RingCentral, Inc. (NYSE:RNG) Receives Consensus Rating of “Buy” from Analysts

RingCentral, Inc. (NYSE:RNG) has earned an average rating of “Buy” from the twenty brokerages that are presently covering the firm, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold recommendation, twelve have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $420.89.

Several research firms recently issued reports on RNG. Piper Sandler cut their target price on RingCentral from $401.00 to $342.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 4th. They noted that the move was a valuation call. Zacks Investment Research raised RingCentral from a “sell” rating to a “hold” rating and set a $285.00 target price on the stock in a research report on Tuesday, July 27th. Colliers Securities reissued a “buy” rating and issued a $470.00 target price on shares of RingCentral in a research report on Wednesday, September 1st. Deutsche Bank Aktiengesellschaft cut their target price on RingCentral from $450.00 to $400.00 and set a “buy” rating on the stock in a research report on Wednesday, August 4th. Finally, Needham & Company LLC assumed coverage on RingCentral in a research report on Monday, June 21st. They set a “buy” rating and a $360.00 price target on the stock.

Shares of RNG opened at $232.81 on Friday. RingCentral has a 12 month low of $212.66 and a 12 month high of $449.00. The stock has a fifty day moving average price of $254.48 and a 200-day moving average price of $280.02. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 14.81. The firm has a market cap of $21.30 billion, a PE ratio of -157.30 and a beta of 0.64.

RingCentral (NYSE:RNG) last released its earnings results on Tuesday, August 3rd. The software maker reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.57) by $0.89. RingCentral had a negative return on equity of 59.27% and a negative net margin of 9.78%. As a group, research analysts forecast that RingCentral will post -1.9 EPS for the current year.

In related news, CEO Vladimir Shmunis sold 29,652 shares of the firm’s stock in a transaction dated Tuesday, September 14th. The shares were sold at an average price of $218.58, for a total value of $6,481,334.16. Following the transaction, the chief executive officer now directly owns 172,382 shares of the company’s stock, valued at approximately $37,679,257.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO John H. Marlow sold 7,500 shares of the firm’s stock in a transaction dated Thursday, September 9th. The shares were sold at an average price of $233.78, for a total transaction of $1,753,350.00. Following the completion of the transaction, the chief accounting officer now directly owns 195,089 shares in the company, valued at $45,607,906.42. The disclosure for this sale can be found here. Insiders have sold a total of 98,425 shares of company stock worth $23,842,798 over the last 90 days. Insiders own 7.35% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RNG. Godsey & Gibb Associates purchased a new position in RingCentral in the 2nd quarter worth approximately $29,000. Capital Analysts LLC acquired a new stake in shares of RingCentral during the 2nd quarter worth approximately $29,000. Lindbrook Capital LLC increased its holdings in shares of RingCentral by 317.9% during the 2nd quarter. Lindbrook Capital LLC now owns 117 shares of the software maker’s stock worth $34,000 after buying an additional 89 shares during the last quarter. PNC Managed Account Solutions Inc. acquired a new stake in shares of RingCentral during the 2nd quarter worth approximately $40,000. Finally, Nicholas Company Inc. acquired a new stake in shares of RingCentral during the 2nd quarter worth approximately $58,000. 84.31% of the stock is currently owned by institutional investors and hedge funds.

RingCentral Company Profile

RingCentral, Inc engages in the provision of global enterprise cloud communications and collaboration solutions. The firm’s solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, PCs and desk phones; and allow for communication across multiple modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings and fax.

Further Reading: What is the Euro STOXX 50 Index?

Analyst Recommendations for RingCentral (NYSE:RNG)

Receive News & Ratings for RingCentral Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for RingCentral and related companies with MarketBeat.com's FREE daily email newsletter.