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

Shares of RingCentral, Inc. (NYSE:RNG) have earned a consensus rating of “Moderate Buy” from the fifteen analysts that are covering the company, Marketbeat Ratings reports. Eight analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $40.73.

A number of equities research analysts have commented on the company. Piper Sandler raised their price objective on RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Northland Securities lifted their price target on shares of RingCentral from $43.00 to $50.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Deutsche Bank Aktiengesellschaft upped their price objective on shares of RingCentral from $42.00 to $45.00 and gave the stock a “buy” rating in a report on Tuesday, August 6th. Wedbush boosted their target price on shares of RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $42.00 price target on shares of RingCentral in a research report on Monday, November 11th.

RingCentral Stock Down 2.1 %

Shares of RNG stock opened at $35.02 on Tuesday. The firm has a 50 day moving average of $32.89 and a 200-day moving average of $32.52. RingCentral has a 52 week low of $26.98 and a 52 week high of $40.98.

RingCentral (NYSE:RNG) last posted its quarterly earnings results on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.10. RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. The business had revenue of $608.77 million during the quarter, compared to analysts’ expectations of $601.91 million. Research analysts expect that RingCentral will post 0.84 EPS for the current year.

Insider Buying and Selling

In other RingCentral news, CAO John H. Marlow sold 19,498 shares of the business’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 trade was a 4.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Vaibhav Agarwal sold 2,178 shares of the business’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $35.27, for a total value of $76,818.06. Following the completion of the sale, the chief financial officer now owns 135,560 shares in the company, valued at approximately $4,781,201.20. The trade was 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 worth $3,463,214. 6.76% of the stock is owned by company insiders.

Hedge Funds Weigh In On RingCentral

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Capital World Investors grew its position in RingCentral by 7.3% during the first quarter. Capital World Investors now owns 12,139,394 shares of the software maker’s stock worth $421,723,000 after buying an additional 825,156 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of RingCentral by 5.2% in the 1st quarter. Vanguard Group Inc. now owns 10,909,549 shares of the software maker’s stock valued at $378,998,000 after acquiring an additional 538,325 shares during the last quarter. Groupama Asset Managment lifted its stake in shares of RingCentral by 125.0% in the 3rd quarter. Groupama Asset Managment now owns 3,600,000 shares of the software maker’s stock valued at $113,868,000 after acquiring an additional 2,000,000 shares during the last quarter. Pacer Advisors Inc. lifted its stake in shares of RingCentral by 45.3% in the 3rd quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker’s stock valued at $83,483,000 after acquiring an additional 822,892 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its stake in shares of RingCentral by 3.5% in the 2nd quarter. Renaissance Technologies LLC now owns 1,606,700 shares of the software maker’s stock valued at $45,309,000 after acquiring an additional 54,500 shares during the last quarter. 98.61% of the stock is currently owned by hedge funds and other institutional investors.

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.