RingCentral, Inc. (NYSE:RNG) Given Consensus Rating of “Moderate Buy” by Analysts

Shares of RingCentral, Inc. (NYSE:RNGGet Free Report) have been assigned an average rating of “Moderate Buy” from the fifteen research firms that are currently covering the stock, MarketBeat Ratings reports. Eight equities research analysts have rated the stock with a hold recommendation, six have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $40.73.

A number of analysts have recently weighed in on the stock. Wells Fargo & Company raised their price target on shares of RingCentral from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Deutsche Bank Aktiengesellschaft boosted their price objective on RingCentral from $42.00 to $45.00 and gave the company a “buy” rating in a report on Tuesday, August 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $42.00 target price on shares of RingCentral in a report on Monday. Robert W. Baird lifted their target price on RingCentral from $36.00 to $38.00 and gave the stock a “neutral” rating in a research report on Monday. Finally, StockNews.com raised RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Monday.

Read Our Latest Analysis on RNG

Insider Activity at RingCentral

In other RingCentral news, CFO Vaibhav Agarwal sold 1,985 shares of the company’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $31.40, for a total value of $62,329.00. Following the completion of the transaction, the chief financial officer now owns 135,560 shares in the company, valued at approximately $4,256,584. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CAO John H. Marlow sold 19,498 shares of the company’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $32.52, for a total value of $634,074.96. Following the completion of the sale, the chief accounting officer now owns 391,542 shares of the company’s stock, valued at $12,732,945.84. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Vaibhav Agarwal sold 1,985 shares of the business’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $31.40, for a total transaction of $62,329.00. Following the sale, the chief financial officer now owns 135,560 shares in the company, valued at $4,256,584. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 103,824 shares of company stock worth $3,386,396 in the last ninety days. 6.76% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Versant Capital Management Inc boosted its stake in RingCentral by 138.3% during the 2nd quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker’s stock valued at $32,000 after purchasing an additional 664 shares in the last quarter. Point72 DIFC Ltd acquired a new stake in shares of RingCentral in the second quarter valued at $39,000. Venturi Wealth Management LLC boosted its stake in RingCentral by 150.4% during the third quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock valued at $59,000 after buying an additional 1,119 shares in the last quarter. KBC Group NV grew its holdings in RingCentral by 38.9% during the third quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock worth $84,000 after acquiring an additional 744 shares during the period. Finally, Central Pacific Bank Trust Division bought a new stake in RingCentral in the third quarter worth about $121,000. Institutional investors and hedge funds own 98.61% of the company’s stock.

RingCentral Trading Down 4.6 %

RNG opened at $36.21 on Tuesday. RingCentral has a twelve month low of $26.27 and a twelve month high of $40.98. The firm has a market cap of $3.32 billion, a price-to-earnings ratio of -34.16, a PEG ratio of 2.96 and a beta of 0.99. The company has a fifty day simple moving average of $32.19 and a 200 day simple moving average of $32.31.

RingCentral (NYSE:RNGGet Free Report) last released its quarterly earnings results on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, topping the consensus estimate of $0.14 by $0.10. RingCentral had a negative return on equity of 2.58% and a negative net margin of 4.17%. The business had revenue of $608.77 million for the quarter, compared to analysts’ expectations of $601.91 million. On average, analysts forecast that RingCentral will post 0.63 earnings per share for the current fiscal year.

RingCentral Company Profile

(Get Free Report

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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Analyst Recommendations for RingCentral (NYSE:RNG)

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