Analysts Set Ringcentral, Inc. (NYSE:RNG) Target Price at $31.54

Shares of Ringcentral, Inc. (NYSE:RNG) have been assigned an average rating of “Hold” from the fifteen analysts that are covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $31.5385.

Several equities research analysts have issued reports on the stock. Rosenblatt Securities restated a “buy” rating and set a $32.00 price objective on shares of Ringcentral in a research report on Tuesday, November 4th. Needham & Company LLC reiterated a “buy” rating and set a $36.00 target price on shares of Ringcentral in a research note on Tuesday, November 4th. Weiss Ratings restated a “sell (d+)” rating on shares of Ringcentral in a research note on Monday, December 29th. Morgan Stanley upped their price objective on Ringcentral from $29.00 to $31.00 and gave the company an “equal weight” rating in a report on Tuesday, November 4th. Finally, Wells Fargo & Company initiated coverage on Ringcentral in a research report on Tuesday, September 30th. They set an “equal weight” rating and a $32.00 price objective on the stock.

Ringcentral Price Performance

Shares of Ringcentral stock opened at $28.47 on Friday. The business has a fifty day simple moving average of $28.62 and a two-hundred day simple moving average of $28.81. Ringcentral has a 1 year low of $20.58 and a 1 year high of $36.43. The company has a market capitalization of $2.46 billion, a price-to-earnings ratio of 203.38, a P/E/G ratio of 1.22 and a beta of 1.22.

Ringcentral (NYSE:RNG) last released its quarterly earnings data on Monday, November 3rd. The software maker reported $1.13 EPS for the quarter, beating the consensus estimate of $1.08 by $0.05. The firm had revenue of $638.66 million for the quarter, compared to the consensus estimate of $635.39 million. Ringcentral had a net margin of 0.53% and a negative return on equity of 22.38%. The company’s quarterly revenue was up 4.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.95 earnings per share. Ringcentral has set its FY 2025 guidance at 4.290-4.330 EPS and its Q4 2025 guidance at 1.120-1.150 EPS. As a group, equities analysts anticipate that Ringcentral will post 1.29 earnings per share for the current fiscal year.

Insider Buying and Selling at Ringcentral

In other Ringcentral news, CFO Vaibhav Agarwal sold 14,971 shares of the business’s stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $25.96, for a total value of $388,647.16. Following the completion of the sale, the chief financial officer owned 165,593 shares of the company’s stock, valued at $4,298,794.28. The trade was a 8.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Kira Makagon sold 6,495 shares of the firm’s stock in a transaction that occurred on Friday, December 26th. The stock was sold at an average price of $29.22, for a total transaction of $189,783.90. Following the transaction, the chief operating officer directly owned 336,162 shares in the company, valued at $9,822,653.64. This represents a 1.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 115,838 shares of company stock worth $3,164,064 over the last quarter. Company insiders own 7.30% of the company’s stock.

Institutional Trading of Ringcentral

Several large investors have recently modified their holdings of the stock. Fort Washington Investment Advisors Inc. OH raised its stake in Ringcentral by 7.6% in the fourth quarter. Fort Washington Investment Advisors Inc. OH now owns 1,316,598 shares of the software maker’s stock valued at $38,023,000 after purchasing an additional 92,508 shares in the last quarter. SG Americas Securities LLC grew its stake in Ringcentral by 7,230.7% during the fourth quarter. SG Americas Securities LLC now owns 268,963 shares of the software maker’s stock worth $7,768,000 after buying an additional 265,294 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in Ringcentral by 242.8% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 30,589 shares of the software maker’s stock valued at $881,000 after buying an additional 21,665 shares during the period. IFP Advisors Inc raised its position in shares of Ringcentral by 21.7% in the 3rd quarter. IFP Advisors Inc now owns 3,389 shares of the software maker’s stock valued at $96,000 after buying an additional 605 shares in the last quarter. Finally, Centaurus Financial Inc. lifted its holdings in shares of Ringcentral by 33.2% during the 3rd quarter. Centaurus Financial Inc. now owns 9,896 shares of the software maker’s stock worth $280,000 after acquiring an additional 2,464 shares during the period. 98.61% of the stock is owned by institutional investors and hedge funds.

Ringcentral Company Profile

RingCentral, Inc is a leading provider of cloud-based business communications and collaboration solutions. The company’s flagship platform delivers unified communications as a service (UCaaS), integrating voice over IP (VoIP) phone systems, video conferencing, team messaging and SMS into a single, cloud-native application. In addition to its UCaaS offering, RingCentral provides contact center as a service (CCaaS) capabilities, enabling organizations to manage customer interactions across voice, email, chat and social channels from a centralized dashboard.

Founded in 1999 and headquartered in Belmont, California, RingCentral went public on the New York Stock Exchange under the ticker RNG in 2013.