RingCentral, Inc. (NYSE:RNG) Receives Consensus Rating of “Hold” from Brokerages

RingCentral, Inc. (NYSE:RNG) has been assigned a consensus recommendation of “Hold” from the fourteen brokerages that are presently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, seven have issued a hold recommendation and six have issued a buy recommendation on the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $41.29.

Several analysts have commented on RNG shares. StockNews.com raised shares of RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Monday, November 11th. Raymond James restated an “outperform” rating and issued a $45.00 target price (down from $50.00) on shares of RingCentral in a research note on Friday, January 3rd. Morgan Stanley upped their price target on RingCentral from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 18th. Rosenblatt Securities reissued a “buy” rating and issued a $45.00 price objective on shares of RingCentral in a research report on Friday, November 8th. Finally, Wells Fargo & Company reaffirmed an “underweight” rating and set a $30.00 target price (down from $38.00) on shares of RingCentral in a research report on Tuesday, January 7th.

Insider Activity

In other news, CFO Vaibhav Agarwal sold 2,178 shares of the business’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $35.27, for a total value of $76,818.06. Following the completion of the transaction, the chief financial officer now owns 135,560 shares of the company’s stock, valued at $4,781,201.20. The trade was a 1.58 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Vladimir Shmunis sold 66,451 shares of the firm’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $34.96, for a total value of $2,323,126.96. Following the sale, the chief executive officer now directly owns 479,468 shares in the company, valued at approximately $16,762,201.28. This trade represents a 12.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 115,188 shares of company stock valued at $4,113,047 in the last ninety days. Insiders own 6.97% of the company’s stock.

Hedge Funds Weigh In On RingCentral

Several institutional investors have recently made changes to their positions in RNG. Point72 DIFC Ltd acquired a new stake in RingCentral during the second quarter valued at $39,000. Venturi Wealth Management LLC grew its position in shares of RingCentral by 150.4% during the 3rd quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock valued at $59,000 after acquiring an additional 1,119 shares during the period. Quarry LP increased its stake in shares of RingCentral by 106.7% in the 3rd quarter. Quarry LP now owns 1,902 shares of the software maker’s stock valued at $60,000 after purchasing an additional 982 shares in the last quarter. KBC Group NV raised its holdings in RingCentral by 38.9% in the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock worth $84,000 after purchasing an additional 744 shares during the period. Finally, Central Pacific Bank Trust Division purchased a new position in RingCentral during the third quarter worth approximately $121,000. 98.61% of the stock is owned by hedge funds and other institutional investors.

RingCentral Stock Up 0.8 %

Shares of RNG stock opened at $34.67 on Friday. The firm has a market cap of $3.14 billion, a price-to-earnings ratio of -32.71, a PEG ratio of 1.40 and a beta of 0.99. RingCentral has a 52-week low of $26.98 and a 52-week high of $42.19. The company’s 50 day moving average is $36.56 and its 200 day moving average is $34.08.

RingCentral (NYSE:RNG) last announced its quarterly earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.10. The business had revenue of $608.77 million for the quarter, compared to the consensus estimate of $601.91 million. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. Analysts anticipate that RingCentral will post 0.84 EPS for the current fiscal year.

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.