RingCentral, Inc. (RNG) – What Are Analysts Thinking About This Stock?

RingCentral, Inc. (NYSE:RNG) has been given a consensus rating of “Hold” by the fourteen analysts that are covering the firm, MarketBeat Ratings reports. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $93.92.

Several research firms have recently issued reports on RNG. Weiss Ratings upgraded RingCentral from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, October 26th. Jefferies Financial Group upped their price target on RingCentral from $40.00 to $75.00 and gave the company a “hold” rating in a research note on Friday, October 23rd. Morgan Stanley increased their price target on shares of RingCentral from $41.00 to $91.00 and gave the company an “equal weight” rating in a research report on Friday, October 23rd. Piper Sandler lifted their price objective on shares of RingCentral from $43.00 to $94.00 and gave the stock a “neutral” rating in a research note on Friday, October 23rd. Finally, Robert W. Baird set a $95.00 price objective on shares of RingCentral in a report on Friday, October 23rd.

Insider Activity at RingCentral

In related news, Director Amy Shenkan sold 1,264 shares of the company’s stock in a transaction on Friday, October 2nd. The shares were sold at an average price of $78.89, for a total value of $99,716.96. Following the completion of the sale, the director owned 28,108 shares in the company, valued at $2,217,440.12. This represents a 4.30% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Vaibhav Agarwal sold 7,046 shares of the firm’s stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $72.10, for a total value of $508,016.60. Following the sale, the chief financial officer directly owned 146,700 shares in the company, valued at $10,577,070. The trade was a 4.58% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 84,625 shares of company stock valued at $6,024,953. 7.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Eurizon Capital SGR S.p.A. bought a new stake in shares of RingCentral in the third quarter worth about $26,000. Fortitude Family Office LLC lifted its holdings in shares of RingCentral by 128.1% during the 3rd quarter. Fortitude Family Office LLC now owns 349 shares of the software maker’s stock valued at $26,000 after purchasing an additional 196 shares in the last quarter. Elevation Wealth Partners LLC grew its position in shares of RingCentral by 119.3% in the 3rd quarter. Elevation Wealth Partners LLC now owns 546 shares of the software maker’s stock valued at $41,000 after purchasing an additional 297 shares during the period. WealthCollab LLC grew its position in shares of RingCentral by 59.7% in the 1st quarter. WealthCollab LLC now owns 693 shares of the software maker’s stock valued at $26,000 after purchasing an additional 259 shares during the period. Finally, Meeder Asset Management Inc. grew its position in shares of RingCentral by 127.3% in the 1st quarter. Meeder Asset Management Inc. now owns 732 shares of the software maker’s stock valued at $27,000 after purchasing an additional 410 shares during the period. 98.61% of the stock is owned by institutional investors and hedge funds.

RingCentral Stock Up 2.3%

NYSE:RNG opened at $75.03 on Friday. RingCentral has a 12-month low of $24.14 and a 12-month high of $98.14. The stock’s fifty day simple moving average is $76.94 and its 200-day simple moving average is $51.06. The firm has a market capitalization of $6.34 billion, a P/E ratio of 9.92, a P/E/G ratio of 1.24 and a beta of 1.05.

RingCentral (NYSE:RNG) last released its quarterly earnings data on Thursday, October 22nd. The software maker reported $1.33 EPS for the quarter, beating analysts’ consensus estimates of $1.28 by $0.05. RingCentral had a negative return on equity of 50.15% and a net margin of 25.27%. The business had revenue of $676.04 million during the quarter, compared to the consensus estimate of $667.30 million. During the same quarter in the prior year, the company posted $1.13 earnings per share. The firm’s revenue was up 5.8% on a year-over-year basis. As a group, equities research analysts expect that RingCentral will post 2.96 earnings per share for the current year.

RingCentral Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 20th. Stockholders of record on Friday, November 6th will be given a dividend of $0.1250 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend is Friday, November 6th. RingCentral’s dividend payout ratio (DPR) is currently 6.61%.

About RingCentral

RingCentral, Inc. provides cloud-based communications and collaboration services for businesses. Its offerings combine business phone service, video meetings, team messaging and related tools in a unified communications platform. The company also offers contact center services that help organizations manage customer interactions across channels, along with integrations with business software. Its services are delivered to organizations in multiple countries and regions. RingCentral was founded in 1999 by Vlad Shmunis, who serves as the company’s founder, chairman and chief executive officer.