Brokerages Set RingCentral, Inc. (NYSE:RNG) PT at $40.07

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

Several brokerages have recently weighed in on RNG. StockNews.com downgraded shares of RingCentral from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Rosenblatt Securities upgraded shares of RingCentral from a “neutral” rating to a “buy” rating and upped their price objective for the company from $35.00 to $45.00 in a research note on Friday, August 2nd. Robert W. Baird raised their price objective on RingCentral from $35.00 to $36.00 and gave the stock a “neutral” rating in a report on Monday, August 5th. Northland Securities boosted their target price on RingCentral from $43.00 to $50.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Finally, Wells Fargo & Company raised their price target on RingCentral from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Friday, August 2nd.

Insider Transactions at RingCentral

In other news, CFO Vaibhav Agarwal sold 1,985 shares of the business’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $31.40, for a total transaction of $62,329.00. Following the transaction, the chief financial officer now directly owns 135,560 shares in the company, valued at $4,256,584. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, CFO Sonalee Elizabeth Parekh sold 9,913 shares of the stock in a transaction dated Friday, August 23rd. The shares were 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 in the company, valued at $11,995,905.90. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Vaibhav Agarwal sold 1,985 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $31.40, for a total transaction of $62,329.00. Following the completion of the sale, the chief financial officer now owns 135,560 shares of the company’s stock, valued at $4,256,584. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 103,824 shares of company stock worth $3,386,396. Company insiders own 6.76% of the company’s stock.

Institutional Investors Weigh In On RingCentral

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Versant Capital Management Inc increased its stake in RingCentral by 138.3% in 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. Hexagon Capital Partners LLC increased its position in shares of RingCentral by 44.1% in the first quarter. Hexagon Capital Partners LLC now owns 1,340 shares of the software maker’s stock valued at $47,000 after buying an additional 410 shares in the last quarter. Point72 DIFC Ltd acquired a new position in shares of RingCentral during the 2nd quarter worth $39,000. Central Pacific Bank Trust Division purchased a new stake in shares of RingCentral in the 3rd quarter worth about $121,000. Finally, PNC Financial Services Group Inc. grew its stake in RingCentral by 13.6% in the 4th quarter. PNC Financial Services Group Inc. now owns 4,522 shares of the software maker’s stock valued at $154,000 after acquiring an additional 540 shares during the last quarter. 98.61% of the stock is currently owned by institutional investors and hedge funds.

RingCentral Trading Down 0.3 %

Shares of RNG stock opened at $34.01 on Friday. The company has a market cap of $3.12 billion, a P/E ratio of -23.95, a PEG ratio of 2.64 and a beta of 1.03. The firm has a fifty day moving average price of $31.57 and a 200 day moving average price of $31.83. RingCentral has a 12 month low of $25.08 and a 12 month high of $38.35.

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

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.