RingCentral, Inc. (NYSE:RNG) Given Average Recommendation of “Hold” by Analysts

Shares of RingCentral, Inc. (NYSE:RNG) have been assigned a consensus rating of “Hold” from the thirteen ratings firms that are covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, seven have assigned a hold recommendation and five have issued a buy recommendation on the company. The average 12 month price objective among analysts that have covered the stock in the last year is $37.69.

A number of equities analysts recently weighed in on the stock. Needham & Company LLC reduced their target price on shares of RingCentral from $42.00 to $36.00 and set a “buy” rating for the company in a research note on Friday, February 21st. UBS Group reduced their target price on shares of RingCentral from $40.00 to $38.00 and set a “neutral” rating for the company in a research note on Friday, February 21st. StockNews.com raised shares of RingCentral from a “buy” rating to a “strong-buy” rating in a research note on Monday. Piper Sandler reduced their target price on shares of RingCentral from $38.00 to $31.00 and set a “neutral” rating for the company in a research note on Friday, February 21st. Finally, Morgan Stanley increased their price objective on shares of RingCentral from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 18th.

Insider Activity

In other RingCentral news, CEO Vladimir Shmunis sold 123,560 shares of the stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $28.56, for a total value of $3,528,873.60. Following the transaction, the chief executive officer now directly owns 444,740 shares of the company’s stock, valued at $12,701,774.40. This represents a 21.74 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP John H. Marlow sold 22,979 shares of the stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $28.82, for a total transaction of $662,254.78. Following the completion of the transaction, the senior vice president now directly owns 348,599 shares in the company, valued at approximately $10,046,623.18. This represents a 6.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 247,740 shares of company stock valued at $7,099,279. 6.97% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of RNG. Rafferty Asset Management LLC grew its position in shares of RingCentral by 1.7% during the 4th quarter. Rafferty Asset Management LLC now owns 19,685 shares of the software maker’s stock worth $689,000 after purchasing an additional 325 shares in the last quarter. Sovereign Financial Group Inc. grew its position in shares of RingCentral by 4.0% during the 4th quarter. Sovereign Financial Group Inc. now owns 10,079 shares of the software maker’s stock worth $353,000 after purchasing an additional 386 shares in the last quarter. Gagnon Securities LLC grew its position in shares of RingCentral by 5.6% during the 4th quarter. Gagnon Securities LLC now owns 7,703 shares of the software maker’s stock worth $270,000 after purchasing an additional 407 shares in the last quarter. Xponance Inc. grew its position in shares of RingCentral by 4.2% during the 4th quarter. Xponance Inc. now owns 10,664 shares of the software maker’s stock worth $373,000 after purchasing an additional 426 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of RingCentral by 10.4% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,983 shares of the software maker’s stock worth $176,000 after purchasing an additional 468 shares in the last quarter. 98.61% of the stock is owned by institutional investors.

RingCentral Stock Up 2.7 %

Shares of RNG stock opened at $27.04 on Monday. RingCentral has a 12-month low of $26.22 and a 12-month high of $42.19. The firm has a market capitalization of $2.45 billion, a price-to-earnings ratio of -42.24, a price-to-earnings-growth ratio of 1.27 and a beta of 1.20. The firm has a fifty day moving average of $32.12 and a 200-day moving average of $33.68.

RingCentral (NYSE:RNG) last announced its quarterly earnings results on Thursday, February 20th. The software maker reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.96 by ($0.73). RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. The firm had revenue of $614.51 million during the quarter, compared to analyst estimates of $612.37 million. Research analysts expect that RingCentral will post 1.29 earnings per share for the current year.

RingCentral Company Profile

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.