Ringcentral (NYSE:RNG) Stock Passes Above 50 Day Moving Average – What’s Next?

Ringcentral, Inc. (NYSE:RNG) shares crossed above its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $28.61 and traded as high as $29.40. Ringcentral shares last traded at $29.26, with a volume of 520,994 shares changing hands.

Wall Street Analyst Weigh In

RNG has been the topic of several research analyst reports. Morgan Stanley boosted their target price on Ringcentral from $29.00 to $31.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 4th. Needham & Company LLC reaffirmed a “buy” rating and set a $36.00 target price on shares of Ringcentral in a research note on Tuesday, November 4th. Wells Fargo & Company assumed coverage on shares of Ringcentral in a research note on Tuesday, September 30th. They issued an “equal weight” rating and a $32.00 price target for the company. Rosenblatt Securities reiterated a “buy” rating and set a $32.00 target price on shares of Ringcentral in a report on Tuesday, November 4th. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Ringcentral in a research report on Monday. Four investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $31.54.

Ringcentral Stock Up 0.7%

The firm has a market capitalization of $2.55 billion, a P/E ratio of 210.34, a P/E/G ratio of 1.50 and a beta of 1.29. The company has a fifty day simple moving average of $28.66 and a 200 day simple moving average of $28.62.

Ringcentral (NYSE:RNG) last posted its quarterly earnings results on Monday, November 3rd. The software maker reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.05. The firm had revenue of $638.66 million during the quarter, compared to analyst estimates of $635.39 million. Ringcentral had a negative return on equity of 22.38% and a net margin of 0.53%.Ringcentral’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.95 EPS. Ringcentral has set its FY 2025 guidance at 4.290-4.330 EPS and its Q4 2025 guidance at 1.120-1.150 EPS. As a group, equities analysts expect that Ringcentral, Inc. will post 1.29 earnings per share for the current fiscal year.

Insider Activity at Ringcentral

In other Ringcentral news, CAO Tarun Arora sold 3,888 shares of Ringcentral stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $28.70, for a total value of $111,585.60. Following the completion of the sale, the chief accounting officer owned 93,412 shares of the company’s stock, valued at approximately $2,680,924.40. The trade was a 4.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Vladimir Shmunis sold 27,018 shares of the business’s stock in a transaction on Monday, November 24th. The shares were sold at an average price of $27.68, for a total transaction of $747,858.24. Following the sale, the chief executive officer owned 262,240 shares of the company’s stock, valued at approximately $7,258,803.20. This represents a 9.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 109,343 shares of company stock valued at $2,974,280. Insiders own 7.30% of the company’s stock.

Institutional Trading of Ringcentral

Several large investors have recently modified their holdings of the company. Global Retirement Partners LLC increased its position in shares of Ringcentral by 98.5% during the 3rd quarter. Global Retirement Partners LLC now owns 901 shares of the software maker’s stock valued at $26,000 after purchasing an additional 447 shares during the last quarter. Harvest Fund Management Co. Ltd purchased a new stake in Ringcentral during the third quarter valued at approximately $30,000. Jones Financial Companies Lllp increased its holdings in Ringcentral by 61.6% during the third quarter. Jones Financial Companies Lllp now owns 1,217 shares of the software maker’s stock valued at $37,000 after buying an additional 464 shares during the last quarter. Parallel Advisors LLC raised its position in Ringcentral by 256.9% in the second quarter. Parallel Advisors LLC now owns 1,481 shares of the software maker’s stock worth $42,000 after acquiring an additional 1,066 shares during the period. Finally, Ameritas Advisory Services LLC purchased a new stake in shares of Ringcentral in the 2nd quarter worth $49,000. Institutional investors own 98.61% of the company’s stock.

Ringcentral Company Profile

RingCentral, Inc is a leading provider of cloud-based business communications and collaboration solutions. The company’s flagship platform delivers unified communications as a service (UCaaS), integrating voice over IP (VoIP) phone systems, video conferencing, team messaging and SMS into a single, cloud-native application. In addition to its UCaaS offering, RingCentral provides contact center as a service (CCaaS) capabilities, enabling organizations to manage customer interactions across voice, email, chat and social channels from a centralized dashboard.

Founded in 1999 and headquartered in Belmont, California, RingCentral went public on the New York Stock Exchange under the ticker RNG in 2013.