Brokerages Set RingCentral, Inc. (NYSE:RNG) PT at $40.07

RingCentral, Inc. (NYSE:RNG) has earned an average rating of “Moderate Buy” from the sixteen ratings firms that are currently covering the firm, Marketbeat reports. Eight investment analysts have rated the stock with a hold recommendation, seven have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $40.07.

A number of research analysts have recently weighed in on the stock. StockNews.com downgraded shares of RingCentral from a “strong-buy” rating to a “buy” rating in a report on Saturday. Northland Securities lifted their target price on shares of RingCentral from $43.00 to $50.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Piper Sandler dropped their target price on shares of RingCentral from $32.00 to $31.00 and set a “neutral” rating on the stock in a report on Wednesday, July 10th. Robert W. Baird lifted their target price on shares of RingCentral from $35.00 to $36.00 and gave the stock a “neutral” rating in a report on Monday, August 5th. Finally, Wells Fargo & Company lifted their target price on shares of RingCentral from $28.00 to $35.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd.

RingCentral Trading Up 2.9 %

RingCentral stock opened at $33.93 on Friday. The company has a market capitalization of $3.13 billion, a P/E ratio of -22.77, a P/E/G ratio of 2.55 and a beta of 1.03. The firm’s fifty day simple moving average is $31.49 and its 200-day simple moving average is $31.82. RingCentral has a 1-year low of $25.08 and a 1-year high of $38.35.

RingCentral (NYSE:RNG) last released its quarterly earnings results on Thursday, August 1st. The software maker reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. The business had revenue of $592.91 million for the quarter, compared to the consensus estimate of $586.39 million. The firm’s revenue for the quarter was up 9.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.03) EPS. On average, equities research analysts predict that RingCentral will post 0.63 earnings per share for the current year.

Insiders Place Their Bets

In other RingCentral news, CFO Vaibhav Agarwal sold 1,985 shares of the business’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $31.40, for a total value of $62,329.00. Following the completion of the transaction, the chief financial officer now directly owns 135,560 shares of the company’s stock, valued at approximately $4,256,584. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CFO Vaibhav Agarwal sold 1,985 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $31.40, for a total transaction of $62,329.00. Following the completion of the sale, the chief financial officer now directly owns 135,560 shares of the company’s stock, valued at $4,256,584. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Vladimir Shmunis sold 62,244 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $32.51, for a total transaction of $2,023,552.44. Following the sale, the chief executive officer now directly owns 573,725 shares of the company’s stock, valued at approximately $18,651,799.75. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 103,824 shares of company stock valued at $3,386,396. Insiders own 6.76% of the company’s stock.

Institutional Investors Weigh In On RingCentral

Large investors have recently bought and sold shares of the company. nVerses Capital LLC boosted its holdings in shares of RingCentral by 916.7% in the third quarter. nVerses Capital LLC now owns 6,100 shares of the software maker’s stock valued at $193,000 after buying an additional 5,500 shares during the period. Creative Planning acquired a new position in shares of RingCentral in the third quarter valued at approximately $211,000. Wedge Capital Management L L P NC boosted its holdings in shares of RingCentral by 13.9% in the third quarter. Wedge Capital Management L L P NC now owns 65,647 shares of the software maker’s stock valued at $2,076,000 after buying an additional 8,019 shares during the period. CWM LLC boosted its holdings in shares of RingCentral by 595.9% in the third quarter. CWM LLC now owns 4,746 shares of the software maker’s stock valued at $150,000 after buying an additional 4,064 shares during the period. Finally, Sovereign Financial Group Inc. boosted its holdings in shares of RingCentral by 6.9% in the third quarter. Sovereign Financial Group Inc. now owns 9,693 shares of the software maker’s stock valued at $307,000 after buying an additional 625 shares during the period. Institutional investors own 98.61% of the company’s stock.

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.