Brokerages Set RingCentral, Inc. (NYSE:RNG) Target Price at $40.73

Shares of RingCentral, Inc. (NYSE:RNG) have been given an average rating of “Moderate Buy” by the fifteen research firms that are covering the firm, MarketBeat.com reports. Eight equities research analysts have rated the stock with a hold recommendation, six have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $40.73.

A number of equities analysts recently commented on RNG shares. Wedbush boosted their target price on shares of RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Needham & Company LLC reiterated a “buy” rating and issued a $42.00 price objective on shares of RingCentral in a report on Monday. Rosenblatt Securities restated a “buy” rating and set a $45.00 target price on shares of RingCentral in a research note on Friday, November 8th. Piper Sandler upped their price target on RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Finally, Robert W. Baird raised their price objective on shares of RingCentral from $36.00 to $38.00 and gave the stock a “neutral” rating in a report on Monday.

RingCentral Trading Down 3.2 %

Shares of NYSE RNG opened at $36.74 on Tuesday. RingCentral has a twelve month low of $26.98 and a twelve month high of $40.98. The stock has a market capitalization of $3.37 billion, a PE ratio of -34.66, a PEG ratio of 2.30 and a beta of 0.99. The stock has a fifty day simple moving average of $32.59 and a 200-day simple moving average of $32.42.

RingCentral (NYSE:RNG) last issued its quarterly earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company had revenue of $608.77 million during the quarter, compared to the consensus estimate of $601.91 million. On average, equities analysts predict that RingCentral will post 0.84 earnings per share for the current year.

Insider Buying and Selling at RingCentral

In other RingCentral news, CFO Sonalee Elizabeth Parekh sold 9,913 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $33.45, for a total transaction of $331,589.85. Following the completion of the sale, the chief financial officer now directly owns 358,622 shares of the company’s stock, valued at approximately $11,995,905.90. This trade represents a 2.69 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 value of $334,849.92. Following the completion of the transaction, the chief financial officer now directly owns 137,545 shares in the company, valued at approximately $4,522,479.60. The trade was a 6.89 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 103,824 shares of company stock worth $3,386,396. 6.76% of the stock is owned by company insiders.

Institutional Trading of RingCentral

Several hedge funds have recently made changes to their positions in RNG. 272 Capital LP purchased a new stake in shares of RingCentral in the third quarter valued at approximately $436,000. Vinva Investment Management Ltd boosted its position in shares of RingCentral by 49.6% during the 3rd quarter. Vinva Investment Management Ltd now owns 20,487 shares of the software maker’s stock worth $648,000 after purchasing an additional 6,791 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of RingCentral by 57.9% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,682 shares of the software maker’s stock worth $717,000 after purchasing an additional 8,318 shares during the period. D.A. Davidson & CO. increased its holdings in shares of RingCentral by 12.0% in the 3rd quarter. D.A. Davidson & CO. now owns 10,599 shares of the software maker’s stock valued at $335,000 after purchasing an additional 1,134 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in shares of RingCentral by 9.0% in the third quarter. The Manufacturers Life Insurance Company now owns 15,765 shares of the software maker’s stock valued at $499,000 after purchasing an additional 1,296 shares during the period. Institutional investors and hedge funds own 98.61% of the company’s stock.

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.