Analysts Set RingCentral, Inc. (NYSE:RNG) PT at $37.69

Shares of RingCentral, Inc. (NYSE:RNG) have earned a consensus recommendation of “Hold” from the thirteen research firms that are presently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, seven have issued a hold recommendation and five have assigned a buy recommendation to the company. The average 12-month target price among analysts that have covered the stock in the last year is $37.69.

Several research firms have recently issued reports on RNG. Wells Fargo & Company reiterated an “underweight” rating and issued a $30.00 target price (down previously from $38.00) on shares of RingCentral in a research note on Tuesday, January 7th. UBS Group decreased their price objective on shares of RingCentral from $40.00 to $38.00 and set a “neutral” rating for the company in a research note on Friday, February 21st. Robert W. Baird cut their target price on RingCentral from $38.00 to $32.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 25th. StockNews.com downgraded RingCentral from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, April 1st. Finally, Needham & Company LLC cut their price objective on RingCentral from $42.00 to $36.00 and set a “buy” rating on the stock in a research report on Friday, February 21st.

Insider Transactions at RingCentral

In related news, CEO Vladimir Shmunis sold 66,112 shares of the firm’s stock in a transaction that occurred on Friday, February 21st. The shares were 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 of the company’s stock, valued at approximately $16,384,089. This trade represents a 10.42 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP John H. Marlow sold 22,979 shares of RingCentral stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $28.82, for a total transaction of $662,254.78. Following the completion of the transaction, the senior vice president now owns 348,599 shares of the company’s stock, valued at $10,046,623.18. This represents a 6.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 247,740 shares of company stock worth $7,099,279 over the last quarter. Corporate insiders own 6.97% of the company’s stock.

Institutional Trading of RingCentral

A number of institutional investors have recently added to or reduced their stakes in RNG. Kayne Anderson Rudnick Investment Management LLC bought a new stake in shares of RingCentral during the fourth quarter valued at about $49,000. Venturi Wealth Management LLC grew its stake in RingCentral by 55.2% during the fourth 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 in the last quarter. KBC Group NV increased 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 worth $122,000 after acquiring an additional 819 shares during the period. Quarry LP increased its holdings in RingCentral by 84.1% during the 4th quarter. Quarry LP now owns 3,501 shares of the software maker’s stock worth $123,000 after acquiring an additional 1,599 shares during the period. Finally, GAMMA Investing LLC lifted its stake in RingCentral by 1,803.3% in the 1st quarter. GAMMA Investing LLC now owns 5,843 shares of the software maker’s stock worth $145,000 after purchasing an additional 5,536 shares in the last quarter. Hedge funds and other institutional investors own 98.61% of the company’s stock.

RingCentral Price Performance

Shares of RingCentral stock opened at $22.87 on Friday. The business has a 50-day simple moving average of $28.14 and a 200 day simple moving average of $32.89. RingCentral has a one year low of $20.59 and a one year high of $42.19. The firm has a market capitalization of $2.07 billion, a price-to-earnings ratio of -35.73, a PEG ratio of 1.27 and a beta of 1.30.

RingCentral (NYSE:RNG) last released its quarterly earnings data on Thursday, February 20th. The software maker reported $0.23 EPS for the quarter, missing the consensus estimate of $0.96 by ($0.73). RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. The firm had revenue of $614.51 million for the quarter, compared to the consensus estimate of $612.37 million. On average, sell-side analysts expect that RingCentral will post 1.29 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.