RingCentral, Inc. (NYSE:RNG) Receives $40.07 Average PT from Brokerages

RingCentral, Inc. (NYSE:RNG) has earned an average recommendation of “Moderate Buy” from the sixteen brokerages that are presently covering the stock, Marketbeat reports. Eight research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $40.07.

A number of analysts have recently weighed in on RNG shares. Deutsche Bank Aktiengesellschaft raised their price target on shares of RingCentral from $42.00 to $45.00 and gave the stock a “buy” rating in a research report on Tuesday, August 6th. Rosenblatt Securities raised shares of RingCentral from a “neutral” rating to a “buy” rating and raised their price target for the stock from $35.00 to $45.00 in a research report on Friday, August 2nd. Needham & Company LLC reissued a “buy” rating and set a $42.00 price target on shares of RingCentral in a research report on Monday, August 5th. StockNews.com raised shares of RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Monday, August 5th. Finally, UBS Group lifted their price objective on shares of RingCentral from $37.00 to $40.00 and gave the stock a “neutral” rating in a report on Wednesday, May 8th.

Insider Activity

In other news, CFO Vaibhav Agarwal sold 1,985 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $28.20, for a total transaction of $55,977.00. Following the completion of the transaction, the chief financial officer now owns 156,799 shares of the company’s stock, valued at $4,421,731.80. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CFO Vaibhav Agarwal sold 1,985 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $28.20, for a total transaction of $55,977.00. Following the completion of the transaction, the chief financial officer now owns 156,799 shares of the company’s stock, valued at $4,421,731.80. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO John H. Marlow sold 19,498 shares of RingCentral stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $32.52, for a total transaction of $634,074.96. Following the sale, the chief accounting officer now owns 391,542 shares in the company, valued at $12,732,945.84. The disclosure for this sale can be found here. Over the last quarter, insiders sold 103,824 shares of company stock valued at $3,380,044. 6.76% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On RingCentral

A number of hedge funds and other institutional investors have recently modified their holdings of RNG. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of RingCentral by 17.4% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,177 shares of the software maker’s stock valued at $583,000 after purchasing an additional 2,549 shares in the last quarter. New York State Common Retirement Fund raised its stake in shares of RingCentral by 1.2% during the fourth quarter. New York State Common Retirement Fund now owns 313,616 shares of the software maker’s stock valued at $10,647,000 after purchasing an additional 3,852 shares in the last quarter. GAMMA Investing LLC bought a new stake in RingCentral in the fourth quarter worth about $26,000. Hexagon Capital Partners LLC raised its position in RingCentral by 116.8% in the fourth quarter. Hexagon Capital Partners LLC now owns 930 shares of the software maker’s stock worth $32,000 after acquiring an additional 501 shares in the last quarter. Finally, Victory Capital Management Inc. raised its position in RingCentral by 6.8% in the fourth quarter. Victory Capital Management Inc. now owns 35,635 shares of the software maker’s stock worth $1,210,000 after acquiring an additional 2,260 shares in the last quarter. 98.61% of the stock is currently owned by institutional investors.

RingCentral Stock Down 11.2 %

RNG opened at $29.16 on Thursday. The firm has a market capitalization of $2.68 billion, a P/E ratio of -19.57, a P/E/G ratio of 2.60 and a beta of 1.03. The firm’s 50 day moving average is $32.12 and its 200-day moving average is $32.56. RingCentral has a 52-week low of $25.08 and a 52-week high of $38.35.

RingCentral (NYSE:RNG) last released its quarterly earnings results on Thursday, August 1st. The software maker reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. The company had revenue of $592.91 million for the quarter, compared to analyst estimates of $586.39 million. During the same period in the previous year, the business posted ($0.03) EPS. The firm’s quarterly revenue was up 9.9% compared to the same quarter last year. Equities analysts expect that RingCentral will post 0.63 earnings per share for the current fiscal 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.