RingCentral, Inc. (NYSE:RNG) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of RingCentral, Inc. (NYSE:RNG) have been given an average recommendation of “Moderate Buy” by the sixteen brokerages that are currently covering the firm, MarketBeat reports. Eight investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $38.56.

RNG has been the topic of several analyst reports. Needham & Company LLC cut their price objective on shares of RingCentral from $46.00 to $42.00 and set a “buy” rating on the stock in a report on Wednesday, February 21st. Morgan Stanley cut their price objective on shares of RingCentral from $35.00 to $32.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 17th. Wedbush reaffirmed a “neutral” rating and issued a $40.00 target price on shares of RingCentral in a research note on Friday, February 16th. Mizuho lowered their target price on shares of RingCentral from $40.00 to $36.00 and set a “buy” rating for the company in a research note on Wednesday, February 21st. Finally, Piper Sandler lowered their target price on shares of RingCentral from $34.00 to $31.00 and set a “neutral” rating for the company in a research note on Wednesday, February 21st.

Insider Activity at RingCentral

In other RingCentral news, CFO Vaibhav Agarwal sold 14,113 shares of the stock in a transaction on Friday, March 15th. The shares were sold at an average price of $34.84, for a total value of $491,696.92. Following the completion of the sale, the chief financial officer now owns 116,640 shares in the company, valued at $4,063,737.60. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other RingCentral news, Director Kenneth A. Goldman sold 1,287 shares of the firm’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $34.47, for a total value of $44,362.89. Following the transaction, the director now directly owns 23,688 shares of the company’s stock, valued at approximately $816,525.36. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Vaibhav Agarwal sold 14,113 shares of the firm’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $34.84, for a total transaction of $491,696.92. Following the completion of the transaction, the chief financial officer now directly owns 116,640 shares in the company, valued at $4,063,737.60. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 23,608 shares of company stock valued at $800,974. Corporate insiders own 6.76% of the company’s stock.

Institutional Investors Weigh In On RingCentral

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Simplicity Wealth LLC bought a new stake in shares of RingCentral during the 1st quarter valued at approximately $371,000. Assenagon Asset Management S.A. grew its holdings in shares of RingCentral by 26.2% during the 1st quarter. Assenagon Asset Management S.A. now owns 186,130 shares of the software maker’s stock valued at $6,466,000 after purchasing an additional 38,665 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in RingCentral by 39.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 33,703 shares of the software maker’s stock worth $1,171,000 after buying an additional 9,520 shares during the period. Hexagon Capital Partners LLC boosted its position in RingCentral by 44.1% during the 1st quarter. Hexagon Capital Partners LLC now owns 1,340 shares of the software maker’s stock worth $47,000 after buying an additional 410 shares during the period. Finally, Sovereign Financial Group Inc. boosted its position in RingCentral by 6.0% during the 1st quarter. Sovereign Financial Group Inc. now owns 8,927 shares of the software maker’s stock worth $310,000 after buying an additional 507 shares during the period. 98.61% of the stock is owned by institutional investors.

RingCentral Trading Down 0.9 %

Shares of RNG stock opened at $30.01 on Friday. RingCentral has a 1 year low of $25.08 and a 1 year high of $43.28. The firm’s 50 day moving average is $32.98 and its 200-day moving average is $31.83. The firm has a market capitalization of $2.77 billion, a price-to-earnings ratio of -17.15, a PEG ratio of 3.24 and a beta of 0.92.

RingCentral (NYSE:RNG) last announced its earnings results on Tuesday, February 20th. The software maker reported ($0.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.31). The firm had revenue of $571.27 million for the quarter, compared to the consensus estimate of $569.65 million. On average, equities research analysts forecast that RingCentral will post 0.45 earnings per share for the current fiscal year.

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.