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

Shares of RingCentral, Inc. (NYSE:RNG - Get Free Report) have received an average recommendation of "Hold" from the thirteen research firms that are currently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company. The average 12-month target price among analysts that have covered the stock in the last year is $36.85.

A number of analysts have recently weighed in on the company. Piper Sandler cut their price objective on RingCentral from $38.00 to $31.00 and set a "neutral" rating on the stock in a research report on Friday, February 21st. Robert W. Baird reduced their price target on RingCentral from $38.00 to $32.00 and set a "neutral" rating on the stock in a research report on Tuesday, February 25th. Wells Fargo & Company reissued an "underweight" rating and set a $30.00 price objective (down from $38.00) on shares of RingCentral in a research report on Tuesday, January 7th. Rosenblatt Securities reduced their target price on shares of RingCentral from $45.00 to $40.00 and set a "buy" rating on the stock in a report on Friday, February 21st. Finally, Mizuho dropped their price objective on shares of RingCentral from $32.00 to $25.00 and set a "neutral" rating on the stock in a research report on Tuesday.

RingCentral Trading Up 1.4 %

RNG traded up $0.31 during mid-day trading on Friday, hitting $22.88. 80,321 shares of the stock were exchanged, compared to its average volume of 1,546,234. The firm's fifty day moving average is $27.65 and its two-hundred day moving average is $32.76. RingCentral has a 1-year low of $20.58 and a 1-year high of $42.19. The company has a market cap of $2.08 billion, a PE ratio of -35.78, a PEG ratio of 1.27 and a beta of 1.30.

RingCentral (NYSE:RNG - Get Free Report) last posted its quarterly earnings data on Thursday, February 20th. The software maker reported $0.23 EPS for the quarter, missing the consensus estimate 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 business had revenue of $614.51 million during the quarter, compared to analysts' expectations of $612.37 million. As a group, research analysts anticipate that RingCentral will post 1.29 earnings per share for the current year.

Insider Activity

In related news, CEO Vladimir Shmunis sold 123,560 shares of the firm's stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $28.56, for a total transaction of $3,528,873.60. Following the transaction, the chief executive officer now owns 444,740 shares of the company's stock, valued at $12,701,774.40. This trade represents a 21.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP John H. Marlow sold 35,089 shares of the stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $28.56, for a total value of $1,002,141.84. Following the sale, the senior vice president now directly owns 313,510 shares of the company's stock, valued at $8,953,845.60. The trade was a 10.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 247,740 shares of company stock valued at $7,099,279 in the last ninety days. 6.97% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On RingCentral

Large investors have recently modified their holdings of the stock. Kayne Anderson Rudnick Investment Management LLC purchased a new position in RingCentral during the 4th quarter worth $49,000. Venturi Wealth Management LLC raised its holdings in RingCentral by 55.2% during the fourth quarter. Venturi Wealth Management LLC now owns 2,891 shares of the software maker's stock worth $101,000 after purchasing an additional 1,028 shares in the last quarter. KBC Group NV lifted its position in RingCentral by 30.8% in the fourth quarter. KBC Group NV now owns 3,478 shares of the software maker's stock valued at $122,000 after purchasing an additional 819 shares during the period. Quarry LP boosted its holdings in RingCentral by 84.1% in the 4th quarter. Quarry LP now owns 3,501 shares of the software maker's stock valued at $123,000 after purchasing an additional 1,599 shares in the last quarter. Finally, Harvest Fund Management Co. Ltd acquired a new position in RingCentral during the 4th quarter worth approximately $173,000. Hedge funds and other institutional investors own 98.61% of the company's stock.

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.