RingCentral, Inc. (NYSE:RNG) Given Consensus Recommendation of “Moderate Buy” by Analysts

RingCentral, Inc. (NYSE:RNG) has been given an average rating of “Moderate Buy” by the sixteen ratings firms that are presently covering the company, MarketBeat reports. Eight analysts have rated the stock with a hold recommendation, seven have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $38.89.

RNG has been the subject of a number of recent analyst reports. Wells Fargo & Company decreased their target price on RingCentral from $36.00 to $31.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 21st. Mizuho decreased their target price on RingCentral from $40.00 to $36.00 and set a “buy” rating for the company in a research report on Wednesday, February 21st. Wedbush reissued a “neutral” rating and issued a $40.00 price objective on shares of RingCentral in a research report on Friday, February 16th. The Goldman Sachs Group reduced their price objective on RingCentral from $38.00 to $34.00 and set a “neutral” rating for the company in a research report on Wednesday, February 21st. Finally, Jefferies Financial Group cut RingCentral from a “buy” rating to a “hold” rating and reduced their price objective for the company from $40.00 to $35.00 in a research report on Tuesday, December 12th.

Insiders Place Their Bets

In other news, Director Kenneth A. Goldman sold 1,287 shares of the firm’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $34.47, for a total value of $44,362.89. Following the completion of the sale, the director now directly owns 23,688 shares in the company, valued at $816,525.36. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, Director Kenneth A. Goldman sold 1,287 shares of the firm’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $34.47, for a total value of $44,362.89. Following the completion of the sale, the director now directly owns 23,688 shares in the company, valued at $816,525.36. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Vaibhav Agarwal sold 6,224 shares of the firm’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $31.55, for a total value of $196,367.20. Following the completion of the sale, the chief financial officer now owns 130,753 shares of the company’s stock, valued at $4,125,257.15. The disclosure for this sale can be found here. Insiders sold 21,624 shares of company stock worth $732,427 over the last three months. 6.76% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On RingCentral

Several hedge funds have recently added to or reduced their stakes in the company. Newbridge Financial Services Group Inc. boosted its holdings in RingCentral by 438.1% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 1,200 shares of the software maker’s stock valued at $41,000 after acquiring an additional 977 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in RingCentral by 13.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 4,522 shares of the software maker’s stock worth $154,000 after buying an additional 540 shares during the last quarter. Vanguard Group Inc. boosted its holdings in RingCentral by 3.8% during the fourth quarter. Vanguard Group Inc. now owns 10,371,224 shares of the software maker’s stock worth $352,103,000 after buying an additional 382,343 shares during the last quarter. Readystate Asset Management LP boosted its holdings in RingCentral by 68.9% during the fourth quarter. Readystate Asset Management LP now owns 228,810 shares of the software maker’s stock worth $7,768,000 after buying an additional 93,361 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its holdings in RingCentral by 166.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 131,044 shares of the software maker’s stock worth $4,450,000 after buying an additional 81,787 shares during the last quarter. Institutional investors own 98.61% of the company’s stock.

RingCentral Stock Performance

NYSE:RNG opened at $34.74 on Monday. The stock’s 50 day moving average price is $33.89 and its 200 day moving average price is $31.56. RingCentral has a 52 week low of $25.08 and a 52 week high of $43.28. The company has a market capitalization of $3.21 billion, a P/E ratio of -19.85, a P/E/G ratio of 3.69 and a beta of 0.92.

RingCentral (NYSE:RNG) last announced its earnings results on Tuesday, February 20th. The software maker reported ($0.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.31). The business had revenue of $571.27 million during the quarter, compared to analysts’ expectations of $569.65 million. As a group, sell-side analysts forecast that RingCentral will post 0.45 earnings per share for the current fiscal 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.