Brokerages Set RingCentral, Inc. (NYSE:RNG) Price Target at $37.69

Shares of RingCentral, Inc. (NYSE:RNG) have received a consensus recommendation of “Hold” from the thirteen brokerages that are covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, seven have given a hold recommendation and five have assigned a buy recommendation to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $37.69.

RNG has been the subject of a number of analyst reports. Piper Sandler reduced their price target on RingCentral from $38.00 to $31.00 and set a “neutral” rating for the company in a research report on Friday, February 21st. UBS Group cut their price objective on RingCentral from $40.00 to $38.00 and set a “neutral” rating for the company in a report on Friday, February 21st. Wells Fargo & Company restated an “underweight” rating and issued a $30.00 price objective (down previously from $38.00) on shares of RingCentral in a report on Tuesday, January 7th. Mizuho cut their price objective on RingCentral from $42.00 to $36.00 and set a “neutral” rating for the company in a report on Monday, February 10th. Finally, Barclays cut their price objective on RingCentral from $37.00 to $31.00 and set an “equal weight” rating for the company in a report on Friday, February 21st.

RingCentral Price Performance

Shares of RNG opened at $27.19 on Monday. The company has a market cap of $2.47 billion, a P/E ratio of -42.49, a PEG ratio of 1.27 and a beta of 1.20. The stock has a fifty day moving average price of $31.66 and a 200 day moving average price of $33.55. RingCentral has a 12 month low of $26.22 and a 12 month high of $42.19.

RingCentral (NYSE:RNG) last announced its quarterly earnings results on Thursday, February 20th. The software maker reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.73). RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. The business had revenue of $614.51 million for the quarter, compared to analyst estimates of $612.37 million. As a group, research analysts anticipate that RingCentral will post 1.29 earnings per share for the current year.

Insider Activity

In other RingCentral news, CEO Vladimir Shmunis sold 66,112 shares of the company’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $28.83, for a total value of $1,906,008.96. Following the transaction, the chief executive officer now directly owns 568,300 shares of the company’s stock, valued at $16,384,089. This represents a 10.42 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP John H. Marlow sold 22,979 shares of the company’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $28.82, for a total value of $662,254.78. Following the completion of the transaction, the senior vice president now directly owns 348,599 shares in the company, valued at approximately $10,046,623.18. The trade was a 6.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 247,740 shares of company stock valued at $7,099,279 over the last three months. Insiders own 6.97% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Rafferty Asset Management LLC increased its position in RingCentral by 1.7% in the 4th quarter. Rafferty Asset Management LLC now owns 19,685 shares of the software maker’s stock worth $689,000 after purchasing an additional 325 shares during the last quarter. Sovereign Financial Group Inc. boosted its stake in shares of RingCentral by 4.0% during the 4th quarter. Sovereign Financial Group Inc. now owns 10,079 shares of the software maker’s stock worth $353,000 after acquiring an additional 386 shares in the last quarter. Gagnon Securities LLC boosted its stake in shares of RingCentral by 5.6% during the 4th quarter. Gagnon Securities LLC now owns 7,703 shares of the software maker’s stock worth $270,000 after acquiring an additional 407 shares in the last quarter. Xponance Inc. boosted its stake in shares of RingCentral by 4.2% during the 4th quarter. Xponance Inc. now owns 10,664 shares of the software maker’s stock worth $373,000 after acquiring an additional 426 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of RingCentral by 10.4% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,983 shares of the software maker’s stock worth $176,000 after acquiring an additional 468 shares in the last quarter. 98.61% of the stock is owned by institutional investors and hedge funds.

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.