RingCentral, Inc. (NYSE:RNG) Receives $38.56 Consensus Target Price from Analysts

Shares of RingCentral, Inc. (NYSE:RNG) have received an average rating of “Moderate Buy” from the sixteen ratings firms that are currently covering the firm, MarketBeat.com reports. Eight research analysts have rated the stock with a hold recommendation, seven have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $38.56.

A number of equities analysts recently issued reports on RNG shares. Morgan Stanley decreased their target price on shares of RingCentral from $35.00 to $32.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 17th. Wedbush reiterated a “neutral” rating and set a $40.00 price objective on shares of RingCentral in a research note on Friday, February 16th. Piper Sandler cut their target price on RingCentral from $34.00 to $31.00 and set a “neutral” rating for the company in a research report on Wednesday, February 21st. KeyCorp lowered their price target on RingCentral from $50.00 to $48.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 21st. Finally, Mizuho cut their price objective on RingCentral from $40.00 to $36.00 and set a “buy” rating for the company in a report on Wednesday, February 21st.

Insider Activity at RingCentral

In other RingCentral news, CFO Vaibhav Agarwal sold 1,984 shares of the company’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $34.55, for a total transaction of $68,547.20. Following the completion of the sale, the chief financial officer now directly owns 114,656 shares of the company’s stock, valued at $3,961,364.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CFO Vaibhav Agarwal sold 1,984 shares of RingCentral stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $34.55, for a total value of $68,547.20. Following the transaction, the chief financial officer now directly owns 114,656 shares of the company’s stock, valued at $3,961,364.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Kenneth A. Goldman sold 1,287 shares of the business’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $34.47, for a total transaction of $44,362.89. Following the sale, the director now owns 23,688 shares in the company, valued at approximately $816,525.36. The disclosure for this sale can be found here. Insiders sold 23,608 shares of company stock worth $800,974 in the last quarter. 6.76% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of RNG. Intellectus Partners LLC boosted its position in RingCentral by 4.3% during the 4th quarter. Intellectus Partners LLC now owns 8,550 shares of the software maker’s stock worth $290,000 after acquiring an additional 350 shares during the period. Treasurer of the State of North Carolina lifted its position in shares of RingCentral by 1.0% in the fourth quarter. Treasurer of the State of North Carolina now owns 37,832 shares of the software maker’s stock worth $1,284,000 after purchasing an additional 360 shares in the last quarter. 1492 Capital Management LLC boosted its holdings in shares of RingCentral by 1.0% during the fourth quarter. 1492 Capital Management LLC now owns 36,751 shares of the software maker’s stock worth $1,248,000 after purchasing an additional 363 shares during the period. Hexagon Capital Partners LLC grew its position in RingCentral by 44.1% during the first quarter. Hexagon Capital Partners LLC now owns 1,340 shares of the software maker’s stock valued at $47,000 after purchasing an additional 410 shares in the last quarter. Finally, Simplicity Solutions LLC increased its stake in RingCentral by 4.5% in the 4th quarter. Simplicity Solutions LLC now owns 10,761 shares of the software maker’s stock valued at $365,000 after buying an additional 467 shares during the period. Hedge funds and other institutional investors own 98.61% of the company’s stock.

RingCentral Trading Down 4.9 %

Shares of NYSE RNG opened at $29.62 on Friday. RingCentral has a 12-month low of $25.08 and a 12-month high of $43.28. The company has a market cap of $2.73 billion, a PE ratio of -16.93, a P/E/G ratio of 3.25 and a beta of 0.92. The stock has a 50 day simple moving average of $32.93 and a 200-day simple moving average of $31.86.

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