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

Shares of RingCentral, Inc. (NYSE:RNG) have earned a consensus rating of “Hold” from the fifteen ratings firms that are covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, eight have given a hold recommendation and six have given a buy recommendation to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $40.60.

A number of research firms have recently weighed in on RNG. Wells Fargo & Company reaffirmed an “underweight” rating and set a $30.00 price target (down previously from $38.00) on shares of RingCentral in a report on Tuesday, January 7th. Raymond James reiterated an “outperform” rating and set a $45.00 price target (down previously from $50.00) on shares of RingCentral in a research report on Friday, January 3rd. Robert W. Baird raised their price target on RingCentral from $36.00 to $38.00 and gave the company a “neutral” rating in a report on Monday, November 11th. StockNews.com downgraded shares of RingCentral from a “strong-buy” rating to a “buy” rating in a report on Wednesday, February 12th. Finally, Barclays downgraded shares of RingCentral from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $45.00 to $37.00 in a research report on Monday, January 27th.

Insiders Place Their Bets

In other RingCentral news, SVP John H. Marlow sold 8,720 shares of the business’s stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $42.05, for a total transaction of $366,676.00. Following the sale, the senior vice president now directly owns 334,869 shares of the company’s stock, valued at $14,081,241.45. The trade was a 2.54 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert I. Theis sold 1,457 shares of the firm’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $37.79, for a total value of $55,060.03. Following the completion of the sale, the director now directly owns 28,690 shares of the company’s stock, valued at approximately $1,084,195.10. This trade represents a 4.83 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 13,091 shares of company stock worth $542,958 over the last ninety days. 6.97% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Fort Washington Investment Advisors Inc. OH boosted its position in RingCentral by 32.5% during the 4th quarter. Fort Washington Investment Advisors Inc. OH now owns 550,304 shares of the software maker’s stock worth $19,266,000 after acquiring an additional 134,928 shares during the period. Hennessy Advisors Inc. purchased a new position in RingCentral during the fourth quarter valued at approximately $59,055,000. Connor Clark & Lunn Investment Management Ltd. increased its stake in 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 valued at $12,057,000 after buying an additional 151,433 shares during the period. Olympiad Research LP purchased a new stake in RingCentral in the 3rd quarter worth approximately $483,000. Finally, Beaumont Financial Advisors LLC acquired a new stake in shares of RingCentral during the 4th quarter valued at $262,000. 98.61% of the stock is owned by institutional investors and hedge funds.

RingCentral Price Performance

RNG opened at $31.81 on Thursday. RingCentral has a 12-month low of $26.98 and a 12-month high of $42.19. The stock has a market capitalization of $2.88 billion, a PE ratio of -30.01, a P/E/G ratio of 1.39 and a beta of 1.01. The firm’s fifty day moving average price is $35.24 and its 200 day moving average price is $34.32.

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.