Analysts Set RingCentral, Inc. (NYSE:RNG) PT at $40.60

RingCentral, Inc. (NYSE:RNG) has earned an average recommendation of “Hold” from the thirteen research firms that are currently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, seven have assigned a hold recommendation and five have issued a buy recommendation on the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $37.69.

RNG has been the subject of several research reports. Robert W. Baird cut their price target on RingCentral from $38.00 to $32.00 and set a “neutral” rating for the company in a report on Tuesday. StockNews.com raised RingCentral from a “buy” rating to a “strong-buy” rating in a report on Thursday, February 20th. Wells Fargo & Company reaffirmed an “underweight” rating and set a $30.00 price target (down previously from $38.00) on shares of RingCentral in a report on Tuesday, January 7th. Rosenblatt Securities cut their price target on RingCentral from $45.00 to $40.00 and set a “buy” rating for the company in a report on Friday, February 21st. Finally, Barclays cut their price target on RingCentral from $37.00 to $31.00 and set an “equal weight” rating for the company in a report on Friday, February 21st.

Insider Buying and Selling

In related news, Director Robert I. Theis sold 1,457 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $37.79, for a total value of $55,060.03. Following the sale, the director now directly owns 28,690 shares of the company’s stock, valued at $1,084,195.10. This trade represents a 4.83 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Vladimir Shmunis sold 123,560 shares of the firm’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $28.56, for a total value of $3,528,873.60. Following the completion of the sale, the chief executive officer now directly owns 444,740 shares in the company, valued at $12,701,774.40. This trade represents a 21.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 260,831 shares of company stock worth $7,642,238. Company insiders own 6.97% of the company’s stock.

Institutional Trading of RingCentral

Several large investors have recently bought and sold shares of the business. Hennessy Advisors Inc. bought a new position in shares of RingCentral in the 4th quarter valued at $59,055,000. Arrowstreet Capital Limited Partnership increased its holdings in RingCentral by 414.3% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,445,245 shares of the software maker’s stock worth $50,598,000 after purchasing an additional 1,164,241 shares in the last quarter. Pacer Advisors Inc. raised its position in RingCentral by 45.3% in the third quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker’s stock valued at $83,483,000 after purchasing an additional 822,892 shares during the last quarter. Valley Wealth Managers Inc. acquired a new stake in shares of RingCentral during the fourth quarter valued at about $20,792,000. Finally, Capital World Investors boosted its stake in shares of RingCentral by 5.9% during the fourth quarter. Capital World Investors now owns 10,663,441 shares of the software maker’s stock valued at $373,327,000 after purchasing an additional 591,398 shares in the last quarter. 98.61% of the stock is owned by institutional investors and hedge funds.

RingCentral Trading Down 0.4 %

NYSE RNG opened at $28.67 on Thursday. The company has a market cap of $2.59 billion, a PE ratio of -44.80, a PEG ratio of 1.27 and a beta of 1.01. RingCentral has a 12 month low of $26.98 and a 12 month high of $42.19. The stock has a 50 day moving average of $34.21 and a 200-day moving average of $34.17.

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). The company had revenue of $614.51 million during the quarter, compared to analyst estimates of $612.37 million. RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. As a group, sell-side analysts predict that RingCentral will post 1.29 EPS for the current fiscal 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.