RingCentral, Inc. (NYSE:RNG) Receives $42.00 Average PT from Analysts

Shares of RingCentral, Inc. (NYSE:RNG) have earned a consensus recommendation of “Hold” from the fourteen research firms that are presently covering the company, MarketBeat Ratings reports. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $41.64.

A number of research firms recently weighed in on RNG. Morgan Stanley upped their target price on shares of RingCentral from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 18th. Wedbush raised their price objective on shares of RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Piper Sandler increased their target price on RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Mizuho reaffirmed a “neutral” rating and set a $42.00 price target on shares of RingCentral in a report on Friday, December 13th. Finally, Raymond James reiterated an “outperform” rating and issued a $45.00 price objective (down previously from $50.00) on shares of RingCentral in a report on Friday.

Insider Buying and Selling at RingCentral

In related news, CEO Vladimir Shmunis sold 66,451 shares of the firm’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $34.96, for a total value of $2,323,126.96. Following the completion of the sale, 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 Securities & Exchange Commission, which is available at this link. Also, Director Robert I. Theis sold 1,457 shares of the stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $37.79, for a total value of $55,060.03. Following the transaction, the director now directly owns 28,690 shares of the company’s stock, valued at approximately $1,084,195.10. This trade represents a 4.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 115,188 shares of company stock worth $4,113,047. 6.97% of the stock is currently owned by insiders.

Institutional Trading of RingCentral

Several hedge funds and other institutional investors have recently made changes to their positions in RNG. Point72 DIFC Ltd acquired a new stake in shares of RingCentral during the 2nd quarter valued at approximately $39,000. Venturi Wealth Management LLC raised its holdings in RingCentral by 150.4% during the third quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock worth $59,000 after purchasing an additional 1,119 shares during the last quarter. Quarry LP boosted its position in RingCentral by 106.7% during the third quarter. Quarry LP now owns 1,902 shares of the software maker’s stock worth $60,000 after purchasing an additional 982 shares in the last quarter. KBC Group NV grew its holdings in RingCentral by 38.9% in the third quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock valued at $84,000 after purchasing an additional 744 shares during the last quarter. Finally, Central Pacific Bank Trust Division acquired a new stake in RingCentral in the third quarter valued at $121,000. Institutional investors and hedge funds own 98.61% of the company’s stock.

RingCentral Trading Up 1.6 %

RNG opened at $35.40 on Wednesday. The firm has a market cap of $3.20 billion, a price-to-earnings ratio of -33.40, a PEG ratio of 2.48 and a beta of 0.99. The stock’s 50-day moving average price is $37.33 and its 200 day moving average price is $33.42. RingCentral has a 12-month low of $26.98 and a 12-month high of $42.19.

RingCentral (NYSE:RNG) last announced its earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.10. RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. The firm had revenue of $608.77 million for the quarter, compared to the consensus estimate of $601.91 million. On average, research analysts forecast that RingCentral will post 0.84 earnings per share 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.