Other research analysts have also issued reports about the stock. Wells Fargo & Company raised their price target on shares of RingCentral from $28.00 to $35.00 and gave the company an "equal weight" rating in a research note on Friday, August 2nd. Needham & Company LLC restated a "buy" rating and issued a $42.00 target price on shares of RingCentral in a research report on Monday, August 5th. Rosenblatt Securities upgraded RingCentral from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $35.00 to $45.00 in a research report on Friday, August 2nd. Deutsche Bank Aktiengesellschaft raised their price objective on RingCentral from $42.00 to $45.00 and gave the company a "buy" rating in a report on Tuesday, August 6th. Finally, Robert W. Baird increased their target price on shares of RingCentral from $35.00 to $36.00 and gave the company a "neutral" rating in a research report on Monday, August 5th. Eight investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $40.07.
Check Out Our Latest Stock Analysis on RNG
RNG stock traded up $1.38 during mid-day trading on Friday, reaching $32.73. 1,231,236 shares of the company's stock were exchanged, compared to its average volume of 1,229,388. The company has a market cap of $3.01 billion, a price-to-earnings ratio of -23.05, a price-to-earnings-growth ratio of 2.37 and a beta of 1.03. RingCentral has a 12-month low of $25.08 and a 12-month high of $38.35. The stock's 50 day moving average is $31.53 and its 200 day moving average is $31.87.
RingCentral (NYSE:RNG - Get Free Report) last released its quarterly earnings results on Thursday, August 1st. The software maker reported $0.91 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.88 by $0.03. The company had revenue of $592.91 million during the quarter, compared to analyst estimates of $586.39 million. RingCentral's revenue was up 9.9% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.03) EPS. On average, research analysts forecast that RingCentral will post 0.63 earnings per share for the current fiscal year.
In other RingCentral news, CFO Sonalee Elizabeth Parekh sold 9,913 shares of RingCentral stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $33.45, for a total transaction of $331,589.85. Following the completion of the sale, the chief financial officer now directly owns 358,622 shares in the company, valued at $11,995,905.90. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other RingCentral news, CFO Vaibhav Agarwal sold 10,184 shares of RingCentral stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $32.88, for a total value of $334,849.92. Following the completion of the transaction, the chief financial officer now directly owns 137,545 shares of the company's stock, valued at $4,522,479.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Sonalee Elizabeth Parekh sold 9,913 shares of the firm's stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $33.45, for a total transaction of $331,589.85. Following the completion of the transaction, the chief financial officer now directly owns 358,622 shares of the company's stock, valued at approximately $11,995,905.90. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 103,824 shares of company stock valued at $3,386,396 over the last 90 days. 6.76% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Capital World Investors boosted its stake in shares of RingCentral by 7.3% in the 1st quarter. Capital World Investors now owns 12,139,394 shares of the software maker's stock valued at $421,723,000 after buying an additional 825,156 shares during the period. Vanguard Group Inc. grew its holdings in RingCentral by 5.2% during the 1st quarter. Vanguard Group Inc. now owns 10,909,549 shares of the software maker's stock worth $378,998,000 after acquiring an additional 538,325 shares in the last quarter. Pacer Advisors Inc. increased its position in shares of RingCentral by 25.2% in the 2nd quarter. Pacer Advisors Inc. now owns 1,816,464 shares of the software maker's stock valued at $51,224,000 after purchasing an additional 365,738 shares during the last quarter. Cubist Systematic Strategies LLC lifted its position in shares of RingCentral by 130.1% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 414,347 shares of the software maker's stock worth $11,685,000 after purchasing an additional 234,238 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its stake in shares of RingCentral by 163.1% during the first quarter. Jacobs Levy Equity Management Inc. now owns 310,991 shares of the software maker's stock worth $10,804,000 after purchasing an additional 192,766 shares in the last quarter. Hedge funds and other institutional investors own 98.61% of the company's stock.
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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