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

Shares of RingCentral, Inc. (NYSE:RNG) have received a consensus rating of “Moderate Buy” from the sixteen analysts that are currently covering the company, Marketbeat Ratings reports. Eight equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating on the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $38.89.

Several research analysts recently issued reports on RNG shares. Wells Fargo & Company cut their target price on shares of RingCentral from $36.00 to $31.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 21st. Piper Sandler lowered their target price on RingCentral from $34.00 to $31.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 21st. Wedbush reaffirmed a “neutral” rating and issued a $40.00 price objective on shares of RingCentral in a research note on Friday, February 16th. Jefferies Financial Group downgraded shares of RingCentral from a “buy” rating to a “hold” rating and decreased their target price for the stock from $40.00 to $35.00 in a research report on Tuesday, December 12th. Finally, The Goldman Sachs Group cut their price target on RingCentral from $38.00 to $34.00 and set a “neutral” rating for the company in a research note on Wednesday, February 21st.

RingCentral Trading Down 1.0 %

Shares of RNG opened at $32.41 on Monday. RingCentral has a 52-week low of $25.08 and a 52-week high of $43.28. The business’s fifty day moving average is $33.65 and its 200-day moving average is $31.69.

RingCentral (NYSE:RNG) last issued its earnings results on Tuesday, February 20th. The software maker reported ($0.33) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.31). The business had revenue of $571.27 million during the quarter, compared to analysts’ expectations of $569.65 million. Research analysts forecast that RingCentral will post 0.45 earnings per share for the current year.

Insider Activity

In related news, CFO Vaibhav Agarwal sold 6,224 shares of RingCentral stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $31.55, for a total value of $196,367.20. Following the transaction, the chief financial officer now directly owns 130,753 shares of the company’s stock, valued at $4,125,257.15. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other RingCentral news, CFO Vaibhav Agarwal sold 6,224 shares of the business’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $31.55, for a total transaction of $196,367.20. Following the transaction, the chief financial officer now directly owns 130,753 shares of the company’s stock, valued at approximately $4,125,257.15. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Kenneth A. Goldman sold 1,287 shares of the firm’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $34.47, for a total transaction of $44,362.89. Following the completion of the sale, the director now directly owns 23,688 shares of the company’s stock, valued at $816,525.36. The disclosure for this sale can be found here. In the last three months, insiders have sold 23,608 shares of company stock worth $800,974. 6.76% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. GAMMA Investing LLC purchased a new stake in RingCentral in the fourth quarter worth $26,000. Advisors Asset Management Inc. grew its position in shares of RingCentral by 51.5% in the 1st quarter. Advisors Asset Management Inc. now owns 886 shares of the software maker’s stock worth $104,000 after buying an additional 301 shares during the period. Hexagon Capital Partners LLC increased its stake in shares of RingCentral by 116.8% in the 4th quarter. Hexagon Capital Partners LLC now owns 930 shares of the software maker’s stock worth $32,000 after acquiring an additional 501 shares in the last quarter. Tennessee Valley Asset Management Partners purchased a new position in RingCentral during the 4th quarter valued at about $33,000. Finally, Nisa Investment Advisors LLC boosted its stake in RingCentral by 100.0% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,000 shares of the software maker’s stock worth $34,000 after acquiring an additional 500 shares in the last quarter. Institutional investors own 98.61% of the company’s stock.

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.