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

RingCentral, Inc. (NYSE:RNG) has earned a consensus rating of “Moderate Buy” from the nineteen research firms that are covering the firm, Marketbeat.com reports. Ten research analysts have rated the stock with a hold recommendation, eight have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $39.28.

Several research analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft upped their target price on RingCentral from $38.00 to $42.00 and gave the stock a “buy” rating in a research note on Thursday, May 9th. The Goldman Sachs Group decreased their price target on RingCentral from $38.00 to $34.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 21st. Morgan Stanley decreased their price target on RingCentral from $35.00 to $32.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 17th. Wells Fargo & Company upped their price target on RingCentral from $31.00 to $33.00 and gave the company an “equal weight” rating in a research note on Wednesday, May 8th. Finally, UBS Group upped their price target on RingCentral from $37.00 to $40.00 and gave the company a “neutral” rating in a research note on Wednesday, May 8th.

Insider Activity

In related news, Director Kenneth A. Goldman sold 1,287 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $34.47, for a total transaction of $44,362.89. Following the transaction, the director now owns 23,688 shares in the company, valued at approximately $816,525.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other RingCentral news, CFO Vaibhav Agarwal sold 11,406 shares of RingCentral stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $36.01, for a total value of $410,730.06. Following the transaction, the chief financial officer now directly owns 158,784 shares in the company, valued at approximately $5,717,811.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kenneth A. Goldman sold 1,287 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $34.47, for a total value of $44,362.89. Following the completion of the sale, the director now directly owns 23,688 shares of the company’s stock, valued at $816,525.36. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 28,790 shares of company stock worth $1,015,337. 6.76% of the stock is currently owned by insiders.

Institutional Trading of RingCentral

Several hedge funds have recently modified their holdings of the business. Comerica Bank raised its holdings in RingCentral by 1,715.5% during the first quarter. Comerica Bank now owns 13,090 shares of the software maker’s stock worth $455,000 after purchasing an additional 12,369 shares during the last quarter. Jacobs Levy Equity Management Inc. increased its position in RingCentral by 163.1% during the first quarter. Jacobs Levy Equity Management Inc. now owns 310,991 shares of the software maker’s stock worth $10,804,000 after buying an additional 192,766 shares in the last quarter. BOKF NA grew its position in shares of RingCentral by 144.3% in the first quarter. BOKF NA now owns 76,694 shares of the software maker’s stock valued at $2,588,000 after purchasing an additional 45,299 shares during the period. Capital World Investors grew its position in shares of RingCentral by 7.3% in the first quarter. Capital World Investors now owns 12,139,394 shares of the software maker’s stock valued at $421,723,000 after purchasing an additional 825,156 shares during the period. Finally, Natixis purchased a new stake in shares of RingCentral in the first quarter valued at $837,000. 98.61% of the stock is owned by institutional investors and hedge funds.

RingCentral Trading Down 2.5 %

Shares of NYSE:RNG opened at $34.53 on Tuesday. RingCentral has a 12-month low of $25.08 and a 12-month high of $43.28. The company has a market capitalization of $3.18 billion, a PE ratio of -23.17, a PEG ratio of 3.14 and a beta of 0.94. The business has a 50 day moving average of $33.25 and a two-hundred day moving average of $32.65.

RingCentral (NYSE:RNG) last announced its quarterly earnings results 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 business had revenue of $571.27 million during the quarter, compared to the consensus estimate of $569.65 million. Equities research analysts predict that RingCentral will post 0.54 earnings per share for the current fiscal year.

About RingCentral

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.