RingCentral, Inc. (NYSE:RNG) Receives $38.89 Consensus Price Target from Analysts

RingCentral, Inc. (NYSE:RNG - Get Free Report) has been assigned a consensus rating of "Moderate Buy" from the sixteen brokerages that are currently covering the company, MarketBeat.com reports. Eight equities research analysts have rated the stock with a hold recommendation, seven have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $38.89.

A number of brokerages have recently commented on RNG. The Goldman Sachs Group dropped their price target on RingCentral from $38.00 to $34.00 and set a "neutral" rating for the company in a research note on Wednesday, February 21st. Piper Sandler cut their price target on shares of RingCentral from $34.00 to $31.00 and set a "neutral" rating on the stock in a report on Wednesday, February 21st. Needham & Company LLC reduced their price target on RingCentral from $46.00 to $42.00 and set a "buy" rating on the stock in a research report on Wednesday, February 21st. Mizuho reduced their target price on RingCentral from $40.00 to $36.00 and set a "buy" rating on the stock in a report on Wednesday, February 21st. Finally, Wells Fargo & Company dropped their price target on shares of RingCentral from $36.00 to $31.00 and set an "equal weight" rating on the stock in a research report on Wednesday, February 21st.

Insider Activity at RingCentral

In other RingCentral news, CFO Vaibhav Agarwal sold 14,113 shares of the firm's stock in a transaction on Friday, March 15th. The stock was sold at an average price of $34.84, for a total value of $491,696.92. Following the completion of the sale, the chief financial officer now directly owns 116,640 shares of the company's stock, valued at $4,063,737.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Kenneth A. Goldman sold 1,287 shares of the firm's stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $34.47, for a total value of $44,362.89. Following the completion of the transaction, the director now directly owns 23,688 shares of the company's stock, valued at $816,525.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Vaibhav Agarwal sold 14,113 shares of the business's stock in a transaction on Friday, March 15th. The shares were sold at an average price of $34.84, for a total value of $491,696.92. Following the sale, the chief financial officer now owns 116,640 shares in the company, valued at $4,063,737.60. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 21,624 shares of company stock worth $732,427. 6.76% of the stock is owned by company insiders.

Institutional Investors Weigh In On RingCentral

A number of institutional investors and hedge funds have recently modified their holdings of the company. Newbridge Financial Services Group Inc. raised its position in shares of RingCentral by 438.1% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 1,200 shares of the software maker's stock worth $41,000 after buying an additional 977 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of RingCentral by 13.6% in the 4th quarter. PNC Financial Services Group Inc. now owns 4,522 shares of the software maker's stock valued at $154,000 after acquiring an additional 540 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of RingCentral by 3.8% during the 4th quarter. Vanguard Group Inc. now owns 10,371,224 shares of the software maker's stock valued at $352,103,000 after acquiring an additional 382,343 shares during the last quarter. Readystate Asset Management LP grew its holdings in shares of RingCentral by 68.9% during the fourth quarter. Readystate Asset Management LP now owns 228,810 shares of the software maker's stock worth $7,768,000 after purchasing an additional 93,361 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its stake in RingCentral by 166.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 131,044 shares of the software maker's stock valued at $4,450,000 after purchasing an additional 81,787 shares in the last quarter. 98.61% of the stock is owned by hedge funds and other institutional investors.

RingCentral Trading Down 2.9 %

NYSE RNG traded down $1.01 during midday trading on Monday, hitting $33.74. The company had a trading volume of 1,239,907 shares, compared to its average volume of 1,253,457. The firm has a 50-day moving average price of $33.89 and a 200-day moving average price of $31.56. The company has a market capitalization of $3.11 billion, a PE ratio of -19.85, a P/E/G ratio of 3.69 and a beta of 0.92. RingCentral has a twelve month low of $25.08 and a twelve month high of $43.28.

RingCentral (NYSE:RNG - Get Free Report) last announced its quarterly earnings data on Tuesday, February 20th. The software maker reported ($0.33) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.31). The business had revenue of $571.27 million for the quarter, compared to analyst estimates of $569.65 million. On average, equities analysts anticipate that RingCentral will post 0.45 EPS 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.