RingCentral Inc. (NYSE:RNG) shares traded 3.02% higher at $35.12 on Wall Street last session.
In accordance with the data, 30 analysts cover RingCentral Inc. (NYSE:RNG). The consensus rating among analysts is ‘Overweight’. As we calculate the median target price by taking the range between a high of $65.00 and a low of $30.00, we find $45.00. Given the previous closing price of $34.09, this indicates a potential upside of 32.0 percent. RNG stock price is now 11.29% away from the 50-day moving average and 2.22% away from the 200-day moving average. The market capitalization of the company currently stands at $3.28B.
It has been rated a hold by 9 analysts and a buy by 18. Brokers who have rated the stock have averaged $45.68 as their price target over the next twelve months.
With the price target maintained at $42, Needham recently Upgraded its rating from Hold to Buy for RingCentral Inc. (NYSE: RNG).
In other news, Katibeh Mohammed, President and COO sold 12,077 shares of the company’s stock on Jun 15. The stock was sold for $413,990 at an average price of $34.28. Upon completion of the transaction, the President and COO now directly owns 312,533 shares in the company, valued at $10.98 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Jun 15, CEO & Chairman Shmunis Vladimir sold 9,502 shares of the business’s stock. A total of $335,621 was realized by selling the stock at an average price of $35.32. This leaves the insider owning 497,698 shares of the company worth $17.48 million. Insiders disposed of 418,949 shares of company stock worth roughly $14.71 million over the past 1 year. A total of 1.00% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in RNG stock. A new stake in RingCentral Inc. shares was purchased by SYLEBRA CAPITAL LTD during the first quarter worth $28,573,000. GREENHOUSE FUNDS LLLP invested $24,573,000 in shares of RNG during the first quarter. In the first quarter, MAPLE ROCK CAPITAL PARTNERS INC. acquired a new stake in RingCentral Inc. valued at approximately $16,015,000. COATUE MANAGEMENT LLC acquired a new stake in RNG for approximately $14,447,000. J. GOLDMAN & CO LP purchased a new stake in RNG valued at around $13,300,000 in the second quarter.
During the past 12 months, RingCentral Inc. has had a low of $25.32 and a high of $59.63. The fifty day moving average price for RNG is $31.70 and a two-hundred day moving average price translates $34.32 for the stock.
The latest earnings results from RingCentral Inc. (NYSE: RNG) was released for Mar, 2023. According to the Software – Application Company, earnings per share came in at $0.76, beating analysts’ expectations of $0.69 by 0.07. This compares to -$1.60 EPS in the same period last year. The net profit margin was -38.10% and return on equity was 253.00% for RNG. The company reported revenue of $533.69 million for the quarter, compared to $467.66 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 14.12 percent. For the current quarter, analysts expect RNG to generate $536.19M in revenue.
RingCentral Inc.(RNG) Company Profile
RingCentral, Inc. provides cloud communications, video meetings, collaboration, and contact center software-as-a-service solutions worldwide. The company’s products include RingCentral Message Video Phone (MVP) 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 omni-channel and workforce engagement solution with integrated RingCentral MVP; and RingCentral Engage Digital, a digital customer engagement platform that allows enterprises to interact with their customers. The company’s products also comprise RingCentral Engage Voice, a cloud-based outbound/blended customer engagement platform for midsize and enterprise companies; RingCentral Video, a video meeting service which includes the company’s RCV video and team messaging capabilities and offers video and audio conferencing, file sharing, contact, task, and calendar management. In addition, it offers RingCentral professional services. The company serves a range of industries, including financial services, education, healthcare, legal services, real estate, retail, technology, insurance, construction, hospitality, and state and local government, as well as others. It sells its products through a network of direct sales representatives, as well as sales agents, resellers, and channel partners. The company was incorporated in 1999 and is headquartered in Belmont, California.
