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

RingCentral, Inc. (NYSE:RNG) has earned a consensus recommendation of “Moderate Buy” from the fifteen research firms that are currently covering the firm, MarketBeat reports. Eight research analysts have rated the stock with a hold recommendation, six have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $40.73.

Several analysts have issued reports on the company. Wedbush boosted their price objective on RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Piper Sandler boosted their price target on shares of RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Needham & Company LLC reaffirmed a “buy” rating and issued a $42.00 price objective on shares of RingCentral in a research note on Monday, November 11th. Robert W. Baird lifted their price objective on shares of RingCentral from $36.00 to $38.00 and gave the stock a “neutral” rating in a research report on Monday, November 11th. Finally, Raymond James reduced their target price on RingCentral from $52.00 to $50.00 and set a “strong-buy” rating for the company in a report on Friday, November 8th.

RingCentral Price Performance

RNG stock opened at $41.73 on Friday. The firm has a market cap of $3.77 billion, a PE ratio of -39.37, a P/E/G ratio of 2.60 and a beta of 0.99. RingCentral has a 12 month low of $26.98 and a 12 month high of $41.92. The firm has a 50 day simple moving average of $35.28 and a 200 day simple moving average of $32.83.

RingCentral (NYSE:RNG) last announced its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.10. The company had revenue of $608.77 million during the quarter, compared to the consensus estimate of $601.91 million. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. As a group, sell-side analysts expect that RingCentral will post 0.84 earnings per share for the current year.

Insider Activity at RingCentral

In other RingCentral news, SVP John H. Marlow sold 23,284 shares of the stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $34.96, for a total transaction of $814,008.64. Following the transaction, the senior vice president now directly owns 357,818 shares of the company’s stock, valued at $12,509,317.28. This represents a 6.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Vaibhav Agarwal sold 1,985 shares of the business’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $31.40, for a total value of $62,329.00. Following the completion of the sale, the chief financial officer now directly owns 135,560 shares of the company’s stock, valued at $4,256,584. This represents a 1.44 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 105,539 shares of company stock valued at $3,687,477. 6.76% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On RingCentral

Large investors have recently added to or reduced their stakes in the stock. Groupama Asset Managment boosted its holdings in RingCentral by 125.0% during the third quarter. Groupama Asset Managment now owns 3,600,000 shares of the software maker’s stock valued at $113,868,000 after acquiring an additional 2,000,000 shares during the period. Pacer Advisors Inc. lifted its position in shares of RingCentral by 45.3% during the 3rd quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker’s stock worth $83,483,000 after purchasing an additional 822,892 shares during the last quarter. Foundry Partners LLC acquired a new position in shares of RingCentral during the 3rd quarter worth about $8,886,000. Cubist Systematic Strategies LLC boosted its stake in RingCentral by 130.1% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 414,347 shares of the software maker’s stock valued at $11,685,000 after purchasing an additional 234,238 shares during the period. Finally, Jupiter Asset Management Ltd. grew its holdings in RingCentral by 404.2% in the 2nd quarter. Jupiter Asset Management Ltd. now owns 219,187 shares of the software maker’s stock valued at $6,181,000 after buying an additional 175,715 shares during the last quarter. Institutional investors 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.