RingCentral, Inc. (NYSE:RNG) Receives $40.73 Consensus PT from Brokerages

RingCentral, Inc. (NYSE:RNG) has received an average recommendation of “Moderate Buy” from the fourteen brokerages that are covering the stock, Marketbeat Ratings reports. Eight equities research analysts have rated the stock with a hold recommendation, five have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $41.43.

Several analysts have recently weighed in on the stock. Rosenblatt Securities restated a “buy” rating and set a $45.00 price objective on shares of RingCentral in a research report on Friday, November 8th. StockNews.com upgraded RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Monday, November 11th. Robert W. Baird increased their price objective on RingCentral from $36.00 to $38.00 and gave the company a “neutral” rating in a research report on Monday, November 11th. Needham & Company LLC reissued a “buy” rating and set a $42.00 price objective on shares of RingCentral in a report on Monday, November 11th. Finally, Mizuho reaffirmed a “neutral” rating and issued a $42.00 target price on shares of RingCentral in a research note on Friday.

Insiders Place Their Bets

In other RingCentral news, SVP John H. Marlow sold 23,284 shares of the stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $34.96, for a total value of $814,008.64. Following the completion of the sale, the senior vice president now owns 357,818 shares in the company, valued at approximately $12,509,317.28. This trade represents a 6.11 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Ned D. Segal sold 2,914 shares of the business’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $41.60, for a total value of $121,222.40. Following the transaction, the director now directly owns 10,633 shares in the company, valued at $442,332.80. This trade represents a 21.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 117,173 shares of company stock valued at $4,175,376 in the last quarter. Insiders own 6.76% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Sovereign Financial Group Inc. increased its position in shares of RingCentral by 6.9% during the third quarter. Sovereign Financial Group Inc. now owns 9,693 shares of the software maker’s stock valued at $307,000 after buying an additional 625 shares during the period. Xponance Inc. boosted its position in RingCentral by 6.8% during the 2nd quarter. Xponance Inc. now owns 11,122 shares of the software maker’s stock valued at $314,000 after acquiring an additional 704 shares in the last quarter. KBC Group NV grew its holdings in shares of RingCentral by 38.9% during the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock worth $84,000 after acquiring an additional 744 shares during the period. Private Advisor Group LLC raised its position in shares of RingCentral by 13.6% in the 3rd quarter. Private Advisor Group LLC now owns 8,119 shares of the software maker’s stock worth $257,000 after acquiring an additional 971 shares in the last quarter. Finally, Quarry LP lifted its stake in shares of RingCentral by 106.7% in the 3rd quarter. Quarry LP now owns 1,902 shares of the software maker’s stock valued at $60,000 after purchasing an additional 982 shares during the period. 98.61% of the stock is currently owned by institutional investors.

RingCentral Stock Down 5.6 %

Shares of NYSE RNG opened at $39.05 on Friday. The stock’s 50-day simple moving average is $36.07 and its two-hundred day simple moving average is $33.03. RingCentral has a twelve month low of $26.98 and a twelve month high of $42.19. The firm has a market capitalization of $3.53 billion, a P/E ratio of -36.84, a P/E/G ratio of 2.65 and a beta of 0.99.

RingCentral (NYSE:RNG) last posted its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.10. RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. The company had revenue of $608.77 million for the quarter, compared to analysts’ expectations of $601.91 million. As a group, research analysts anticipate that RingCentral will post 0.84 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.