Recent Analysts’ Ratings Changes for RingCentral (RNG)

Several brokerages have updated their recommendations and price targets on shares of RingCentral (NYSE: RNG) in the last few weeks:

• 5/9/2024 – RingCentral was upgraded by analysts at StockNews.com from a “buy” rating to a “strong-buy” rating.
• 5/9/2024 – RingCentral had its “neutral” rating reaffirmed by analysts at Wedbush. They now have a $40.00 price target on the stock.
• 5/9/2024 – RingCentral had its price target raised by analysts at Robert W. Baird from $32.00 to $35.00. They now have a “neutral” rating on the stock.
• 5/9/2024 – RingCentral had its price target raised by analysts at Deutsche Bank Aktiengesellschaft from $38.00 to $42.00. They now have a “buy” rating on the stock.
• 5/8/2024 – RingCentral had its price target raised by analysts at Piper Sandler from $31.00 to $32.00. They now have a “neutral” rating on the stock.
• 5/8/2024 – RingCentral had its price target raised by analysts at UBS Group AG from $37.00 to $40.00. They now have a “neutral” rating on the stock.
• 5/8/2024 – RingCentral had its price target raised by analysts at Wells Fargo & Company from $31.00 to $33.00. They now have an “equal weight” rating on the stock.
• 5/8/2024 – RingCentral had its “buy” rating reaffirmed by analysts at Needham & Company LLC. They now have a $42.00 price target on the stock.
• 5/8/2024 – RingCentral had its price target raised by analysts at Mizuho from $36.00 to $38.00. They now have a “buy” rating on the stock.
• 5/1/2024 – RingCentral had its “neutral” rating reaffirmed by analysts at Rosenblatt Securities. They now have a $35.00 price target on the stock.
• 4/17/2024 – RingCentral had its price target lowered by analysts at Morgan Stanley from $35.00 to $32.00. They now have an “equal weight” rating on the stock.

RingCentral Stock Up 3.1 %

Shares of RingCentral stock opened at $35.46 on Friday. The firm’s 50-day moving average price is $32.87 and its two-hundred day moving average price is $31.94. RingCentral, Inc. has a 12-month low of $25.08 and a 12-month high of $43.28. The company has a market capitalization of $3.27 billion, a price-to-earnings ratio of -20.26, a PEG ratio of 3.24 and a beta of 0.94.

RingCentral (NYSE:RNG) last released its quarterly earnings data on Tuesday, February 20th. The software maker reported ($0.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.31). The company had revenue of $571.27 million for the quarter, compared to analyst estimates of $569.65 million. On average, sell-side analysts expect that RingCentral, Inc. will post 0.45 earnings per share for the current year.

Insider Buying and Selling

In other RingCentral news, CFO Vaibhav Agarwal sold 6,224 shares of the business’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $31.55, for a total transaction of $196,367.20. Following the completion of the sale, the chief financial officer now owns 130,753 shares in the company, valued at approximately $4,125,257.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO Vaibhav Agarwal sold 6,224 shares of RingCentral stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $31.55, for a total transaction of $196,367.20. Following the sale, the chief financial officer now directly owns 130,753 shares in the company, valued at $4,125,257.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kenneth A. Goldman sold 1,287 shares of RingCentral stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $34.47, for a total transaction of $44,362.89. Following the completion of the sale, the director now directly owns 23,688 shares in the company, valued at approximately $816,525.36. The disclosure for this sale can be found here. Insiders have sold a total of 23,608 shares of company stock worth $800,974 in the last ninety days. Corporate insiders own 6.76% of the company’s stock.

Institutional Trading of RingCentral

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of RingCentral by 3.8% during the 4th quarter. Vanguard Group Inc. now owns 10,371,224 shares of the software maker’s stock worth $352,103,000 after acquiring an additional 382,343 shares during the last quarter. Sylebra Capital LLC purchased a new position in shares of RingCentral in the 3rd quarter worth about $242,462,000. Ameriprise Financial Inc. boosted its stake in RingCentral by 515.7% in 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 in the last quarter. First Trust Advisors LP grew its position in RingCentral by 15.9% during the fourth quarter. First Trust Advisors LP now owns 1,991,917 shares of the software maker’s stock valued at $67,626,000 after acquiring an additional 273,109 shares during the last quarter. Finally, Norges Bank bought a new position in RingCentral during the fourth quarter valued at approximately $30,471,000. Institutional investors own 98.61% of the company’s stock.

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.