Ringcentral, Inc. (NYSE:RNG) Receives $31.46 Average Price Target from Analysts

by · The Markets Daily

Shares of Ringcentral, Inc. (NYSE:RNG – Get Free Report) have been given a consensus recommendation of “Hold” by the sixteen ratings firms that are covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, ten have issued a hold recommendation and four have issued a buy recommendation on the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $31.4615.

Several analysts have recently commented on RNG shares. Needham & Company LLC restated a “buy” rating and set a $36.00 target price on shares of Ringcentral in a report on Tuesday, November 4th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Ringcentral in a research note on Monday, December 29th. Morgan Stanley lowered their price objective on Ringcentral from $31.00 to $30.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 15th. Rosenblatt Securities reiterated a “buy” rating and set a $32.00 target price on shares of Ringcentral in a research report on Tuesday, November 4th. Finally, Zacks Research downgraded Ringcentral from a “hold” rating to a “strong sell” rating in a research note on Tuesday, February 3rd.

Check Out Our Latest Stock Analysis on Ringcentral

Insider Activity

In other news, CFO Vaibhav Agarwal sold 14,971 shares of Ringcentral stock in a transaction on Friday, November 21st. The stock was sold at an average price of $25.96, for a total value of $388,647.16. Following the transaction, the chief financial officer owned 165,593 shares in the company, valued at approximately $4,298,794.28. This trade represents a 8.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Tarun Arora sold 3,888 shares of the company’s stock in a transaction on Monday, December 1st. The stock was sold at an average price of $28.70, for a total value of $111,585.60. Following the sale, the chief accounting officer owned 93,412 shares of the company’s stock, valued at approximately $2,680,924.40. This represents a 4.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 114,956 shares of company stock worth $3,139,914. Insiders own 7.30% of the company’s stock.

Institutional Trading of Ringcentral

Institutional investors have recently added to or reduced their stakes in the stock. Empowered Funds LLC boosted its position in shares of Ringcentral by 9.0% during the 1st quarter. Empowered Funds LLC now owns 11,417 shares of the software maker’s stock valued at $283,000 after acquiring an additional 940 shares during the last quarter. Woodline Partners LP increased its position in Ringcentral by 14.8% during the first quarter. Woodline Partners LP now owns 159,474 shares of the software maker’s stock valued at $3,949,000 after acquiring an additional 20,518 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Ringcentral by 2.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 261,190 shares of the software maker’s stock valued at $6,467,000 after purchasing an additional 5,398 shares in the last quarter. Wealth Enhancement Advisory Services LLC acquired a new position in Ringcentral during the 2nd quarter valued at about $277,000. Finally, Ameritas Advisory Services LLC acquired a new stake in Ringcentral during the 2nd quarter worth $49,000. Hedge funds and other institutional investors own 98.61% of the company’s stock.

Ringcentral Trading Down 1.5%

RNG stock traded down $0.42 during trading on Thursday, hitting $27.69. 1,143,722 shares of the stock traded hands, compared to its average volume of 2,107,027. The stock has a market cap of $2.40 billion, a price-to-earnings ratio of 197.89, a P/E/G ratio of 1.19 and a beta of 1.23. Ringcentral has a one year low of $20.58 and a one year high of $35.25. The company has a 50 day simple moving average of $28.29 and a 200 day simple moving average of $28.63.

Ringcentral Company Profile

(Get Free Report)

RingCentral, Inc is a leading provider of cloud-based business communications and collaboration solutions. The company’s flagship platform delivers unified communications as a service (UCaaS), integrating voice over IP (VoIP) phone systems, video conferencing, team messaging and SMS into a single, cloud-native application. In addition to its UCaaS offering, RingCentral provides contact center as a service (CCaaS) capabilities, enabling organizations to manage customer interactions across voice, email, chat and social channels from a centralized dashboard.

Founded in 1999 and headquartered in Belmont, California, RingCentral went public on the New York Stock Exchange under the ticker RNG in 2013.

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