Brokerages Set RingCentral, Inc. (NYSE:RNG) Price Target at $33.08

Shares of RingCentral, Inc. (NYSE:RNG) have earned a consensus rating of “Hold” from the fourteen ratings firms that are presently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company. The average 12-month target price among analysts that have covered the stock in the last year is $33.08.

A number of research analysts recently issued reports on RNG shares. Raymond James decreased their price objective on RingCentral from $40.00 to $35.00 and set an “outperform” rating for the company in a report on Friday, May 9th. KeyCorp started coverage on RingCentral in a report on Friday. They set a “sector weight” rating for the company. Wells Fargo & Company decreased their price objective on RingCentral from $30.00 to $22.00 and set an “underweight” rating for the company in a report on Tuesday, April 22nd. Piper Sandler raised their price target on RingCentral from $25.00 to $28.00 and gave the company a “neutral” rating in a research note on Friday, May 9th. Finally, UBS Group decreased their price target on RingCentral from $38.00 to $33.00 and set a “neutral” rating for the company in a research note on Friday, May 9th.

RingCentral Price Performance

Shares of RingCentral stock opened at $27.20 on Friday. RingCentral has a 1 year low of $20.59 and a 1 year high of $42.19. The business has a 50-day moving average of $25.23 and a two-hundred day moving average of $30.61. The company has a market capitalization of $2.45 billion, a P/E ratio of -42.51, a price-to-earnings-growth ratio of 1.27 and a beta of 1.27.

RingCentral (NYSE:RNG) last posted its quarterly earnings data on Thursday, May 8th. The software maker reported $1.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.96 by $0.04. The business had revenue of $612.06 million during the quarter, compared to the consensus estimate of $610.53 million. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. RingCentral’s quarterly revenue was up 4.8% on a year-over-year basis. During the same period last year, the company earned $0.87 earnings per share. On average, equities analysts anticipate that RingCentral will post 1.29 EPS for the current fiscal year.

Insider Activity

In related news, CFO Vaibhav Agarwal sold 14,969 shares of RingCentral stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $26.88, for a total transaction of $402,366.72. Following the completion of the sale, the chief financial officer now directly owns 153,900 shares of the company’s stock, valued at approximately $4,136,832. This trade represents a 8.86% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Vladimir Shmunis sold 94,956 shares of RingCentral stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $26.56, for a total value of $2,522,031.36. Following the sale, the chief executive officer now directly owns 607,719 shares of the company’s stock, valued at approximately $16,141,016.64. The trade was a 13.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 215,686 shares of company stock valued at $5,727,463 over the last three months. Insiders own 6.97% of the company’s stock.

Institutional Trading of RingCentral

Hedge funds have recently added to or reduced their stakes in the company. Kayne Anderson Rudnick Investment Management LLC acquired a new stake in RingCentral during the 4th quarter worth approximately $49,000. New Age Alpha Advisors LLC acquired a new stake in RingCentral during the 1st quarter worth approximately $49,000. Venturi Wealth Management LLC lifted its holdings in RingCentral by 55.2% during the 4th quarter. Venturi Wealth Management LLC now owns 2,891 shares of the software maker’s stock worth $101,000 after purchasing an additional 1,028 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings in RingCentral by 26.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,925 shares of the software maker’s stock worth $72,000 after purchasing an additional 615 shares during the last quarter. Finally, KBC Group NV lifted its holdings in RingCentral by 30.8% during the 4th quarter. KBC Group NV now owns 3,478 shares of the software maker’s stock worth $122,000 after purchasing an additional 819 shares during the last quarter. 98.61% of the stock is owned by institutional investors and hedge funds.

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.