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

RingCentral, Inc. (NYSE:RNG) has earned an average rating of “Hold” from the thirteen brokerages that are covering the firm, MarketBeat reports. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $37.69.

A number of brokerages have recently issued reports on RNG. Wells Fargo & Company restated an “underweight” rating and issued a $30.00 price target (down previously from $38.00) on shares of RingCentral in a research report on Tuesday, January 7th. Mizuho dropped their price target on shares of RingCentral from $42.00 to $36.00 and set a “neutral” rating on the stock in a research report on Monday, February 10th. Robert W. Baird dropped their price target on shares of RingCentral from $38.00 to $32.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 25th. Piper Sandler dropped their price target on shares of RingCentral from $38.00 to $31.00 and set a “neutral” rating on the stock in a research report on Friday, February 21st. Finally, Morgan Stanley lifted their price objective on shares of RingCentral from $38.00 to $40.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 18th.

RingCentral Price Performance

NYSE:RNG opened at $26.89 on Monday. The firm’s 50 day simple moving average is $31.41 and its 200 day simple moving average is $33.49. RingCentral has a one year low of $26.22 and a one year high of $42.19. The company has a market cap of $2.44 billion, a PE ratio of -42.01, a P/E/G 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 the consensus estimate of $0.96 by ($0.73). The business had revenue of $614.51 million for the quarter, compared to analyst estimates of $612.37 million. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. Equities research analysts expect that RingCentral will post 1.29 EPS for the current year.

Insider Buying and Selling at RingCentral

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

Institutional Trading of RingCentral

Several institutional investors have recently made changes to their positions in RNG. Principal Financial Group Inc. bought a new stake in shares of RingCentral in the 3rd quarter worth $233,000. State of New Jersey Common Pension Fund D boosted its holdings in shares of RingCentral by 9.4% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 58,947 shares of the software maker’s stock worth $1,864,000 after buying an additional 5,085 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in shares of RingCentral by 14.8% in the 3rd quarter. Victory Capital Management Inc. now owns 133,515 shares of the software maker’s stock worth $4,223,000 after buying an additional 17,215 shares during the last quarter. KBC Group NV boosted its holdings in shares of 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 buying an additional 744 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of RingCentral by 65.9% in the 3rd 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 last quarter. 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.