raised its holdings in RingCentral by 150.4% in the 3rd quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock valued at $59,000 after acquiring an additional 1,119 shares during the last quarter. Quarry LP lifted its stake in RingCentral by 106.7% in the 3rd quarter. Quarry LP now owns 1,902 shares of the software maker’s stock worth $60,000 after purchasing an additional 982 shares in the last quarter. Finally, KBC Group NV boosted its holdings in shares of RingCentral by 38.9% during the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock worth $84,000 after purchasing an additional 744 shares during the last quarter. 98.61% of the stock is currently owned by hedge funds and other institutional investors.

About RingCentral

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.