RingCentral, Inc. (NYSE:RNG) Receives $40.60 Average Target Price from Analysts

Shares of RingCentral, Inc. (NYSE:RNG) have been assigned a consensus recommendation of “Hold” from the thirteen research firms that are currently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $38.15.

A number of equities research analysts have weighed in on RNG shares. Rosenblatt Securities decreased their price objective on RingCentral from $45.00 to $40.00 and set a “buy” rating on the stock in a report on Friday. UBS Group decreased their price objective on RingCentral from $40.00 to $38.00 and set a “neutral” rating on the stock in a report on Friday. Needham & Company LLC decreased their price objective on RingCentral from $42.00 to $36.00 and set a “buy” rating on the stock in a report on Friday. StockNews.com raised RingCentral from a “buy” rating to a “strong-buy” rating in a report on Thursday, February 20th. Finally, Raymond James cut their target price on shares of RingCentral from $45.00 to $40.00 and set an “outperform” rating for the company in a research note on Friday.

Insider Buying and Selling

In related news, SVP John H. Marlow sold 8,720 shares of the business’s stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $42.05, for a total value of $366,676.00. Following the completion of the transaction, the senior vice president now owns 334,869 shares in the company, valued at $14,081,241.45. The trade was a 2.54 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Vladimir Shmunis sold 66,112 shares of the business’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $28.83, for a total transaction of $1,906,008.96. Following the completion of the transaction, the chief executive officer now owns 568,300 shares of the company’s stock, valued at $16,384,089. This trade represents a 10.42 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 260,831 shares of company stock worth $7,642,238 in the last quarter. Insiders own 6.97% of the company’s stock.

Institutional Trading of RingCentral

A number of institutional investors have recently bought and sold shares of RNG. Kayne Anderson Rudnick Investment Management LLC acquired a new stake in RingCentral during the 4th quarter worth $49,000. Venturi Wealth Management LLC grew its holdings in RingCentral by 150.4% during the 3rd quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock worth $59,000 after acquiring an additional 1,119 shares during the period. Quarry LP grew its holdings in RingCentral by 106.7% during the 3rd quarter. Quarry LP now owns 1,902 shares of the software maker’s stock worth $60,000 after acquiring an additional 982 shares during the period. KBC Group NV grew its holdings in RingCentral by 38.9% during the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock worth $84,000 after acquiring an additional 744 shares during the period. Finally, CWM LLC grew its holdings in RingCentral by 595.9% during the 3rd quarter. CWM LLC now owns 4,746 shares of the software maker’s stock worth $150,000 after acquiring an additional 4,064 shares during the period. Institutional investors and hedge funds own 98.61% of the company’s stock.

RingCentral Stock Down 0.1 %

RNG stock opened at $28.93 on Thursday. RingCentral has a twelve month low of $26.98 and a twelve month high of $42.19. The company has a market cap of $2.62 billion, a PE ratio of -45.21, a price-to-earnings-growth ratio of 1.27 and a beta of 1.01. The business’s 50-day simple moving average is $34.60 and its 200 day simple moving average is $34.23.

RingCentral (NYSE:RNG) last released its earnings results on Thursday, February 20th. The software maker reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.73). RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. The firm had revenue of $614.51 million for the quarter, compared to analyst estimates of $612.37 million. On average, equities research analysts anticipate that RingCentral will post 1.29 EPS for the current 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.