RingCentral (NYSE:RNG) Sets New 52-Week High – Time to Buy?

RingCentral, Inc. (NYSE:RNG) shares hit a new 52-week high on Thursday . The stock traded as high as $38.60 and last traded at $38.46, with a volume of 93133 shares. The stock had previously closed at $37.50.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on RNG. Piper Sandler reduced their target price on RingCentral from $32.00 to $31.00 and set a “neutral” rating for the company in a report on Wednesday, July 10th. Rosenblatt Securities reiterated a “buy” rating and set a $45.00 price target on shares of RingCentral in a research report on Friday, November 1st. Wedbush upgraded RingCentral to a “hold” rating in a report on Thursday, October 17th. Robert W. Baird raised their price target 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, StockNews.com lowered RingCentral from a “strong-buy” rating to a “buy” rating in a research note on Saturday, October 19th. Eight research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, RingCentral currently has an average rating of “Moderate Buy” and an average target price of $40.07.

RingCentral Price Performance

The company has a market capitalization of $3.55 billion, a PE ratio of -26.62, a price-to-earnings-growth ratio of 2.82 and a beta of 0.99. The company’s fifty day moving average is $31.94 and its 200-day moving average is $32.13.

Insider Buying and Selling

In other RingCentral 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 sale, the chief financial officer now owns 135,560 shares of the company’s stock, valued at approximately $4,256,584. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other RingCentral news, CFO Vaibhav Agarwal sold 1,985 shares of RingCentral 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 in the company, valued at approximately $4,256,584. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO John H. Marlow sold 19,498 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $32.52, for a total transaction 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. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 103,824 shares of company stock worth $3,386,396 in the last ninety days. 6.76% of the stock is owned by insiders.

Institutional Investors Weigh In On RingCentral

Several hedge funds have recently modified their holdings of the company. Versant Capital Management Inc grew its holdings in RingCentral by 138.3% in the second quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker’s stock valued at $32,000 after purchasing an additional 664 shares during the period. Point72 DIFC Ltd purchased a new stake in RingCentral in the 2nd quarter worth $39,000. Venturi Wealth Management LLC raised its position in RingCentral by 150.4% during the third quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock worth $59,000 after acquiring an additional 1,119 shares during the period. KBC Group NV lifted its holdings in RingCentral by 38.9% during the third quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock valued at $84,000 after purchasing an additional 744 shares in the last quarter. Finally, Central Pacific Bank Trust Division purchased a new stake in shares of RingCentral during the third quarter worth about $121,000. 98.61% of the stock is 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.