RingCentral, Inc. (NYSE:RNG – Get Free Report) has received an average rating of “Moderate Buy” from the sixteen analysts that are presently covering the company, MarketBeat.com reports. Eight research analysts have rated the stock with a hold recommendation, seven have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $38.89.
A number of equities research analysts recently issued reports on RNG shares. Piper Sandler decreased their price target on RingCentral from $34.00 to $31.00 and set a “neutral” rating for the company in a research note on Wednesday, February 21st. Wedbush restated a “neutral” rating and issued a $40.00 target price on shares of RingCentral in a research note on Friday, February 16th. Mizuho decreased their price target on shares of RingCentral from $40.00 to $36.00 and set a “buy” rating for the company in a research note on Wednesday, February 21st. Wells Fargo & Company dropped their price target on RingCentral from $36.00 to $31.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 21st. Finally, Needham & Company LLC decreased their price objective on RingCentral from $46.00 to $42.00 and set a “buy” rating for the company in a report on Wednesday, February 21st.
View Our Latest Stock Report on RingCentral
Insiders Place Their Bets
Institutional Investors Weigh In On RingCentral
Institutional investors and hedge funds have recently modified their holdings of the company. GAMMA Investing LLC acquired a new stake in RingCentral during the 4th quarter worth about $26,000. Advisors Asset Management Inc. boosted its position in RingCentral by 51.5% in the 1st quarter. Advisors Asset Management Inc. now owns 886 shares of the software maker’s stock worth $104,000 after purchasing an additional 301 shares in the last quarter. Hexagon Capital Partners LLC grew its stake in shares of RingCentral by 116.8% during the 4th quarter. Hexagon Capital Partners LLC now owns 930 shares of the software maker’s stock worth $32,000 after purchasing an additional 501 shares during the period. Tennessee Valley Asset Management Partners purchased a new position in shares of RingCentral during the 4th quarter valued at approximately $33,000. Finally, Nisa Investment Advisors LLC lifted its stake in shares of RingCentral by 100.0% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,000 shares of the software maker’s stock valued at $34,000 after purchasing an additional 500 shares during the period. Institutional investors and hedge funds own 98.61% of the company’s stock.
RingCentral Stock Down 1.0 %
NYSE RNG opened at $32.41 on Monday. RingCentral has a 52 week low of $25.08 and a 52 week high of $43.28. The company has a fifty day moving average of $33.65 and a two-hundred day moving average of $31.69.
RingCentral (NYSE:RNG – Get Free Report) last posted 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 company had revenue of $571.27 million for the quarter, compared to the consensus estimate of $569.65 million. Equities analysts anticipate 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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