RingCentral, Inc. (NYSE:RNG) Receives $34.46 Consensus Price Target from Analysts

Shares of RingCentral, Inc. (NYSE:RNG - Get Free Report) have earned an average rating of "Hold" from the thirteen brokerages that are covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, seven have given a hold recommendation and five have given a buy recommendation to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $32.62.

A number of equities analysts recently weighed in on RNG shares. Piper Sandler upped their price target on RingCentral from $25.00 to $28.00 and gave the stock a "neutral" rating in a report on Friday. Morgan Stanley reduced their target price on RingCentral from $40.00 to $29.00 and set an "equal weight" rating for the company in a report on Wednesday, April 16th. StockNews.com raised RingCentral from a "buy" rating to a "strong-buy" rating in a report on Monday, May 5th. Needham & Company LLC assumed coverage on RingCentral in a report on Friday. They set a "buy" rating and a $36.00 target price for the company. Finally, Wedbush reduced their target price on RingCentral from $38.00 to $30.00 and set a "neutral" rating for the company in a report on Friday.

Insider Buying and Selling

In related news, CEO Vladimir Shmunis sold 66,112 shares of the stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $28.83, for a total value of $1,906,008.96. Following the completion of the transaction, the chief executive officer now directly owns 568,300 shares in the company, valued at approximately $16,384,089. This represents a 10.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP John H. Marlow sold 35,089 shares of the stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $28.56, for a total value of $1,002,141.84. Following the completion of the transaction, the senior vice president now owns 313,510 shares of the company's stock, valued at $8,953,845.60. The trade was a 10.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 247,740 shares of company stock worth $7,099,279. Company insiders own 6.97% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Kayne Anderson Rudnick Investment Management LLC purchased a new stake in shares of RingCentral in the 4th quarter valued at $49,000. New Age Alpha Advisors LLC purchased a new position in RingCentral during the 1st quarter valued at about $49,000. PNC Financial Services Group Inc. boosted its holdings in RingCentral by 26.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,925 shares of the software maker's stock valued at $72,000 after acquiring an additional 615 shares during the period. Venturi Wealth Management LLC boosted its holdings in RingCentral by 55.2% during the 4th quarter. Venturi Wealth Management LLC now owns 2,891 shares of the software maker's stock valued at $101,000 after acquiring an additional 1,028 shares during the period. Finally, KBC Group NV boosted its holdings in RingCentral by 30.8% during the 4th quarter. KBC Group NV now owns 3,478 shares of the software maker's stock valued at $122,000 after acquiring an additional 819 shares during the period. 98.61% of the stock is currently owned by hedge funds and other institutional investors.

RingCentral Stock Up 4.1%

Shares of RNG stock traded up $1.10 on Tuesday, hitting $27.77. The company had a trading volume of 2,485,228 shares, compared to its average volume of 1,340,466. The firm has a market cap of $2.52 billion, a P/E ratio of -43.39, a price-to-earnings-growth ratio of 1.27 and a beta of 1.33. The company has a 50-day moving average price of $25.27 and a 200-day moving average price of $31.83. RingCentral has a twelve month low of $20.59 and a twelve month high of $42.19.

RingCentral (NYSE:RNG - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The software maker reported $1.00 earnings per share for the quarter, topping analysts' consensus estimates of $0.96 by $0.04. The company had revenue of $612.06 million during the quarter, compared to analysts' expectations of $610.53 million. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. RingCentral's quarterly revenue was up 4.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.87 EPS. Equities research analysts expect that RingCentral will post 1.29 EPS for the current year.

RingCentral Company Profile

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.