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

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

Several research firms have recently commented on RNG. Deutsche Bank Aktiengesellschaft increased their target price on RingCentral from $42.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, August 6th. Needham & Company LLC reiterated a “buy” rating and set a $42.00 price objective on shares of RingCentral in a research note on Monday, August 5th. Robert W. Baird raised their price objective on shares of RingCentral from $35.00 to $36.00 and gave the stock a “neutral” rating in a report on Monday, August 5th. Northland Securities upped their target price on shares of RingCentral from $43.00 to $50.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Finally, Piper Sandler decreased 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.

Insider Buying and Selling

In other RingCentral news, CAO John H. Marlow sold 19,498 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $32.52, for a total value of $634,074.96. Following the sale, the chief accounting officer now directly owns 391,542 shares in the company, valued at $12,732,945.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other RingCentral news, CFO Sonalee Elizabeth Parekh sold 9,913 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $33.45, for a total value of $331,589.85. Following the completion of the transaction, the chief financial officer now owns 358,622 shares in the company, valued at approximately $11,995,905.90. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO John H. Marlow sold 19,498 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $32.52, for a total transaction of $634,074.96. Following the completion of the sale, the chief accounting officer now owns 391,542 shares in the company, valued at approximately $12,732,945.84. The disclosure for this sale can be found here. Insiders sold a total of 101,839 shares of company stock worth $3,324,067 in the last three months. 6.76% of the stock is owned by insiders.

Institutional Trading of RingCentral

Large investors have recently added to or reduced their stakes in the business. Point72 DIFC Ltd acquired a new position in shares of RingCentral during the second quarter valued at $39,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in RingCentral during the 2nd quarter valued at about $284,000. Truist Financial Corp bought a new stake in shares of RingCentral during the 2nd quarter worth about $878,000. Algert Global LLC lifted its stake in shares of RingCentral by 428.7% in the 2nd quarter. Algert Global LLC now owns 175,735 shares of the software maker’s stock worth $4,956,000 after acquiring an additional 142,495 shares during the period. Finally, Susquehanna Fundamental Investments LLC bought a new position in shares of RingCentral in the second quarter valued at approximately $4,801,000. 98.61% of the stock is currently owned by institutional investors and hedge funds.

RingCentral Price Performance

RingCentral stock opened at $31.54 on Monday. RingCentral has a 12-month low of $25.08 and a 12-month high of $38.35. The company has a market capitalization of $2.90 billion, a price-to-earnings ratio of -21.17, a price-to-earnings-growth ratio of 2.38 and a beta of 1.03. The firm’s fifty day moving average price is $32.11 and its 200 day moving average price is $32.14.

RingCentral (NYSE:RNG) last released its quarterly earnings results on Thursday, August 1st. The software maker reported $0.91 EPS for the quarter, topping the consensus estimate of $0.88 by $0.03. The business had revenue of $592.91 million during the quarter, compared to analyst estimates of $586.39 million. The company’s revenue was up 9.9% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.03) EPS. Analysts forecast that RingCentral will post 0.63 earnings per share for the current fiscal 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.