RingCentral, Inc. (NYSE:RNG) Receives Average Rating of “Moderate Buy” from Brokerages

RingCentral, Inc. (NYSE:RNG) has been given a consensus recommendation of “Moderate Buy” by the fifteen ratings firms that are presently covering the company, MarketBeat reports. Eight investment analysts have rated the stock with a hold recommendation, six have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $40.73.

Several analysts have weighed in on the company. StockNews.com raised RingCentral from a “buy” rating to a “strong-buy” rating in a report on Monday, November 11th. Robert W. Baird lifted their price objective on RingCentral from $36.00 to $38.00 and gave the company a “neutral” rating in a research note on Monday, November 11th. Rosenblatt Securities reissued a “buy” rating and set a $45.00 price target on shares of RingCentral in a research report on Friday, November 8th. Wedbush lifted their price objective on RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Finally, Raymond James dropped their price objective on RingCentral from $52.00 to $50.00 and set a “strong-buy” rating on the stock in a report on Friday, November 8th.

Insiders Place Their Bets

In related news, CEO Vladimir Shmunis sold 66,451 shares of the stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $34.96, for a total transaction of $2,323,126.96. Following the completion of the sale, the chief executive officer now owns 479,468 shares in the company, valued at $16,762,201.28. This represents a 12.17 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, 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 value 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 1.44 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 105,539 shares of company stock valued at $3,687,477 in the last three months. Insiders own 6.76% of the company’s stock.

Institutional Trading of RingCentral

Hedge funds have recently added to or reduced their stakes in the business. Comerica Bank lifted its position in shares of RingCentral by 1,715.5% in the 1st quarter. Comerica Bank now owns 13,090 shares of the software maker’s stock worth $455,000 after acquiring an additional 12,369 shares during the period. SG Americas Securities LLC lifted its position in shares of RingCentral by 782.0% in the 2nd quarter. SG Americas Securities LLC now owns 78,836 shares of the software maker’s stock worth $2,223,000 after acquiring an additional 69,898 shares during the period. Wedge Capital Management L L P NC lifted its position in shares of RingCentral by 14.4% in the 2nd quarter. Wedge Capital Management L L P NC now owns 57,628 shares of the software maker’s stock worth $1,625,000 after acquiring an additional 7,251 shares during the period. Harel Insurance Investments & Financial Services Ltd. acquired a new position in shares of RingCentral in the 2nd quarter worth approximately $2,476,000. Finally, Lecap Asset Management Ltd. raised its holdings in shares of RingCentral by 3.0% in the 2nd quarter. Lecap Asset Management Ltd. now owns 34,325 shares of the software maker’s stock worth $968,000 after buying an additional 1,001 shares in the last quarter. Institutional investors own 98.61% of the company’s stock.

RingCentral Trading Up 6.6 %

Shares of NYSE RNG opened at $41.03 on Friday. RingCentral has a twelve month low of $26.98 and a twelve month high of $41.04. The stock has a 50 day moving average of $35.08 and a two-hundred day moving average of $32.82. The stock has a market cap of $3.71 billion, a P/E ratio of -38.71, a P/E/G ratio of 2.35 and a beta of 0.99.

RingCentral (NYSE:RNG) last released its quarterly earnings results on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, topping the consensus estimate 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 business had revenue of $608.77 million during the quarter, compared to analysts’ expectations of $601.91 million. As a group, research analysts predict that RingCentral will post 0.84 earnings per share for the current 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.