RingCentral, Inc. (NYSE:RNG) Receives $40.07 Average Target Price from Analysts

Shares of RingCentral, Inc. (NYSE:RNG) have earned an average rating of “Moderate Buy” from the sixteen analysts that are currently covering the firm, MarketBeat.com reports. Eight investment analysts have rated the stock with a hold recommendation, seven have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $40.07.

A number of equities research analysts recently commented on the stock. Robert W. Baird upped their price target on shares of RingCentral from $35.00 to $36.00 and gave the company a “neutral” rating in a report on Monday, August 5th. Mizuho lifted their price target on shares of RingCentral from $36.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday, May 8th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of RingCentral from $42.00 to $45.00 and gave the stock a “buy” rating in a report on Tuesday, August 6th. Rosenblatt Securities upgraded shares of RingCentral from a “neutral” rating to a “buy” rating and boosted their price target for the company from $35.00 to $45.00 in a research report on Friday, August 2nd. Finally, Piper Sandler cut their price objective on RingCentral from $32.00 to $31.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 10th.

Insider Activity at RingCentral

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 transaction of $334,849.92. Following the sale, the chief financial officer now directly owns 137,545 shares of the company’s stock, valued at $4,522,479.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, CFO Vaibhav Agarwal sold 10,184 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now directly owns 137,545 shares of the company’s stock, valued at $4,522,479.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO John H. Marlow sold 19,498 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $32.52, for a total transaction of $634,074.96. Following the completion of the sale, the chief accounting officer now owns 391,542 shares in the company, valued at approximately $12,732,945.84. The disclosure for this sale can be found here. In the last three months, insiders have sold 103,824 shares of company stock valued at $3,380,044. 6.76% of the stock is owned by corporate insiders.

Institutional Trading of RingCentral

A number of hedge funds have recently bought and sold shares of RNG. Treasurer of the State of North Carolina raised its position in RingCentral by 1.0% in the fourth quarter. Treasurer of the State of North Carolina now owns 37,832 shares of the software maker’s stock worth $1,284,000 after acquiring an additional 360 shares during the period. 1492 Capital Management LLC lifted its position in RingCentral by 1.0% during the fourth quarter. 1492 Capital Management LLC now owns 36,751 shares of the software maker’s stock valued at $1,248,000 after purchasing an additional 363 shares in the last quarter. Hexagon Capital Partners LLC grew its holdings in RingCentral by 44.1% during the first quarter. Hexagon Capital Partners LLC now owns 1,340 shares of the software maker’s stock valued at $47,000 after purchasing an additional 410 shares during the period. Sovereign Financial Group Inc. increased its position in RingCentral by 6.0% in the first quarter. Sovereign Financial Group Inc. now owns 8,927 shares of the software maker’s stock worth $310,000 after buying an additional 507 shares in the last quarter. Finally, Sei Investments Co. raised its stake in shares of RingCentral by 2.3% in the first quarter. Sei Investments Co. now owns 23,485 shares of the software maker’s stock worth $816,000 after buying an additional 539 shares during the period. Hedge funds and other institutional investors own 98.61% of the company’s stock.

RingCentral Stock Performance

Shares of RNG opened at $33.33 on Thursday. RingCentral has a fifty-two week low of $25.08 and a fifty-two week high of $38.35. The firm has a market cap of $3.07 billion, a price-to-earnings ratio of -22.37, a PEG ratio of 2.63 and a beta of 1.03. The firm has a 50 day moving average price of $31.86 and a 200-day moving average price of $32.56.

RingCentral (NYSE:RNG) last announced its quarterly earnings data on Thursday, August 1st. The software maker reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. The company had revenue of $592.91 million for the quarter, compared to the consensus estimate of $586.39 million. The firm’s quarterly revenue was up 9.9% compared to the same quarter last year. During the same period last year, the business posted ($0.03) earnings per share. As a group, equities research analysts predict that RingCentral will post 0.63 earnings per share for the current year.

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.