RingCentral (NYSE:RNG) Shares Up 3.4% – Should You Buy?

RingCentral, Inc. (NYSE:RNG)’s stock price shot up 3.4% during trading on Thursday . The company traded as high as $31.44 and last traded at $31.44. 193,227 shares changed hands during trading, a decline of 84% from the average session volume of 1,218,041 shares. The stock had previously closed at $30.41.

Wall Street Analyst Weigh In

A number of research firms have issued reports on RNG. Needham & Company LLC reissued a “buy” rating and issued a $42.00 price objective on shares of RingCentral in a report on Monday, August 5th. Deutsche Bank Aktiengesellschaft boosted their price target on RingCentral from $42.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, August 6th. StockNews.com upgraded RingCentral from a “buy” rating to a “strong-buy” rating in a research note on Friday. Wells Fargo & Company upped their target price on RingCentral from $28.00 to $35.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Finally, Piper Sandler decreased their price target on RingCentral from $32.00 to $31.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 10th. Eight equities research analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $40.07.

RingCentral Stock Performance

The company’s 50 day moving average is $31.53 and its 200 day moving average is $31.87. The firm has a market cap of $3.01 billion, a P/E ratio of -23.05, a P/E/G ratio of 2.37 and a beta of 1.03.

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

Insider Transactions at RingCentral

In other news, CEO Vladimir Shmunis sold 62,244 shares of RingCentral stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $32.51, for a total transaction of $2,023,552.44. Following the transaction, the chief executive officer now owns 573,725 shares in the company, valued at approximately $18,651,799.75. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other RingCentral news, CFO Vaibhav Agarwal sold 1,985 shares of the 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 owns 135,560 shares of the company’s stock, valued at approximately $4,256,584. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Vladimir Shmunis sold 62,244 shares of the firm’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 transaction, the chief executive officer now owns 573,725 shares of the company’s stock, valued at approximately $18,651,799.75. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 103,824 shares of company stock worth $3,386,396. Insiders own 6.76% of the company’s stock.

Institutional Investors Weigh In On RingCentral

Large investors have recently modified their holdings of the company. Capital World Investors boosted 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 valued at $421,723,000 after acquiring an additional 825,156 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of RingCentral by 5.2% during 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. Pacer Advisors Inc. grew its stake in 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 during the period. Cubist Systematic Strategies LLC lifted its stake in RingCentral by 130.1% in the second quarter. Cubist Systematic Strategies LLC now owns 414,347 shares of the software maker’s stock valued at $11,685,000 after buying an additional 234,238 shares during the period. Finally, Jacobs Levy Equity Management Inc. lifted its stake in RingCentral by 163.1% in the first quarter. Jacobs Levy Equity Management Inc. now owns 310,991 shares of the software maker’s stock valued at $10,804,000 after buying an additional 192,766 shares during the period. 98.61% of the stock is currently owned by institutional investors and hedge funds.

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.