Brokerages Set Ringcentral, Inc. (NYSE:RNG) PT at $33.08

Shares of Ringcentral, Inc. (NYSE:RNG - Get Free Report) have been given an average rating of "Hold" by the fourteen research firms that are covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating on the company. The average 1 year target price among brokers that have covered the stock in the last year is $33.08.

RNG has been the subject of several research reports. KeyCorp initiated coverage on shares of Ringcentral in a research report on Friday, June 6th. They set a "sector weight" rating for the company. Needham & Company LLC initiated coverage on shares of Ringcentral in a research report on Friday, May 9th. They set a "buy" rating and a $36.00 price objective for the company. Mizuho raised their price objective on shares of Ringcentral from $25.00 to $27.00 and gave the company a "neutral" rating in a research report on Monday, May 12th. Wedbush reduced their price target on shares of Ringcentral from $38.00 to $30.00 and set a "neutral" rating for the company in a research report on Friday, May 9th. Finally, UBS Group reduced their price target on shares of Ringcentral from $38.00 to $33.00 and set a "neutral" rating for the company in a research report on Friday, May 9th.

Ringcentral Price Performance

Shares of NYSE:RNG traded down $0.06 during trading on Friday, reaching $27.94. 1,645,885 shares of the company's stock traded hands, compared to its average volume of 1,340,729. Ringcentral has a 12 month low of $20.59 and a 12 month high of $42.19. The company has a 50 day moving average of $27.29 and a 200-day moving average of $28.28. The stock has a market capitalization of $2.51 billion, a P/E ratio of -63.50, a price-to-earnings-growth ratio of 0.90 and a beta of 1.29.

Ringcentral (NYSE:RNG - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The software maker reported $1.00 EPS for the quarter, topping the consensus estimate of $0.96 by $0.04. The business had revenue of $612.06 million during the quarter, compared to analyst estimates of $610.53 million. Ringcentral had a negative net margin of 1.65% and a negative return on equity of 15.63%. The company's quarterly revenue was up 4.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.87 earnings per share. Equities research analysts predict that Ringcentral will post 1.29 earnings per share for the current fiscal year.

Insider Activity

In related news, COO Kira Makagon sold 21,185 shares of the firm's stock in a transaction that occurred on Friday, June 27th. The shares were sold at an average price of $27.69, for a total transaction 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 trade represents a 4.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP John H. Marlow sold 29,173 shares of the firm's stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $26.56, for a total transaction of $774,834.88. Following the transaction, the senior vice president directly owned 352,448 shares in the company, valued at approximately $9,361,018.88. The trade was a 7.64% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 244,647 shares of company stock valued at $6,531,804. 6.97% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Ringcentral

A number of institutional investors have recently modified their holdings of the company. Allspring Global Investments Holdings LLC grew its stake in shares of Ringcentral by 13.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 12,966 shares of the software maker's stock worth $321,000 after acquiring an additional 1,586 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its stake in shares of Ringcentral by 116.9% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 44,524 shares of the software maker's stock worth $1,102,000 after acquiring an additional 23,997 shares during the last quarter. Northern Trust Corp grew its stake in shares of Ringcentral by 2.3% in the fourth quarter. Northern Trust Corp now owns 529,746 shares of the software maker's stock worth $18,546,000 after acquiring an additional 11,911 shares during the last quarter. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Ringcentral in the fourth quarter worth $545,000. Finally, Robeco Institutional Asset Management B.V. grew its stake in shares of Ringcentral by 57.2% in the first quarter. Robeco Institutional Asset Management B.V. now owns 9,924 shares of the software maker's stock worth $246,000 after acquiring an additional 3,611 shares during the last quarter. Institutional investors own 98.61% of the company's stock.

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.