RingCentral, Inc. (NYSE:RNG) Receives $41.29 Average PT from Analysts

RingCentral, Inc. (NYSE:RNG) has been given an average recommendation of “Hold” by the fifteen brokerages that are presently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $41.00.

Several equities analysts have issued reports on the stock. Needham & Company LLC restated a “buy” rating and issued a $42.00 price objective on shares of RingCentral in a research note on Monday, November 11th. Raymond James reissued an “outperform” rating and issued a $45.00 target price (down from $50.00) on shares of RingCentral in a research report on Friday, January 3rd. Mizuho reaffirmed a “neutral” rating and set a $42.00 price target on shares of RingCentral in a research report on Friday, December 13th. Piper Sandler increased their price objective on RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Finally, Barclays cut shares of RingCentral from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $45.00 to $37.00 in a report on Monday.

Insider Transactions at RingCentral

In other news, CFO Vaibhav Agarwal sold 2,178 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $35.27, for a total transaction of $76,818.06. Following the completion of the transaction, the chief financial officer now directly owns 135,560 shares of the company’s stock, valued at approximately $4,781,201.20. This represents a 1.58 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Vladimir Shmunis sold 66,451 shares of RingCentral stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $34.96, for a total value of $2,323,126.96. Following the completion of the sale, the chief executive officer now owns 479,468 shares in the company, valued at approximately $16,762,201.28. This trade represents a 12.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 115,188 shares of company stock worth $4,113,047 over the last ninety days. 6.97% of the stock is currently owned by company insiders.

Institutional Trading of RingCentral

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Fort Washington Investment Advisors Inc. OH increased its holdings in RingCentral by 32.5% in the fourth quarter. Fort Washington Investment Advisors Inc. OH now owns 550,304 shares of the software maker’s stock valued at $19,266,000 after buying an additional 134,928 shares in the last quarter. Hennessy Advisors Inc. purchased a new position in RingCentral in the 4th quarter valued at approximately $59,055,000. Connor Clark & Lunn Investment Management Ltd. raised its holdings in RingCentral by 65.9% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 381,178 shares of the software maker’s stock worth $12,057,000 after purchasing an additional 151,433 shares during the last quarter. Olympiad Research LP purchased a new stake in RingCentral during the third quarter worth $483,000. Finally, Scientech Research LLC acquired a new stake in RingCentral in the second quarter valued at $957,000. Institutional investors and hedge funds own 98.61% of the company’s stock.

RingCentral Stock Performance

RNG opened at $35.60 on Friday. RingCentral has a one year low of $26.98 and a one year high of $42.19. The company has a market cap of $3.22 billion, a P/E ratio of -33.58, a PEG ratio of 1.40 and a beta of 0.99. The business’s 50-day simple moving average is $36.59 and its 200-day simple moving average is $34.22.

RingCentral (NYSE:RNG) last announced its quarterly earnings results on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, beating the consensus estimate of $0.14 by $0.10. The company had revenue of $608.77 million for the quarter, compared to analyst estimates of $601.91 million. RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. As a group, analysts predict that RingCentral will post 0.84 earnings per share for the current fiscal 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.