Wedbush Issues Positive Forecast for RingCentral (NYSE:RNG) Stock Price

RingCentral (NYSE:RNG) had its target price raised by analysts at Wedbush from $36.00 to $41.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the software maker’s stock. Wedbush’s price objective points to a potential upside of 11.11% from the stock’s previous close.

Several other equities analysts also recently commented on RNG. StockNews.com downgraded RingCentral from a “strong-buy” rating to a “buy” rating in a research note on Saturday, October 19th. Robert W. Baird upped their price target on RingCentral from $35.00 to $36.00 and gave the company a “neutral” rating in a research report on Monday, August 5th. Rosenblatt Securities reissued a “buy” rating and issued a $45.00 price objective on shares of RingCentral in a report on Friday, November 1st. Wells Fargo & Company upped their price objective on shares of RingCentral from $28.00 to $35.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Finally, Piper Sandler lifted their target price on shares of RingCentral from $31.00 to $38.00 and gave the stock a “neutral” rating in a research note on Friday. Eight research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $39.93.

RingCentral Price Performance

Shares of RingCentral stock traded down $1.90 during trading hours on Friday, hitting $36.90. 707,296 shares of the company’s stock traded hands, compared to its average volume of 1,210,023. The company has a fifty day simple moving average of $32.04 and a 200-day simple moving average of $32.18. The stock has a market capitalization of $3.39 billion, a price-to-earnings ratio of -26.22, a PEG ratio of 2.92 and a beta of 0.99. RingCentral has a 12-month low of $26.23 and a 12-month high of $40.96.

RingCentral (NYSE:RNG) last announced its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, topping the consensus estimate of $0.14 by $0.10. The company had revenue of $608.77 million during the quarter, compared to the consensus estimate of $601.91 million. On average, analysts forecast that RingCentral will post 0.63 EPS for the current fiscal year.

Insider Activity

In related news, CFO Vaibhav Agarwal sold 1,985 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $31.40, for a total value of $62,329.00. Following the sale, the chief financial officer now owns 135,560 shares in the company, valued at approximately $4,256,584. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CFO Vaibhav Agarwal sold 1,985 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $31.40, for a total value of $62,329.00. Following the transaction, the chief financial officer now directly owns 135,560 shares in the company, valued at approximately $4,256,584. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Vladimir Shmunis sold 62,244 shares of RingCentral stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $32.51, for a total transaction of $2,023,552.44. Following the sale, the chief executive officer now owns 573,725 shares of the company’s stock, valued at approximately $18,651,799.75. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 103,824 shares of company stock worth $3,386,396 in the last three months. Corporate insiders own 6.76% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RNG. Capital World Investors lifted its stake in RingCentral by 7.3% during the first quarter. Capital World Investors now owns 12,139,394 shares of the software maker’s stock worth $421,723,000 after purchasing an additional 825,156 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of RingCentral by 5.2% during the 1st quarter. Vanguard Group Inc. now owns 10,909,549 shares of the software maker’s stock valued at $378,998,000 after buying an additional 538,325 shares in the last quarter. Pacer Advisors Inc. lifted its position in RingCentral by 25.2% in the 2nd quarter. Pacer Advisors Inc. now owns 1,816,464 shares of the software maker’s stock worth $51,224,000 after buying an additional 365,738 shares during the last quarter. Renaissance Technologies LLC boosted its stake in RingCentral by 3.5% in the second quarter. Renaissance Technologies LLC now owns 1,606,700 shares of the software maker’s stock worth $45,309,000 after buying an additional 54,500 shares in the last quarter. Finally, AQR Capital Management LLC grew its position in RingCentral by 2.4% during the second quarter. AQR Capital Management LLC now owns 881,109 shares of the software maker’s stock valued at $24,706,000 after acquiring an additional 20,666 shares during the last quarter. 98.61% of the stock is currently owned by hedge funds and other institutional investors.

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.