RingCentral, Inc. (NYSE:RNG) Stock Has Average Price Target of $93.92 According to Brokerages

Shares of RingCentral, Inc. (NYSE:RNG) have received an average recommendation of “Hold” from the fourteen research firms that are covering the stock, Marketbeat Ratings reports. Eight research analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $93.92.

Several research firms recently weighed in on RNG. Needham & Company LLC lifted their price target on shares of RingCentral from $85.00 to $110.00 and gave the company a “buy” rating in a report on Friday, October 23rd. Mizuho set a $85.00 price objective on shares of RingCentral in a report on Friday, October 23rd. Robert W. Baird set a $95.00 target price on shares of RingCentral in a research report on Friday, October 23rd. Rosenblatt Securities lifted their target price on shares of RingCentral from $80.00 to $105.00 and gave the company a “buy” rating in a research note on Monday, October 26th. Finally, Morgan Stanley lifted their target price on shares of RingCentral from $41.00 to $91.00 and gave the company an “equal weight” rating in a research note on Friday, October 23rd.

Insiders Place Their Bets

In other RingCentral news, CEO Vladimir Shmunis sold 11,165 shares of the company’s stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $76.58, for a total transaction of $855,015.70. Following the transaction, the chief executive officer owned 179,106 shares in the company, valued at approximately $13,715,937.48. This represents a 5.87% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Vaibhav Agarwal sold 7,046 shares of the stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $72.10, for a total value of $508,016.60. Following the completion of the transaction, the chief financial officer directly owned 146,700 shares of the company’s stock, valued at $10,577,070. This represents a 4.58% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 84,625 shares of company stock valued at $6,024,953 over the last ninety days. 7.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On RingCentral

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RNG. Eurizon Capital SGR S.p.A. purchased a new stake in shares of RingCentral in the 3rd quarter worth about $26,000. Fortitude Family Office LLC lifted its position in RingCentral by 128.1% during the 3rd quarter. Fortitude Family Office LLC now owns 349 shares of the software maker’s stock valued at $26,000 after acquiring an additional 196 shares during the period. Elevation Wealth Partners LLC boosted its stake in RingCentral by 119.3% during the third quarter. Elevation Wealth Partners LLC now owns 546 shares of the software maker’s stock worth $41,000 after acquiring an additional 297 shares in the last quarter. WealthCollab LLC grew its holdings in RingCentral by 59.7% in the first quarter. WealthCollab LLC now owns 693 shares of the software maker’s stock worth $26,000 after purchasing an additional 259 shares during the period. Finally, Meeder Asset Management Inc. grew its holdings in RingCentral by 127.3% in the first quarter. Meeder Asset Management Inc. now owns 732 shares of the software maker’s stock worth $27,000 after purchasing an additional 410 shares during the period. 98.61% of the stock is owned by hedge funds and other institutional investors.

RingCentral Stock Up 1.1%

Shares of RNG opened at $72.89 on Friday. The stock has a market capitalization of $6.16 billion, a P/E ratio of 9.64, a PEG ratio of 1.32 and a beta of 1.05. The firm has a fifty day simple moving average of $76.77 and a two-hundred day simple moving average of $50.59. RingCentral has a twelve month low of $24.14 and a twelve month high of $98.14.

RingCentral (NYSE:RNG) last announced its quarterly earnings results on Thursday, October 22nd. The software maker reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.28 by $0.05. The business had revenue of $676.04 million for the quarter, compared to analyst estimates of $667.30 million. RingCentral had a net margin of 25.27% and a negative return on equity of 50.15%. The company’s revenue was up 5.8% on a year-over-year basis. During the same quarter last year, the firm earned $1.13 EPS. Sell-side analysts expect that RingCentral will post 2.96 EPS for the current fiscal year.

RingCentral Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 20th. Investors of record on Friday, November 6th will be paid a $0.1250 dividend. This represents a $0.50 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend is Friday, November 6th. RingCentral’s dividend payout ratio is presently 6.61%.

About RingCentral

RingCentral, Inc provides cloud-based communications and collaboration services for businesses. Its offerings combine business phone service, video meetings, team messaging and related tools in a unified communications platform.

The company also offers contact center services that help organizations manage customer interactions across channels, along with integrations with business software. Its services are delivered to organizations in multiple countries and regions.

RingCentral was founded in 1999 by Vlad Shmunis, who serves as the company’s founder, chairman and chief executive officer.