Brokerages Set RingCentral, Inc. (NYSE:RNG) Price Target at $39.28

Shares of RingCentral, Inc. (NYSE:RNGGet Free Report) have earned a consensus recommendation of “Moderate Buy” from the nineteen research firms that are covering the firm, MarketBeat Ratings reports. Ten research analysts have rated the stock with a hold recommendation, eight have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $39.28.

A number of analysts recently commented on RNG shares. Piper Sandler boosted their price objective on shares of RingCentral from $31.00 to $32.00 and gave the stock a “neutral” rating in a report on Wednesday, May 8th. Deutsche Bank Aktiengesellschaft upped their price target on RingCentral from $38.00 to $42.00 and gave the stock a “buy” rating in a report on Thursday, May 9th. UBS Group lifted their price objective on RingCentral from $37.00 to $40.00 and gave the stock a “neutral” rating in a report on Wednesday, May 8th. Wells Fargo & Company upped their target price on RingCentral from $31.00 to $33.00 and gave the company an “equal weight” rating in a report on Wednesday, May 8th. Finally, KeyCorp cut their price target on RingCentral from $50.00 to $48.00 and set an “overweight” rating for the company in a research note on Wednesday, February 21st.

View Our Latest Stock Analysis on RNG

RingCentral Stock Down 3.9 %

Shares of NYSE:RNG opened at $27.16 on Friday. RingCentral has a 52 week low of $25.08 and a 52 week high of $43.28. The company has a 50-day moving average price of $32.59 and a 200 day moving average price of $33.19. The company has a market cap of $2.50 billion, a P/E ratio of -18.23, a PEG ratio of 2.44 and a beta of 1.02.

RingCentral (NYSE:RNGGet Free Report) last announced its quarterly earnings data on Tuesday, May 7th. The software maker reported $0.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.05. The business had revenue of $584.21 million for the quarter, compared to analyst estimates of $577.81 million. Analysts expect that RingCentral will post 0.54 EPS for the current year.

Insider Activity

In related news, CFO Vaibhav Agarwal sold 1,984 shares of the stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $34.55, for a total transaction of $68,547.20. Following the transaction, the chief financial officer now directly owns 114,656 shares in the company, valued at $3,961,364.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CFO Vaibhav Agarwal sold 1,984 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $34.55, for a total value of $68,547.20. Following the completion of the sale, the chief financial officer now directly owns 114,656 shares in the company, valued at $3,961,364.80. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Sonalee Elizabeth Parekh sold 8,478 shares of the stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $34.85, for a total transaction of $295,458.30. Following the transaction, the chief financial officer now directly owns 388,919 shares in the company, valued at approximately $13,553,827.15. The disclosure for this sale can be found here. Insiders sold a total of 21,868 shares of company stock valued at $774,736 over the last quarter. Company insiders own 6.76% of the company’s stock.

Institutional Investors Weigh In On RingCentral

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC purchased a new stake in shares of RingCentral during the 4th quarter worth about $26,000. Hexagon Capital Partners LLC grew its stake in RingCentral by 116.8% during the fourth quarter. Hexagon Capital Partners LLC now owns 930 shares of the software maker’s stock worth $32,000 after buying an additional 501 shares during the period. Tennessee Valley Asset Management Partners acquired a new stake in shares of RingCentral in the fourth quarter worth $33,000. Nisa Investment Advisors LLC increased its position in shares of RingCentral by 100.0% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,000 shares of the software maker’s stock worth $34,000 after acquiring an additional 500 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. raised its stake in shares of RingCentral by 438.1% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 1,200 shares of the software maker’s stock valued at $41,000 after acquiring an additional 977 shares during the period. 98.61% of the stock is currently owned by institutional investors and hedge funds.

RingCentral Company Profile

(Get Free Report

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.

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