Analysts Set RingCentral, Inc. (NYSE:RNG) PT at $37.69

RingCentral, Inc. (NYSE:RNG) has been given a consensus recommendation of “Hold” by the thirteen brokerages that are covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company. The average 12-month target price among analysts that have covered the stock in the last year is $37.69.

Several brokerages recently weighed in on RNG. Mizuho decreased their target price on RingCentral from $42.00 to $36.00 and set a “neutral” rating for the company in a research note on Monday, February 10th. Needham & Company LLC decreased their target price on RingCentral from $42.00 to $36.00 and set a “buy” rating for the company in a research note on Friday, February 21st. Morgan Stanley increased their target price on RingCentral from $38.00 to $40.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 18th. UBS Group decreased their target price on RingCentral from $40.00 to $38.00 and set a “neutral” rating for the company in a research note on Friday, February 21st. Finally, Rosenblatt Securities decreased their target price on RingCentral from $45.00 to $40.00 and set a “buy” rating for the company in a research note on Friday, February 21st.

Insider Transactions at RingCentral

In other news, SVP John H. Marlow sold 35,089 shares of the stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $28.56, for a total value of $1,002,141.84. Following the completion of the transaction, the senior vice president now directly owns 313,510 shares of the company’s stock, valued at approximately $8,953,845.60. This represents a 10.07 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Vladimir Shmunis sold 123,560 shares of the stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $28.56, for a total value of $3,528,873.60. Following the completion of the transaction, the chief executive officer now directly owns 444,740 shares of the company’s stock, valued at approximately $12,701,774.40. The trade was a 21.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 247,740 shares of company stock valued at $7,099,279. Corporate insiders own 6.97% of the company’s stock.

Hedge Funds Weigh In On RingCentral

A number of hedge funds have recently modified their holdings of RNG. Hennessy Advisors Inc. acquired a new position in shares of RingCentral in the 4th quarter worth approximately $59,055,000. Arrowstreet Capital Limited Partnership raised its holdings in shares of RingCentral by 414.3% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,445,245 shares of the software maker’s stock worth $50,598,000 after buying an additional 1,164,241 shares in the last quarter. Pacer Advisors Inc. increased its holdings in RingCentral by 45.3% during the 3rd quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker’s stock valued at $83,483,000 after purchasing an additional 822,892 shares in the last quarter. Valley Wealth Managers Inc. acquired a new stake in RingCentral during the 4th quarter valued at $20,792,000. Finally, Capital World Investors increased its holdings in RingCentral by 5.9% during the 4th quarter. Capital World Investors now owns 10,663,441 shares of the software maker’s stock valued at $373,327,000 after purchasing an additional 591,398 shares in the last quarter. 98.61% of the stock is owned by institutional investors and hedge funds.

RingCentral Stock Performance

RNG opened at $27.19 on Monday. The company has a market cap of $2.47 billion, a PE ratio of -42.49, a price-to-earnings-growth ratio of 1.27 and a beta of 1.20. The stock has a 50-day moving average of $31.66 and a 200-day moving average of $33.55. RingCentral has a 52-week low of $26.22 and a 52-week high of $42.19.

RingCentral (NYSE:RNG) last announced its earnings results on Thursday, February 20th. The software maker reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.73). RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. The business had revenue of $614.51 million for the quarter, compared to the consensus estimate of $612.37 million. On average, research analysts predict that RingCentral will post 1.29 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.