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

Shares of RingCentral, Inc. (NYSE:RNG - Get Free Report) have been assigned a consensus recommendation of "Moderate Buy" from the fifteen analysts that are currently covering the firm, Marketbeat Ratings reports. Eight equities research analysts have rated the stock with a hold recommendation, six have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $40.73.

A number of equities research analysts have recently commented on RNG shares. Piper Sandler raised their price objective on shares of RingCentral from $31.00 to $38.00 and gave the stock a "neutral" rating in a research note on Friday, November 8th. StockNews.com upgraded shares of RingCentral from a "buy" rating to a "strong-buy" rating in a research report on Monday, November 11th. Wedbush upped their price objective on shares of RingCentral from $36.00 to $41.00 and gave the stock a "neutral" rating in a research report on Friday, November 8th. Rosenblatt Securities restated a "buy" rating and set a $45.00 target price on shares of RingCentral in a research report on Friday, November 8th. Finally, Robert W. Baird lifted their price target on RingCentral from $36.00 to $38.00 and gave the company a "neutral" rating in a research note on Monday, November 11th.

RingCentral Stock Performance

Shares of RingCentral stock traded up $2.53 during trading on Friday, hitting $41.03. 1,596,032 shares of the company's stock were exchanged, compared to its average volume of 1,394,722. RingCentral has a 52-week low of $26.98 and a 52-week high of $41.04. The stock has a market capitalization of $3.71 billion, a price-to-earnings ratio of -38.71, a PEG ratio of 2.52 and a beta of 0.99. The business has a 50-day simple moving average of $35.08 and a 200-day simple moving average of $32.82.

RingCentral (NYSE:RNG - Get Free Report) last issued its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.10. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. The business had revenue of $608.77 million during the quarter, compared to analysts' expectations of $601.91 million. On average, equities analysts anticipate that RingCentral will post 0.84 earnings per share for the current fiscal year.

Insider Transactions at RingCentral

In related news, CEO Vladimir Shmunis sold 66,451 shares of the company's stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $34.96, for a total value of $2,323,126.96. Following the completion of the sale, the chief executive officer now owns 479,468 shares of the company's stock, valued at approximately $16,762,201.28. This represents a 12.17 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Robert I. Theis sold 1,457 shares of the firm's stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $37.79, for a total transaction of $55,060.03. Following the sale, the director now owns 28,690 shares of the company's stock, valued at approximately $1,084,195.10. The trade was a 4.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 105,539 shares of company stock valued at $3,687,477 over the last 90 days. 6.76% of the stock is currently owned by corporate insiders.

Institutional Trading of RingCentral

Several hedge funds have recently made changes to their positions in the company. Point72 DIFC Ltd acquired a new position in RingCentral in the second quarter valued at approximately $39,000. Venturi Wealth Management LLC raised its position in RingCentral by 150.4% in the third quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker's stock valued at $59,000 after purchasing an additional 1,119 shares during the period. 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 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 purchasing an additional 744 shares during the period. Finally, Central Pacific Bank Trust Division acquired a new stake in shares of RingCentral during the 3rd quarter worth about $121,000. Hedge funds and other institutional investors own 98.61% of the company's stock.

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.