Ringcentral, Inc. (NYSE:RNG) has been given an average rating of “Buy” by the twelve ratings firms that are currently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and nine have assigned a buy rating to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $36.80.

RNG has been the topic of several recent analyst reports. Dougherty & Co initiated coverage on shares of Ringcentral in a research note on Wednesday, April 26th. They set a “buy” rating and a $36.00 target price on the stock. Morgan Stanley raised shares of Ringcentral from an “equal weight” rating to an “overweight” rating and set a $33.00 target price on the stock in a research note on Tuesday, April 11th. CIBC increased their target price on shares of Ringcentral from $29.00 to $32.00 and gave the stock an “outperform” rating in a research note on Friday, April 7th. Jefferies Group LLC upped their price target on shares of Ringcentral from $32.00 to $38.00 and gave the stock a “buy” rating in a research report on Friday, April 28th. Finally, William Blair restated an “outperform” rating on shares of Ringcentral in a research report on Monday, May 22nd.

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In related news, CEO Vladimir Shmunis sold 73,000 shares of the company’s stock in a transaction dated Thursday, July 13th. The shares were sold at an average price of $36.87, for a total transaction of $2,691,510.00. Following the completion of the transaction, the chief executive officer now owns 355,041 shares in the company, valued at approximately $13,090,361.67. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO John H. Marlow sold 3,000 shares of the company’s stock in a transaction dated Tuesday, April 18th. The stock was sold at an average price of $28.70, for a total transaction of $86,100.00. Following the transaction, the chief accounting officer now owns 139,007 shares of the company’s stock, valued at approximately $3,989,500.90. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 551,251 shares of company stock valued at $18,746,195. Insiders own 14.53% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in Ringcentral by 9.4% in the first quarter. Vanguard Group Inc. now owns 5,184,049 shares of the software maker’s stock worth $146,709,000 after buying an additional 446,995 shares during the last quarter. BlackRock Inc. increased its stake in Ringcentral by 64,315.0% in the first quarter. BlackRock Inc. now owns 3,827,538 shares of the software maker’s stock worth $108,320,000 after buying an additional 3,821,596 shares during the last quarter. Victory Capital Management Inc. increased its stake in Ringcentral by 6.2% in the first quarter. Victory Capital Management Inc. now owns 3,444,632 shares of the software maker’s stock worth $97,483,000 after buying an additional 200,850 shares during the last quarter. FMR LLC increased its stake in Ringcentral by 399.9% in the first quarter. FMR LLC now owns 2,073,108 shares of the software maker’s stock worth $58,668,000 after buying an additional 1,658,408 shares during the last quarter. Finally, Renaissance Technologies LLC increased its stake in Ringcentral by 17.9% in the first quarter. Renaissance Technologies LLC now owns 1,644,005 shares of the software maker’s stock worth $46,525,000 after buying an additional 249,505 shares during the last quarter. Institutional investors own 72.03% of the company’s stock.

Shares of Ringcentral (NYSE RNG) opened at 36.40 on Monday. The company’s market capitalization is $2.74 billion. Ringcentral has a 12-month low of $19.35 and a 12-month high of $39.00. The firm’s 50-day moving average price is $35.28 and its 200-day moving average price is $28.12.

Ringcentral (NYSE:RNG) last posted its earnings results on Tuesday, April 25th. The software maker reported ($0.09) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.09). Ringcentral had a negative net margin of 7.41% and a negative return on equity of 20.12%. The business had revenue of $111.80 million for the quarter, compared to analyst estimates of $110.35 million. During the same period in the prior year, the company posted $0.01 EPS. The company’s revenue for the quarter was up 29.2% on a year-over-year basis. On average, analysts expect that Ringcentral will post $0.16 EPS for the current fiscal year.

About Ringcentral

RingCentral, Inc is a provider of software-as-a-service (SaaS) solutions for businesses to support modern communications. The Company’s cloud-based business communications solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, personal computers (PCs) and desk phones, and allow for communication across multiple channels, including high definition (HD) voice, video, short messaging service (SMS), messaging and collaboration, conferencing, online meetings, and fax.

Analyst Recommendations for Ringcentral (NYSE:RNG)

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