Analysts Set RingCentral, Inc. (NYSE:RNG) Price Target at $40.28

RingCentral, Inc. (NYSE:RNG) has been given an average recommendation of “Moderate Buy” by the sixteen analysts that are presently covering the company, MarketBeat reports. Eight analysts have rated the stock with a hold recommendation, seven have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year target price among brokers that have covered the stock in the last year is $40.07.

Several equities analysts recently weighed in on the company. Robert W. Baird lifted their price target on RingCentral from $35.00 to $36.00 and gave the company a “neutral” rating in a research note on Monday, August 5th. Piper Sandler cut their price target on RingCentral from $32.00 to $31.00 and set a “neutral” rating for the company in a research note on Wednesday, July 10th. Deutsche Bank Aktiengesellschaft lifted their price target on RingCentral from $42.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, August 6th. Mizuho lifted their price target on RingCentral from $36.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, May 8th. Finally, Morgan Stanley cut their price target on RingCentral from $35.00 to $32.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 17th.

Insider Transactions at RingCentral

In other news, CFO Vaibhav Agarwal sold 1,985 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $28.20, for a total transaction of $55,977.00. Following the transaction, the chief financial officer now directly owns 156,799 shares in the company, valued at approximately $4,421,731.80. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CFO Sonalee Elizabeth Parekh sold 8,478 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $34.85, for a total value of $295,458.30. Following the transaction, the chief financial officer now directly owns 388,919 shares in the company, valued at $13,553,827.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Vaibhav Agarwal sold 1,985 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $28.20, for a total value of $55,977.00. Following the completion of the transaction, the chief financial officer now owns 156,799 shares in the company, valued at $4,421,731.80. The disclosure for this sale can be found here. Insiders have sold a total of 21,869 shares of company stock worth $762,165 in the last ninety days. Insiders own 6.76% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Janney Montgomery Scott LLC acquired a new position in RingCentral in the fourth quarter valued at approximately $938,000. Panagora Asset Management Inc. lifted its stake in RingCentral by 24.0% during the fourth quarter. Panagora Asset Management Inc. now owns 119,844 shares of the software maker’s stock worth $4,069,000 after purchasing an additional 23,184 shares in the last quarter. Monaco Asset Management SAM acquired a new position in RingCentral during the fourth quarter worth $1,358,000. Natixis acquired a new position in RingCentral during the first quarter worth $837,000. Finally, Readystate Asset Management LP lifted its stake in RingCentral by 68.9% during the fourth quarter. Readystate Asset Management LP now owns 228,810 shares of the software maker’s stock worth $7,768,000 after purchasing an additional 93,361 shares in the last quarter. 98.61% of the stock is currently owned by institutional investors and hedge funds.

RingCentral Trading Down 5.0 %

Shares of RNG opened at $32.07 on Friday. RingCentral has a 12 month low of $25.08 and a 12 month high of $38.35. The stock has a fifty day moving average price of $31.20 and a 200-day moving average price of $32.62. The firm has a market cap of $2.96 billion, a PE ratio of -21.52, a P/E/G ratio of 3.02 and a beta of 1.03.

RingCentral (NYSE:RNG) last issued its quarterly earnings results on Thursday, August 1st. The software maker reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. The firm had revenue of $592.91 million for the quarter, compared to analyst estimates of $586.39 million. During the same period in the prior year, the firm posted ($0.03) EPS. The business’s revenue was up 9.9% compared to the same quarter last year. As a group, research analysts forecast that RingCentral will post 0.55 EPS for the current year.

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.