Ringcentral, Inc. (NYSE:RNG) Receives $33.08 Average PT from Brokerages

Shares of Ringcentral, Inc. (NYSE:RNG - Get Free Report) have been given a consensus rating of "Hold" by the fourteen research firms that are covering the stock, Marketbeat reports. One analyst has rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $33.08.

RNG has been the topic of a number of recent analyst reports. Mizuho lifted their price target 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. Morgan Stanley dropped their price target on shares of Ringcentral from $40.00 to $29.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 16th. Piper Sandler lifted their price target on shares of Ringcentral from $25.00 to $28.00 and gave the company a "neutral" rating in a research report on Friday, May 9th. UBS Group dropped their price target on shares of Ringcentral from $38.00 to $33.00 and set a "neutral" rating on the stock in a research report on Friday, May 9th. Finally, Wedbush dropped their target price on shares of Ringcentral from $38.00 to $30.00 and set a "neutral" rating on the stock in a research report on Friday, May 9th.

Insider Buying and Selling at Ringcentral

In related news, COO Kira Makagon sold 21,185 shares of the firm's stock in a transaction 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 in the company, 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 document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Vladimir Shmunis sold 94,956 shares of the firm's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $26.56, for a total value of $2,522,031.36. Following the completion of the transaction, the chief executive officer owned 607,719 shares in the company, valued at $16,141,016.64. The trade was a 13.51% decrease in their position. The disclosure for this sale can be found here. Insiders sold 244,647 shares of company stock valued at $6,531,804 in the last 90 days. Company insiders own 6.97% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Kayne Anderson Rudnick Investment Management LLC acquired a new position in Ringcentral in the fourth quarter valued at approximately $49,000. Parallel Advisors LLC increased its holdings in shares of Ringcentral by 256.9% during the second quarter. Parallel Advisors LLC now owns 1,481 shares of the software maker's stock valued at $42,000 after acquiring an additional 1,066 shares in the last quarter. New Age Alpha Advisors LLC bought a new stake in shares of Ringcentral during the first quarter valued at approximately $49,000. PNC Financial Services Group Inc. increased its holdings in shares of Ringcentral by 26.6% during the first 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 in the last quarter. Finally, Quarry LP increased its holdings in shares of Ringcentral by 84.1% during the fourth quarter. Quarry LP now owns 3,501 shares of the software maker's stock valued at $123,000 after acquiring an additional 1,599 shares in the last quarter. Institutional investors own 98.61% of the company's stock.

Ringcentral Stock Performance

Ringcentral stock traded up $0.08 during trading on Friday, reaching $26.65. The company had a trading volume of 1,417,857 shares, compared to its average volume of 1,335,252. Ringcentral has a 12-month low of $20.59 and a 12-month high of $42.19. The stock's 50 day moving average price is $27.33 and its two-hundred day moving average price is $28.39. The firm has a market capitalization of $2.40 billion, a price-to-earnings ratio of -60.57, a PEG ratio of 0.86 and a beta of 1.29.

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