RingCentral, Inc. (NYSE:RNG – Get Free Report) has received a consensus rating of “Moderate Buy” from the sixteen analysts that are presently covering the company, Marketbeat reports. Eight equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating on the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $38.56.
A number of research analysts have recently weighed in on RNG shares. Piper Sandler cut their price objective on RingCentral from $34.00 to $31.00 and set a “neutral” rating for the company in a research report on Wednesday, February 21st. Morgan Stanley cut their price objective on RingCentral from $35.00 to $32.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 17th. Wedbush restated a “neutral” rating and set a $40.00 price objective on shares of RingCentral in a research report on Friday, February 16th. Needham & Company LLC lowered their price target on shares of RingCentral from $46.00 to $42.00 and set a “buy” rating for the company in a report on Wednesday, February 21st. Finally, The Goldman Sachs Group lowered their price target on shares of RingCentral from $38.00 to $34.00 and set a “neutral” rating for the company in a report on Wednesday, February 21st.
Read Our Latest Stock Report on RingCentral
Insiders Place Their Bets
Hedge Funds Weigh In On RingCentral
Institutional investors and hedge funds have recently bought and sold shares of the company. Readystate Asset Management LP grew its holdings in RingCentral by 68.9% in the fourth quarter. Readystate Asset Management LP now owns 228,810 shares of the software maker’s stock worth $7,768,000 after purchasing an additional 93,361 shares during the last quarter. Ameriprise Financial Inc. lifted its stake in shares of RingCentral by 515.7% during the third quarter. Ameriprise Financial Inc. now owns 2,716,470 shares of the software maker’s stock worth $80,489,000 after buying an additional 2,275,245 shares during the period. Vanguard Group Inc. lifted its stake in shares of RingCentral by 4.9% during the third quarter. Vanguard Group Inc. now owns 9,988,881 shares of the software maker’s stock worth $295,971,000 after buying an additional 469,280 shares during the period. DekaBank Deutsche Girozentrale acquired a new stake in shares of RingCentral during the third quarter worth $92,000. Finally, Rafferty Asset Management LLC lifted its stake in shares of RingCentral by 6.9% during the third quarter. Rafferty Asset Management LLC now owns 24,040 shares of the software maker’s stock worth $712,000 after buying an additional 1,562 shares during the period. 98.61% of the stock is owned by hedge funds and other institutional investors.
RingCentral Stock Performance
Shares of RNG stock opened at $30.64 on Friday. RingCentral has a 52-week low of $25.08 and a 52-week high of $43.28. The firm has a market capitalization of $2.83 billion, a PE ratio of -17.51, a PEG ratio of 3.25 and a beta of 0.92. The stock has a fifty day simple moving average of $32.92 and a two-hundred day simple moving average of $31.85.
RingCentral (NYSE:RNG – Get Free Report) last issued its quarterly earnings data on Tuesday, February 20th. The software maker reported ($0.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.31). The firm had revenue of $571.27 million during the quarter, compared to analysts’ expectations of $569.65 million. On average, sell-side analysts forecast that RingCentral will post 0.45 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.
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