Ringcentral, Inc. (NYSE:RNG) Receives $30.62 Average Price Target from Analysts

Key Points

• RingCentral, Inc. has received a consensus rating of "Hold" from 14 analysts, with varying recommendations, including one sell, nine hold, and four buy ratings.
• The stock has experienced a price target adjustment, with Jefferies Financial Group lowering its target from $30.00 to $29.00 and UBS Group adjusting it from $33.00 to $32.00.
• In its most recent earnings report, RingCentral exceeded analyst expectations with an earnings per share of $1.06 and a quarterly revenue increase of 4.6% year-over-year.

Shares of Ringcentral, Inc. (NYSE:RNG - Get Free Report) have been given an average rating of "Hold" by the fourteen brokerages that are presently covering the firm, Marketbeat reports. One analyst has rated the stock with a sell recommendation, nine have given a hold recommendation and four have given a buy recommendation to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $30.6154.

A number of brokerages have commented on RNG. KeyCorp began coverage on Ringcentral in a research note on Friday, June 6th. They issued a "sector weight" rating for the company. Rosenblatt Securities restated a "buy" rating and issued a $32.00 target price on shares of Ringcentral in a research note on Monday, May 19th. Oppenheimer upgraded Ringcentral from a "market perform" rating to an "outperform" rating and set a $35.00 target price for the company in a research note on Wednesday, August 6th. Jefferies Financial Group decreased their target price on Ringcentral from $30.00 to $29.00 and set a "hold" rating for the company in a research note on Wednesday, August 6th. Finally, Wall Street Zen upgraded Ringcentral from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 5th.

Insiders Place Their Bets

In other news, CAO Tarun Arora sold 7,776 shares of the business's stock in a transaction that occurred on Friday, June 27th. The stock was sold at an average price of $28.00, for a total transaction of $217,728.00. Following the completion of the transaction, the chief accounting officer directly owned 114,497 shares in the company, valued at approximately $3,205,916. The trade was a 6.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Kira Makagon sold 21,185 shares of the business's stock in a transaction that occurred on Friday, June 27th. The stock was sold at an average price of $27.69, for a total value of $586,612.65. Following the transaction, the chief operating officer owned 413,131 shares of the company's stock, valued at approximately $11,439,597.39. This represents a 4.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 106,391 shares of company stock valued at $3,095,392. Corporate insiders own 6.97% of the company's stock.

Hedge Funds Weigh In On Ringcentral

Several hedge funds have recently modified their holdings of the company. Northern Trust Corp boosted its stake in Ringcentral by 2.3% during the fourth quarter. Northern Trust Corp now owns 529,746 shares of the software maker's stock valued at $18,546,000 after buying an additional 11,911 shares in the last quarter. Schonfeld Strategic Advisors LLC bought a new stake in Ringcentral in the fourth quarter worth about $237,000. Captrust Financial Advisors bought a new stake in Ringcentral in the fourth quarter worth about $225,000. Deutsche Bank AG raised its position in Ringcentral by 18.8% in the fourth quarter. Deutsche Bank AG now owns 75,154 shares of the software maker's stock worth $2,631,000 after acquiring an additional 11,902 shares in the last quarter. Finally, Quantinno Capital Management LP raised its position in Ringcentral by 62.9% in the fourth quarter. Quantinno Capital Management LP now owns 220,750 shares of the software maker's stock worth $7,728,000 after acquiring an additional 85,276 shares in the last quarter. 98.61% of the stock is currently owned by institutional investors and hedge funds.

Ringcentral Price Performance

NYSE:RNG traded down $0.85 during mid-day trading on Monday, reaching $30.41. The stock had a trading volume of 2,074,806 shares, compared to its average volume of 1,721,629. The company has a market capitalization of $2.75 billion, a price-to-earnings ratio of -217.20, a price-to-earnings-growth ratio of 1.44 and a beta of 1.32. Ringcentral has a 1-year low of $20.58 and a 1-year high of $42.19. The stock's 50 day simple moving average is $28.72 and its two-hundred day simple moving average is $27.11.

Ringcentral (NYSE:RNG - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The software maker reported $1.06 EPS for the quarter, topping analysts' consensus estimates of $1.02 by $0.04. Ringcentral had a negative return on equity of 19.63% and a negative net margin of 0.50%.The business had revenue of $620.40 million during the quarter, compared to the consensus estimate of $617.90 million. During the same period last year, the firm earned $0.91 earnings per share. The company's revenue for the quarter was up 4.6% compared to the same quarter last year. Ringcentral has set its Q3 2025 guidance at 1.060-1.080 EPS. FY 2025 guidance at 4.200-4.320 EPS. Sell-side analysts anticipate that Ringcentral will post 1.29 EPS for the current fiscal 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.