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

RingCentral, Inc. (NYSE:RNG) has been given a consensus rating of “Hold” by the thirteen ratings firms that are currently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, seven have given a hold recommendation and five have assigned a buy recommendation to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $37.69.

RNG has been the topic of a number of research analyst reports. Morgan Stanley boosted their target price on RingCentral from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 18th. Needham & Company LLC decreased their target price on RingCentral from $42.00 to $36.00 and set a “buy” rating on the stock in a research report on Friday, February 21st. Mizuho decreased their target price on RingCentral from $42.00 to $36.00 and set a “neutral” rating on the stock in a research report on Monday, February 10th. UBS Group reduced their price objective on RingCentral from $40.00 to $38.00 and set a “neutral” rating on the stock in a research note on Friday, February 21st. Finally, Piper Sandler reduced their price objective on RingCentral from $38.00 to $31.00 and set a “neutral” rating on the stock in a research note on Friday, February 21st.

RingCentral Stock Down 0.5 %

Shares of RingCentral stock opened at $26.89 on Monday. The stock’s 50-day simple moving average is $31.41 and its 200-day simple moving average is $33.46. RingCentral has a 52 week low of $26.22 and a 52 week high of $42.19. The company has a market capitalization of $2.44 billion, a price-to-earnings ratio of -42.01, a PEG ratio of 1.27 and a beta of 1.20.

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

Insider Activity

In other news, CEO Vladimir Shmunis sold 66,112 shares of the company’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $28.83, for a total transaction of $1,906,008.96. Following the transaction, the chief executive officer now owns 568,300 shares of the company’s stock, valued at approximately $16,384,089. This represents a 10.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP John H. Marlow sold 35,089 shares of the business’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $28.56, for a total value of $1,002,141.84. Following the completion of the sale, the senior vice president now owns 313,510 shares of the company’s stock, valued at $8,953,845.60. The trade was a 10.07 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 247,740 shares of company stock valued at $7,099,279. 6.97% of the stock is currently owned by insiders.

Institutional Trading of RingCentral

Large investors have recently modified their holdings of the company. Fort Washington Investment Advisors Inc. OH boosted its holdings in shares of RingCentral by 32.5% in the fourth quarter. Fort Washington Investment Advisors Inc. OH now owns 550,304 shares of the software maker’s stock valued at $19,266,000 after purchasing an additional 134,928 shares during the period. Hennessy Advisors Inc. purchased a new stake in shares of RingCentral in the fourth quarter valued at approximately $59,055,000. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in RingCentral by 65.9% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 381,178 shares of the software maker’s stock worth $12,057,000 after buying an additional 151,433 shares during the period. Beaumont Financial Advisors LLC purchased a new stake in RingCentral during the fourth quarter worth $262,000. Finally, Foundry Partners LLC purchased a new stake in RingCentral during the third quarter worth $8,886,000. Hedge funds and other institutional investors own 98.61% of the company’s stock.

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.