RingCentral, Inc. (NYSE:RNG) Receives Average Recommendation of "Moderate Buy" from Analysts

RingCentral, Inc. (NYSE:RNG - Get Free Report) has been assigned a consensus rating of "Moderate Buy" from the sixteen brokerages that are currently covering the firm, Marketbeat.com reports. Eight research analysts have rated the stock with a hold recommendation, seven have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year target price among brokerages that have covered the stock in the last year is $40.07.

A number of research analysts have issued reports on the stock. Northland Securities raised their price target on shares of RingCentral from $43.00 to $50.00 and gave the stock an "outperform" rating in a report on Friday, August 2nd. Wells Fargo & Company raised their price target on shares of RingCentral from $28.00 to $35.00 and gave the stock an "equal weight" rating in a report on Friday, August 2nd. StockNews.com raised shares of RingCentral from a "buy" rating to a "strong-buy" rating in a report on Friday, October 11th. Rosenblatt Securities raised shares of RingCentral from a "neutral" rating to a "buy" rating and raised their target price for the stock from $35.00 to $45.00 in a report on Friday, August 2nd. Finally, Robert W. Baird raised their target price on shares of RingCentral from $35.00 to $36.00 and gave the stock a "neutral" rating in a report on Monday, August 5th.

Insider Buying and Selling at RingCentral

In other news, CFO Sonalee Elizabeth Parekh sold 9,913 shares of the business's stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $33.45, for a total transaction of $331,589.85. Following the completion of the sale, the chief financial officer now owns 358,622 shares of the company's stock, valued at $11,995,905.90. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CFO Sonalee Elizabeth Parekh sold 9,913 shares of the business's stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $33.45, for a total transaction of $331,589.85. Following the completion of the sale, the chief financial officer now owns 358,622 shares of the company's stock, valued at $11,995,905.90. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Vaibhav Agarwal sold 10,184 shares of the business's stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $32.88, for a total transaction of $334,849.92. Following the sale, the chief financial officer now directly owns 137,545 shares of the company's stock, valued at $4,522,479.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 103,824 shares of company stock valued at $3,386,396. Corporate insiders own 6.76% of the company's stock.

Institutional Trading of RingCentral

Several large investors have recently bought and sold shares of RNG. Capital World Investors grew its stake in RingCentral by 7.3% during the 1st quarter. Capital World Investors now owns 12,139,394 shares of the software maker's stock valued at $421,723,000 after acquiring an additional 825,156 shares in the last quarter. Vanguard Group Inc. grew its stake in RingCentral by 5.2% during the 1st quarter. Vanguard Group Inc. now owns 10,909,549 shares of the software maker's stock valued at $378,998,000 after acquiring an additional 538,325 shares in the last quarter. Pacer Advisors Inc. grew its stake in RingCentral by 25.2% during the 2nd quarter. Pacer Advisors Inc. now owns 1,816,464 shares of the software maker's stock valued at $51,224,000 after acquiring an additional 365,738 shares in the last quarter. Cubist Systematic Strategies LLC grew its stake in RingCentral by 130.1% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 414,347 shares of the software maker's stock valued at $11,685,000 after acquiring an additional 234,238 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its stake in RingCentral by 163.1% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 310,991 shares of the software maker's stock valued at $10,804,000 after acquiring an additional 192,766 shares in the last quarter. Hedge funds and other institutional investors own 98.61% of the company's stock.

RingCentral Stock Performance

RNG traded up $0.95 during trading on Friday, hitting $33.91. The stock had a trading volume of 1,009,334 shares, compared to its average volume of 1,218,924. The company has a market capitalization of $3.11 billion, a PE ratio of -23.88, a PEG ratio of 2.55 and a beta of 1.03. RingCentral has a twelve month low of $25.08 and a twelve month high of $38.35. The stock has a 50 day simple moving average of $31.49 and a two-hundred day simple moving average of $31.83.

RingCentral (NYSE:RNG - Get Free Report) last posted its quarterly earnings results on Thursday, August 1st. The software maker reported $0.91 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.88 by $0.03. The company had revenue of $592.91 million during the quarter, compared to analysts' expectations of $586.39 million. The company's quarterly revenue was up 9.9% on a year-over-year basis. During the same period in the prior year, the business posted ($0.03) EPS. On average, equities research analysts anticipate that RingCentral will post 0.63 EPS for the current 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.