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

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

RNG has been the subject of several analyst reports. Piper Sandler decreased their price objective on RingCentral from $38.00 to $31.00 and set a “neutral” rating for the company in a report on Friday, February 21st. Mizuho decreased their price objective on RingCentral from $42.00 to $36.00 and set a “neutral” rating for the company in a report on Monday, February 10th. Morgan Stanley increased their price objective on RingCentral from $38.00 to $40.00 and gave the company an “equal weight” rating in a report on Wednesday, December 18th. Robert W. Baird decreased their price objective on RingCentral from $38.00 to $32.00 and set a “neutral” rating for the company in a report on Tuesday, February 25th. Finally, Wells Fargo & Company reissued an “underweight” rating and issued a $30.00 target price (down from $38.00) on shares of RingCentral in a research report on Tuesday, January 7th.

RingCentral Stock Down 0.5 %

RingCentral stock opened at $26.89 on Monday. The business has a fifty day moving average of $31.41 and a two-hundred day moving average of $33.46. The firm has a market cap of $2.44 billion, a P/E ratio of -42.01, a P/E/G ratio of 1.27 and a beta of 1.20. RingCentral has a twelve month low of $26.22 and a twelve month high of $42.19.

RingCentral (NYSE:RNG) last issued its quarterly earnings data on Thursday, February 20th. The software maker reported $0.23 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 business had revenue of $614.51 million for the quarter, compared to analysts’ expectations of $612.37 million. Equities analysts expect that RingCentral will post 1.29 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Vladimir Shmunis sold 123,560 shares of the firm’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $28.56, for a total transaction of $3,528,873.60. Following the sale, the chief executive officer now directly owns 444,740 shares in the company, valued at $12,701,774.40. This trade represents a 21.74 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP John H. Marlow sold 35,089 shares of the firm’s stock in a transaction dated 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 sale, the senior vice president now owns 313,510 shares in the company, valued at $8,953,845.60. This trade represents a 10.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 247,740 shares of company stock valued at $7,099,279. Company insiders own 6.97% of the company’s stock.

Institutional Investors Weigh In On RingCentral

A number of institutional investors have recently modified their holdings of the business. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of RingCentral during the 4th quarter valued at about $545,000. Fluent Financial LLC purchased a new position in RingCentral in the 4th quarter valued at about $623,000. Mackenzie Financial Corp lifted its stake in RingCentral by 56.2% in the 4th quarter. Mackenzie Financial Corp now owns 127,406 shares of the software maker’s stock valued at $4,460,000 after buying an additional 45,848 shares in the last quarter. PharVision Advisers LLC purchased a new position in RingCentral in the 4th quarter valued at about $246,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in RingCentral by 14.4% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 255,792 shares of the software maker’s stock valued at $8,955,000 after buying an additional 32,175 shares in the last quarter. 98.61% of the stock is currently owned by institutional investors and hedge funds.

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.