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

RingCentral, Inc. (NYSE:RNG) has earned a consensus rating of “Hold” from the fourteen analysts that are currently covering the stock, MarketBeat Ratings reports. Eight equities research analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 12 month target price among brokerages that have covered the stock in the last year is $41.64.

A number of research analysts have issued reports on RNG shares. Piper Sandler increased their target price on shares of RingCentral from $31.00 to $38.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Mizuho restated a “neutral” rating and set a $42.00 price objective on shares of RingCentral in a research note on Friday, December 13th. Morgan Stanley lifted 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. Wedbush raised their price target on RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Finally, Raymond James reaffirmed an “outperform” rating and issued a $45.00 price target (down previously from $50.00) on shares of RingCentral in a research note on Friday.

Insider Buying and Selling at RingCentral

In other news, CFO Vaibhav Agarwal sold 2,178 shares of RingCentral stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $35.27, for a total transaction of $76,818.06. Following the sale, the chief financial officer now directly owns 135,560 shares of the company’s stock, valued at approximately $4,781,201.20. This trade represents a 1.58 % decrease in their ownership of the stock. 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 23,284 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $34.96, for a total value of $814,008.64. Following the completion of the transaction, the senior vice president now directly owns 357,818 shares of the company’s stock, valued at $12,509,317.28. This represents a 6.11 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 115,188 shares of company stock worth $4,113,047 over the last quarter. Corporate insiders own 6.97% of the company’s stock.

Institutional Trading of RingCentral

Several institutional investors have recently modified their holdings of the business. Pacer Advisors Inc. lifted its holdings in RingCentral by 45.3% during the 3rd quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker’s stock worth $83,483,000 after buying an additional 822,892 shares during the period. Foundry Partners LLC bought a new position in shares of RingCentral during the third quarter worth about $8,886,000. Cubist Systematic Strategies LLC lifted its stake in shares of RingCentral by 130.1% in the second quarter. Cubist Systematic Strategies LLC now owns 414,347 shares of the software maker’s stock worth $11,685,000 after acquiring an additional 234,238 shares during the period. Jupiter Asset Management Ltd. boosted its holdings in RingCentral by 404.2% in the second quarter. Jupiter Asset Management Ltd. now owns 219,187 shares of the software maker’s stock valued at $6,181,000 after acquiring an additional 175,715 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in RingCentral during the 2nd quarter valued at approximately $4,801,000. Institutional investors own 98.61% of the company’s stock.

RingCentral Trading Up 1.6 %

NYSE:RNG opened at $35.40 on Wednesday. The stock has a 50 day simple moving average of $37.33 and a 200 day simple moving average of $33.51. The stock has a market cap of $3.20 billion, a P/E ratio of -33.40, a PEG ratio of 2.48 and a beta of 0.99. RingCentral has a 1-year low of $26.98 and a 1-year high of $42.19.

RingCentral (NYSE:RNG) last posted its earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.10. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. The company had revenue of $608.77 million during the quarter, compared to the consensus estimate of $601.91 million. As a group, sell-side analysts forecast that RingCentral will post 0.84 EPS for the current 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.