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

RingCentral, Inc. (NYSE:RNG) has been assigned a consensus recommendation of “Moderate Buy” from the sixteen research firms that are covering the company, Marketbeat Ratings reports. Eight investment analysts have rated the stock with a hold recommendation, seven have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $40.07.

RNG has been the topic of a number of research analyst reports. Northland Securities raised their price target on RingCentral from $43.00 to $50.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Rosenblatt Securities raised RingCentral from a “neutral” rating to a “buy” rating and increased their target price for the stock from $35.00 to $45.00 in a research report on Friday, August 2nd. Needham & Company LLC reissued a “buy” rating and set a $42.00 price target on shares of RingCentral in a research report on Monday, August 5th. Deutsche Bank Aktiengesellschaft raised their price objective on RingCentral from $42.00 to $45.00 and gave the stock a “buy” rating in a report on Tuesday, August 6th. Finally, Robert W. Baird boosted their target price on RingCentral from $35.00 to $36.00 and gave the stock a “neutral” rating in a report on Monday, August 5th.

RingCentral Trading Up 0.2 %

Shares of RingCentral stock opened at $32.96 on Friday. RingCentral has a 12-month low of $25.08 and a 12-month high of $38.35. The stock has a market cap of $3.03 billion, a price-to-earnings ratio of -23.21, a PEG ratio of 2.55 and a beta of 1.03. The company has a fifty day simple moving average of $31.45 and a 200-day simple moving average of $31.82.

RingCentral (NYSE:RNG) last issued its quarterly earnings results on Thursday, August 1st. The software maker reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. The firm had revenue of $592.91 million for the quarter, compared to analyst estimates of $586.39 million. The company’s revenue was up 9.9% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.03) earnings per share. On average, analysts forecast that RingCentral will post 0.63 earnings per share for the current fiscal year.

Insider Activity

In related news, 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 value of $331,589.85. Following the completion of the transaction, the chief financial officer now owns 358,622 shares of the company’s stock, valued at $11,995,905.90. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CFO Vaibhav Agarwal sold 10,184 shares of the stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $32.88, for a total value of $334,849.92. Following the transaction, the chief financial officer now directly owns 137,545 shares in the company, valued at $4,522,479.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Sonalee Elizabeth Parekh sold 9,913 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $33.45, for a total transaction of $331,589.85. Following the transaction, the chief financial officer now directly owns 358,622 shares in the company, valued at $11,995,905.90. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 103,824 shares of company stock valued at $3,386,396. 6.76% of the stock is owned by insiders.

Institutional Trading of RingCentral

A number of hedge funds and other institutional investors have recently made changes to their positions in RNG. nVerses Capital LLC increased its position in shares of RingCentral by 916.7% during the 3rd quarter. nVerses Capital LLC now owns 6,100 shares of the software maker’s stock valued at $193,000 after purchasing an additional 5,500 shares during the last quarter. Creative Planning bought a new stake in shares of RingCentral in the third quarter worth about $211,000. Wedge Capital Management L L P NC increased its stake in shares of RingCentral by 13.9% during the third quarter. Wedge Capital Management L L P NC now owns 65,647 shares of the software maker’s stock valued at $2,076,000 after buying an additional 8,019 shares during the period. CWM LLC raised its holdings in RingCentral by 595.9% in the 3rd quarter. CWM LLC now owns 4,746 shares of the software maker’s stock worth $150,000 after purchasing an additional 4,064 shares in the last quarter. Finally, Sovereign Financial Group Inc. boosted its position in RingCentral by 6.9% during the 3rd quarter. Sovereign Financial Group Inc. now owns 9,693 shares of the software maker’s stock valued at $307,000 after acquiring an additional 625 shares in the last quarter. 98.61% of the stock is currently owned by 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.