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

RingCentral, Inc. (NYSE:RNG) has received a consensus recommendation of “Moderate Buy” from the fourteen ratings firms that are currently covering the firm, MarketBeat reports. Eight analysts have rated the stock with a hold recommendation, five have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $42.00.

Several equities research analysts have recently commented on the stock. Wedbush upped their price target on shares of RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Rosenblatt Securities reaffirmed a “buy” rating and set a $45.00 target price on shares of RingCentral in a report on Friday, November 8th. Raymond James dropped their price target on shares of RingCentral from $52.00 to $50.00 and set a “strong-buy” rating on the stock in a research note on Friday, November 8th. Morgan Stanley upped their price objective on RingCentral from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 18th. Finally, Mizuho reiterated a “neutral” rating and set a $42.00 target price on shares of RingCentral in a research report on Friday, December 13th.

RingCentral Stock Down 1.3 %

Shares of RingCentral stock opened at $35.01 on Wednesday. RingCentral has a twelve month low of $26.98 and a twelve month high of $42.19. The company has a market cap of $3.17 billion, a price-to-earnings ratio of -33.03, a price-to-earnings-growth ratio of 2.48 and a beta of 0.99. The company’s 50 day moving average is $37.23 and its 200 day moving average is $33.31.

RingCentral (NYSE:RNG) last released its quarterly earnings results 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. The firm had revenue of $608.77 million for the quarter, compared to the consensus estimate of $601.91 million. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. Sell-side analysts expect that RingCentral will post 0.84 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Vladimir Shmunis sold 66,451 shares of the firm’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $34.96, for a total transaction of $2,323,126.96. Following the completion of the transaction, the chief executive officer now owns 479,468 shares in the company, valued at $16,762,201.28. This trade represents a 12.17 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Ned D. Segal sold 2,914 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $41.60, for a total value of $121,222.40. Following the transaction, the director now owns 10,633 shares of the company’s stock, valued at $442,332.80. This represents a 21.51 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 115,188 shares of company stock worth $4,113,047 in the last three months. 6.97% of the stock is owned by company insiders.

Institutional Trading of RingCentral

Large investors have recently added to or reduced their stakes in the company. Commonwealth Equity Services LLC increased its position in RingCentral by 19.5% in the second quarter. Commonwealth Equity Services LLC now owns 8,378 shares of the software maker’s stock worth $236,000 after purchasing an additional 1,366 shares during the last quarter. Versor Investments LP bought a new stake in shares of RingCentral in the 2nd quarter worth about $657,000. Victory Capital Management Inc. raised its position in shares of RingCentral by 35.0% during the 2nd quarter. Victory Capital Management Inc. now owns 116,300 shares of the software maker’s stock valued at $3,280,000 after buying an additional 30,138 shares in the last quarter. Acadian Asset Management LLC purchased a new stake in shares of RingCentral during the 2nd quarter valued at about $1,622,000. Finally, Quest Partners LLC lifted its holdings in shares of RingCentral by 268.7% in the 2nd quarter. Quest Partners LLC now owns 17,312 shares of the software maker’s stock valued at $488,000 after acquiring an additional 12,617 shares during the last quarter. Institutional investors own 98.61% of the company’s stock.

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.