Brokerages Set RingCentral, Inc. (NYSE:RNG) Price Target at $40.73

RingCentral, Inc. (NYSE:RNG) has been assigned an average rating of “Moderate Buy” from the fifteen brokerages that are presently covering the stock, Marketbeat Ratings reports. Eight equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $40.73.

Several research firms have recently weighed in on RNG. Northland Securities increased their price target on RingCentral from $43.00 to $50.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Rosenblatt Securities reissued a “buy” rating and set a $45.00 price target on shares of RingCentral in a report on Friday, November 8th. Deutsche Bank Aktiengesellschaft raised their price objective on RingCentral from $42.00 to $45.00 and gave the company a “buy” rating in a research report on Tuesday, August 6th. Needham & Company LLC restated a “buy” rating and set a $42.00 price objective on shares of RingCentral in a research report on Monday, November 11th. Finally, Raymond James decreased their price objective on shares of RingCentral from $52.00 to $50.00 and set a “strong-buy” rating for the company in a research note on Friday, November 8th.

Insiders Place Their Bets

In other RingCentral news, CAO John H. Marlow sold 19,498 shares of RingCentral stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $32.52, for a total value of $634,074.96. Following the transaction, the chief accounting officer now directly owns 391,542 shares of the company’s stock, valued at approximately $12,732,945.84. The trade was a 4.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Vaibhav Agarwal sold 2,178 shares of RingCentral stock in a transaction on Monday, November 18th. The stock was sold at an average price of $35.27, for a total transaction of $76,818.06. Following the completion of the transaction, the chief financial officer now directly owns 135,560 shares in the company, valued at $4,781,201.20. This represents a 1.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 106,002 shares of company stock valued at $3,463,214. 6.76% of the stock is currently owned by insiders.

Hedge Funds Weigh In On RingCentral

Several institutional investors and hedge funds have recently bought and sold shares of the company. Sei Investments Co. grew its holdings in RingCentral by 2.3% in the first quarter. Sei Investments Co. now owns 23,485 shares of the software maker’s stock worth $816,000 after purchasing an additional 539 shares during the last quarter. Sovereign Financial Group Inc. increased its position in shares of RingCentral by 6.9% in the 3rd quarter. Sovereign Financial Group Inc. now owns 9,693 shares of the software maker’s stock valued at $307,000 after acquiring an additional 625 shares during the period. Versant Capital Management Inc increased its position in shares of RingCentral by 138.3% in the 2nd quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker’s stock valued at $32,000 after acquiring an additional 664 shares during the period. Xponance Inc. increased its position in shares of RingCentral by 6.8% in the 2nd quarter. Xponance Inc. now owns 11,122 shares of the software maker’s stock valued at $314,000 after acquiring an additional 704 shares during the period. Finally, KBC Group NV increased its position in shares of RingCentral by 38.9% in the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock valued at $84,000 after acquiring an additional 744 shares during the period. 98.61% of the stock is owned by hedge funds and other institutional investors.

RingCentral Stock Performance

RingCentral stock opened at $35.02 on Tuesday. The stock’s 50 day moving average is $32.89 and its 200 day moving average is $32.52. RingCentral has a twelve month low of $26.98 and a twelve month high of $40.98.

RingCentral (NYSE:RNG) last issued its earnings results on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, beating the consensus estimate of $0.14 by $0.10. The business had revenue of $608.77 million for the quarter, compared to the consensus estimate of $601.91 million. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. On average, research analysts anticipate that RingCentral will post 0.84 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.