RingCentral, Inc. (NYSE:RNG – Get Free Report) has been assigned an average recommendation of “Moderate Buy” from the sixteen analysts that are presently covering the company, MarketBeat reports. Eight equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $40.07.
RNG has been the topic of a number of recent research reports. Wells Fargo & Company upped their target price on RingCentral from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Friday, August 2nd. Deutsche Bank Aktiengesellschaft upped their target price on RingCentral from $42.00 to $45.00 and gave the stock a “buy” rating in a research note on Tuesday, August 6th. StockNews.com downgraded RingCentral from a “strong-buy” rating to a “buy” rating in a research note on Friday, September 6th. Robert W. Baird increased their price target on RingCentral from $35.00 to $36.00 and gave the stock a “neutral” rating in a research report on Monday, August 5th. Finally, Piper Sandler lowered their price target on RingCentral from $32.00 to $31.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 10th.
View Our Latest Research Report on RNG
Insider Activity at RingCentral
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently modified their holdings of RNG. Norges Bank purchased a new position in shares of RingCentral during the fourth quarter worth $30,471,000. Capital World Investors boosted its position in shares of RingCentral by 7.3% during the first quarter. Capital World Investors now owns 12,139,394 shares of the software maker’s stock worth $421,723,000 after buying an additional 825,156 shares during the period. Vanguard Group Inc. boosted its position in shares of RingCentral by 5.2% during the first quarter. Vanguard Group Inc. now owns 10,909,549 shares of the software maker’s stock worth $378,998,000 after buying an additional 538,325 shares during the period. Pacer Advisors Inc. boosted its position in shares of RingCentral by 25.2% during the second quarter. Pacer Advisors Inc. now owns 1,816,464 shares of the software maker’s stock worth $51,224,000 after buying an additional 365,738 shares during the period. Finally, First Trust Advisors LP boosted its position in shares of RingCentral by 15.9% during the fourth quarter. First Trust Advisors LP now owns 1,991,917 shares of the software maker’s stock worth $67,626,000 after buying an additional 273,109 shares during the period. 98.61% of the stock is currently owned by hedge funds and other institutional investors.
RingCentral Stock Performance
Shares of RNG stock opened at $30.32 on Monday. The stock’s 50-day simple moving average is $32.26 and its 200-day simple moving average is $32.32. The firm has a market capitalization of $2.79 billion, a PE ratio of -20.35, a P/E/G ratio of 2.36 and a beta of 1.03. RingCentral has a fifty-two week low of $25.08 and a fifty-two week high of $38.35.
RingCentral (NYSE:RNG – Get Free Report) last announced its quarterly earnings data on Thursday, August 1st. The software maker reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. The firm had revenue of $592.91 million during 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 firm’s revenue for the quarter was up 9.9% on a year-over-year basis. Sell-side analysts forecast 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.
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