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

Shares of RingCentral, Inc. (NYSE:RNG) have earned a consensus recommendation of “Moderate Buy” from the sixteen analysts that are currently covering the firm, Marketbeat reports. Eight equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $40.07.

A number of equities research analysts have recently issued reports on RNG shares. Piper Sandler cut their target price on RingCentral from $32.00 to $31.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 10th. Northland Securities lifted their price target on RingCentral from $43.00 to $50.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Wedbush upgraded RingCentral to a “hold” rating in a report on Thursday, October 17th. Rosenblatt Securities upgraded RingCentral from a “neutral” rating to a “buy” rating and lifted their price target for the company from $35.00 to $45.00 in a report on Friday, August 2nd. Finally, Needham & Company LLC reiterated a “buy” rating and set a $42.00 price target on shares of RingCentral in a report on Monday, August 5th.

Insider Transactions at RingCentral

In related news, CEO Vladimir Shmunis sold 62,244 shares of the business’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $32.51, for a total transaction of $2,023,552.44. Following the completion of the transaction, the chief executive officer now owns 573,725 shares of the company’s stock, valued at approximately $18,651,799.75. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Vladimir Shmunis sold 62,244 shares of the business’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $32.51, for a total transaction of $2,023,552.44. Following the completion of the transaction, the chief executive officer now owns 573,725 shares of the company’s stock, valued at approximately $18,651,799.75. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO John H. Marlow sold 19,498 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $32.52, for a total value of $634,074.96. Following the completion of the transaction, the chief accounting officer now directly owns 391,542 shares of the company’s stock, valued at approximately $12,732,945.84. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 103,824 shares of company stock worth $3,386,396. 6.76% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On RingCentral

Hedge funds have recently modified their holdings of the stock. Versant Capital Management Inc raised its holdings in shares of RingCentral by 138.3% in the 2nd quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker’s stock worth $32,000 after buying an additional 664 shares in the last quarter. Point72 DIFC Ltd acquired a new position in shares of RingCentral in the 2nd quarter worth approximately $39,000. Hexagon Capital Partners LLC raised its holdings in shares of RingCentral by 44.1% in the 1st quarter. Hexagon Capital Partners LLC now owns 1,340 shares of the software maker’s stock worth $47,000 after buying an additional 410 shares in the last quarter. Central Pacific Bank Trust Division acquired a new position in shares of RingCentral in the 3rd quarter worth approximately $121,000. Finally, CWM LLC raised its holdings in shares of RingCentral by 595.9% in the 3rd quarter. CWM LLC now owns 4,746 shares of the software maker’s stock worth $150,000 after buying an additional 4,064 shares in the last quarter. 98.61% of the stock is owned by institutional investors and hedge funds.

RingCentral Price Performance

NYSE:RNG opened at $34.18 on Friday. RingCentral has a 12-month low of $25.08 and a 12-month high of $38.35. The firm has a market capitalization of $3.14 billion, a P/E ratio of -24.07, a P/E/G ratio of 2.65 and a beta of 1.03. The business has a 50 day simple moving average of $31.58 and a 200 day simple moving average of $31.85.

RingCentral (NYSE:RNG) last released its quarterly earnings data on Thursday, August 1st. The software maker reported $0.91 earnings per share (EPS) for the quarter, beating 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 quarter in the prior year, the firm earned ($0.03) EPS. The company’s revenue for the quarter was up 9.9% compared to the same quarter last year. Research analysts anticipate that RingCentral will post 0.63 EPS 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.