Ringcentral (NYSE:RNG) Shares Pass Above 50 Day Moving Average – What’s Next?

Ringcentral, Inc. (NYSE:RNG)’s share price passed above its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $28.61 and traded as high as $29.40. Ringcentral shares last traded at $29.26, with a volume of 520,994 shares.

Wall Street Analysts Forecast Growth

RNG has been the subject of a number of recent analyst reports. Wells Fargo & Company started coverage on shares of Ringcentral in a research report on Tuesday, September 30th. They issued an “equal weight” rating and a $32.00 price target for the company. Morgan Stanley lifted their target price on shares of Ringcentral from $29.00 to $31.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 4th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Ringcentral in a research note on Monday. Needham & Company LLC reissued a “buy” rating and set a $36.00 price target on shares of Ringcentral in a report on Tuesday, November 4th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $32.00 price objective on shares of Ringcentral in a research note on Tuesday, November 4th. Four equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Ringcentral has a consensus rating of “Hold” and an average price target of $31.54.

Ringcentral Stock Performance

The firm has a market cap of $2.53 billion, a P/E ratio of 209.01, a P/E/G ratio of 1.50 and a beta of 1.29. The firm’s fifty day simple moving average is $28.61 and its 200 day simple moving average is $28.61.

Ringcentral (NYSE:RNG) last posted its earnings results on Monday, November 3rd. The software maker reported $1.13 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.05. Ringcentral had a negative return on equity of 22.38% and a net margin of 0.53%.The company had revenue of $638.66 million for the quarter, compared to the consensus estimate of $635.39 million. During the same period in the previous year, the business earned $0.95 earnings per share. The firm’s revenue for the quarter was up 4.9% on a year-over-year basis. Ringcentral has set its FY 2025 guidance at 4.290-4.330 EPS and its Q4 2025 guidance at 1.120-1.150 EPS. On average, equities research analysts predict that Ringcentral, Inc. will post 1.29 earnings per share for the current year.

Insider Transactions at Ringcentral

In other news, CFO Vaibhav Agarwal sold 14,971 shares of the stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $25.96, for a total transaction of $388,647.16. Following the completion of the transaction, the chief financial officer directly owned 165,593 shares in the company, valued at approximately $4,298,794.28. This represents a 8.29% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Tarun Arora sold 3,888 shares of the business’s stock in a transaction on Monday, December 1st. The stock was sold at an average price of $28.70, for a total transaction of $111,585.60. Following the completion of the sale, the chief accounting officer owned 93,412 shares in the company, valued at $2,680,924.40. This represents a 4.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 109,343 shares of company stock valued at $2,974,280 over the last 90 days. Insiders own 7.30% of the company’s stock.

Institutional Trading of Ringcentral

Large investors have recently made changes to their positions in the business. Capital World Investors lifted its holdings in shares of Ringcentral by 20.9% in the 3rd quarter. Capital World Investors now owns 11,735,991 shares of the software maker’s stock valued at $332,598,000 after acquiring an additional 2,031,861 shares during the last quarter. Alyeska Investment Group L.P. purchased a new stake in Ringcentral during the third quarter valued at approximately $53,365,000. Contour Asset Management LLC purchased a new stake in Ringcentral during the first quarter valued at approximately $45,650,000. LSV Asset Management purchased a new stake in Ringcentral during the third quarter valued at approximately $33,577,000. Finally, Jacobs Levy Equity Management Inc. lifted its stake in shares of Ringcentral by 354.8% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 870,666 shares of the software maker’s stock valued at $21,558,000 after purchasing an additional 679,211 shares during the last quarter. 98.61% of the stock is currently owned by institutional investors.

Ringcentral Company Profile

RingCentral, Inc is a leading provider of cloud-based business communications and collaboration solutions. The company’s flagship platform delivers unified communications as a service (UCaaS), integrating voice over IP (VoIP) phone systems, video conferencing, team messaging and SMS into a single, cloud-native application. In addition to its UCaaS offering, RingCentral provides contact center as a service (CCaaS) capabilities, enabling organizations to manage customer interactions across voice, email, chat and social channels from a centralized dashboard.

Founded in 1999 and headquartered in Belmont, California, RingCentral went public on the New York Stock Exchange under the ticker RNG in 2013.