Brokerages Set RingCentral, Inc. (NYSE:RNG) Price Target at $40.73

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

A number of equities analysts have commented on the stock. Wells Fargo & Company lifted their price objective on shares of RingCentral from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Friday, August 2nd. Raymond James reduced their price objective on RingCentral from $52.00 to $50.00 and set a “strong-buy” rating on the stock in a research note on Friday, November 8th. Wedbush raised their price objective on RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Robert W. Baird boosted their target price on RingCentral from $36.00 to $38.00 and gave the company a “neutral” rating in a research report on Monday. Finally, Northland Securities increased their price target on RingCentral from $43.00 to $50.00 and gave the company an “outperform” rating in a report on Friday, August 2nd.

RingCentral Trading Down 3.2 %

Shares of RingCentral stock opened at $36.74 on Tuesday. RingCentral has a 12 month low of $26.98 and a 12 month high of $40.98. The stock has a 50 day moving average of $32.59 and a 200 day moving average of $32.42. The firm has a market cap of $3.37 billion, a PE ratio of -34.66, a PEG ratio of 2.30 and a beta of 0.99.

RingCentral (NYSE:RNG) last posted its earnings results on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.10. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. The firm had revenue of $608.77 million during the quarter, compared to the consensus estimate of $601.91 million. As a group, equities research analysts forecast that RingCentral will post 0.84 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CAO John H. Marlow sold 19,498 shares of RingCentral stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $32.52, for a total value of $634,074.96. Following the sale, the chief accounting officer now owns 391,542 shares of the company’s stock, valued at approximately $12,732,945.84. This trade represents a 4.74 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Vladimir Shmunis sold 62,244 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the chief executive officer now directly owns 573,725 shares in the company, valued at $18,651,799.75. This represents a 9.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 103,824 shares of company stock valued at $3,386,396. Company insiders own 6.76% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Janney Montgomery Scott LLC boosted its stake in RingCentral by 3.6% during the first quarter. Janney Montgomery Scott LLC now owns 28,610 shares of the software maker’s stock worth $994,000 after buying an additional 981 shares during the last quarter. Sei Investments Co. grew its holdings in shares of RingCentral by 2.3% in the first quarter. Sei Investments Co. now owns 23,485 shares of the software maker’s stock valued at $816,000 after purchasing an additional 539 shares during the period. Russell Investments Group Ltd. increased its position in RingCentral by 289.4% during the first quarter. Russell Investments Group Ltd. now owns 153,806 shares of the software maker’s stock worth $5,343,000 after purchasing an additional 114,304 shares during the last quarter. State Board of Administration of Florida Retirement System increased its position in RingCentral by 6.2% during the first quarter. State Board of Administration of Florida Retirement System now owns 92,189 shares of the software maker’s stock worth $3,203,000 after purchasing an additional 5,376 shares during the last quarter. Finally, Jupiter Asset Management Ltd. acquired a new position in RingCentral in the 1st quarter valued at about $1,510,000. 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.