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

RingCentral, Inc. (NYSE:RNG) has earned an average rating of “Moderate Buy” from the sixteen brokerages that are currently covering the stock, MarketBeat Ratings reports. Eight research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $40.07.

A number of analysts recently commented on RNG shares. Needham & Company LLC reissued a “buy” rating and set a $42.00 price objective on shares of RingCentral in a report on Monday, August 5th. Rosenblatt Securities upgraded RingCentral from a “neutral” rating to a “buy” rating and upped their price target for the stock from $35.00 to $45.00 in a report on Friday, August 2nd. Robert W. Baird lifted their price objective on 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 RingCentral from $43.00 to $50.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Finally, StockNews.com downgraded RingCentral from a “strong-buy” rating to a “buy” rating in a research note on Friday, September 6th.

Insiders Place Their Bets

In other news, CAO John H. Marlow sold 19,498 shares of the company’s stock in a transaction dated 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 transaction, the chief accounting officer now owns 391,542 shares of the company’s stock, valued at approximately $12,732,945.84. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CFO Sonalee Elizabeth Parekh sold 9,913 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $33.45, for a total transaction of $331,589.85. Following the completion of the sale, the chief financial officer now directly owns 358,622 shares of the company’s stock, valued at approximately $11,995,905.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO John H. Marlow sold 19,498 shares of the 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 completion of the transaction, the chief accounting officer now directly owns 391,542 shares in the company, valued at $12,732,945.84. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 101,839 shares of company stock valued at $3,324,067. Insiders own 6.76% of the company’s stock.

Institutional Investors Weigh In On RingCentral

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Capital World Investors raised its stake in shares of RingCentral by 7.3% in the 1st quarter. Capital World Investors now owns 12,139,394 shares of the software maker’s stock valued at $421,723,000 after acquiring an additional 825,156 shares during the period. Vanguard Group Inc. increased its holdings in 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 purchasing an additional 538,325 shares in the last quarter. First Trust Advisors LP raised its position in RingCentral by 15.9% in the fourth quarter. First Trust Advisors LP now owns 1,991,917 shares of the software maker’s stock valued at $67,626,000 after purchasing an additional 273,109 shares during the period. Pacer Advisors Inc. lifted its stake in shares of RingCentral by 25.2% during the second quarter. Pacer Advisors Inc. now owns 1,816,464 shares of the software maker’s stock worth $51,224,000 after purchasing an additional 365,738 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its position in shares of RingCentral by 3.5% in the second quarter. Renaissance Technologies LLC now owns 1,606,700 shares of the software maker’s stock worth $45,309,000 after buying an additional 54,500 shares during the period. 98.61% of the stock is currently owned by institutional investors and hedge funds.

RingCentral Trading Up 1.5 %

NYSE RNG opened at $31.54 on Monday. The business’s 50 day moving average is $32.11 and its two-hundred day moving average is $32.14. The stock has a market capitalization of $2.90 billion, a price-to-earnings ratio of -21.17, a PEG ratio of 2.38 and a beta of 1.03. RingCentral has a 12-month low of $25.08 and a 12-month high of $38.35.

RingCentral (NYSE:RNG) last released its quarterly earnings data on Thursday, August 1st. The software maker reported $0.91 earnings per share (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 analysts’ expectations of $586.39 million. The company’s revenue was up 9.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.03) EPS. Equities analysts forecast that RingCentral will post 0.63 earnings per share for the current fiscal year.

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.