Analysts Set RingCentral, Inc. (NYSE:RNG) Target Price at $37.69

RingCentral, Inc. (NYSE:RNG - Get Free Report) has received a consensus recommendation of "Hold" from the thirteen research firms that are covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $37.69.

RNG has been the topic of several recent research reports. Rosenblatt Securities decreased their target price on shares of RingCentral from $45.00 to $40.00 and set a "buy" rating on the stock in a research report on Friday, February 21st. Piper Sandler cut their target price on RingCentral from $38.00 to $31.00 and set a "neutral" rating on the stock in a research report on Friday, February 21st. UBS Group lowered their price target on RingCentral from $40.00 to $38.00 and set a "neutral" rating for the company in a research report on Friday, February 21st. Needham & Company LLC cut their price objective on shares of RingCentral from $42.00 to $36.00 and set a "buy" rating on the stock in a research report on Friday, February 21st. Finally, Barclays lowered their target price on shares of RingCentral from $37.00 to $31.00 and set an "equal weight" rating for the company in a report on Friday, February 21st.

RingCentral Price Performance

Shares of RNG stock traded up $0.12 during trading hours on Monday, hitting $27.12. The stock had a trading volume of 2,594,211 shares, compared to its average volume of 1,221,198. The stock's 50-day moving average price is $32.12 and its two-hundred day moving average price is $33.68. RingCentral has a one year low of $26.22 and a one year high of $42.19. The stock has a market capitalization of $2.46 billion, a price-to-earnings ratio of -42.37, a PEG ratio of 1.27 and a beta of 1.20.

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RingCentral (NYSE:RNG - Get Free Report) last posted its earnings results on Thursday, February 20th. The software maker reported $0.23 EPS for the quarter, missing analysts' consensus estimates of $0.96 by ($0.73). RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. The firm had revenue of $614.51 million for the quarter, compared to the consensus estimate of $612.37 million. As a group, equities research analysts predict that RingCentral will post 1.29 earnings per share for the current fiscal year.

Insider Buying and Selling

In other RingCentral news, CEO Vladimir Shmunis sold 123,560 shares of RingCentral stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $28.56, for a total value of $3,528,873.60. Following the transaction, the chief executive officer now owns 444,740 shares in the company, valued at $12,701,774.40. The trade was a 21.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP John H. Marlow sold 35,089 shares of the firm's stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $28.56, for a total transaction of $1,002,141.84. Following the completion of the sale, the senior vice president now owns 313,510 shares in the company, valued at $8,953,845.60. This represents a 10.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 247,740 shares of company stock valued at $7,099,279 over the last three months. 6.97% of the stock is owned by company insiders.

Institutional Trading of RingCentral

A number of institutional investors have recently bought and sold shares of RNG. Rafferty Asset Management LLC increased its holdings in RingCentral by 1.7% in the 4th quarter. Rafferty Asset Management LLC now owns 19,685 shares of the software maker's stock worth $689,000 after buying an additional 325 shares during the period. Sovereign Financial Group Inc. increased its stake in shares of RingCentral by 4.0% in the fourth quarter. Sovereign Financial Group Inc. now owns 10,079 shares of the software maker's stock worth $353,000 after acquiring an additional 386 shares during the period. Gagnon Securities LLC lifted its position in RingCentral by 5.6% during the fourth quarter. Gagnon Securities LLC now owns 7,703 shares of the software maker's stock valued at $270,000 after purchasing an additional 407 shares during the period. Xponance Inc. boosted its holdings in RingCentral by 4.2% in the fourth quarter. Xponance Inc. now owns 10,664 shares of the software maker's stock valued at $373,000 after purchasing an additional 426 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its position in RingCentral by 10.4% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,983 shares of the software maker's stock worth $176,000 after purchasing an additional 468 shares during the period. 98.61% of the stock is currently owned by institutional investors and hedge funds.

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.