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

Shares of RingCentral, Inc. (NYSE:RNG) have earned an average recommendation of “Hold” from the fourteen brokerages that are presently covering the firm, MarketBeat reports. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $41.29.

Several research analysts have weighed in on the company. Wells Fargo & Company restated an “underweight” rating and issued a $30.00 price target (down from $38.00) on shares of RingCentral in a research note on Tuesday, January 7th. Piper Sandler upped 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 reiterated a “neutral” rating and issued a $42.00 price target on shares of RingCentral in a report on Friday, December 13th. Rosenblatt Securities reissued a “buy” rating and set a $45.00 price objective on shares of RingCentral in a report on Friday, November 8th. Finally, StockNews.com raised RingCentral from a “buy” rating to a “strong-buy” rating in a report on Monday, November 11th.

Insiders Place Their Bets

In related news, CEO Vladimir Shmunis sold 66,451 shares of the business’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $34.96, for a total transaction of $2,323,126.96. Following the completion of the transaction, the chief executive officer now owns 479,468 shares in the company, valued at $16,762,201.28. The trade was a 12.17 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP John H. Marlow sold 23,284 shares of the company’s stock in a transaction 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 in the company, valued at $12,509,317.28. This trade represents a 6.11 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 115,188 shares of company stock valued at $4,113,047 over the last three months. 6.97% of the stock is owned by company insiders.

Institutional Trading of RingCentral

Large investors have recently made changes to their positions in the stock. Hennessy Advisors Inc. bought a new stake in RingCentral during the 4th quarter valued at about $59,055,000. Pacer Advisors Inc. increased its position in shares of RingCentral by 45.3% during the third quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker’s stock worth $83,483,000 after acquiring an additional 822,892 shares during the period. Foundry Partners LLC purchased a new position in shares of RingCentral during the third quarter worth approximately $8,886,000. Susquehanna Fundamental Investments LLC bought a new stake in shares of RingCentral during the second quarter valued at approximately $4,801,000. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of RingCentral by 65.9% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 381,178 shares of the software maker’s stock valued at $12,057,000 after purchasing an additional 151,433 shares during the period. 98.61% of the stock is owned by hedge funds and other institutional investors.

RingCentral Stock Performance

RNG opened at $34.67 on Friday. The stock has a market cap of $3.14 billion, a price-to-earnings ratio of -32.71, a price-to-earnings-growth ratio of 1.40 and a beta of 0.99. The firm’s fifty day moving average is $36.56 and its 200 day moving average is $34.08. RingCentral has a fifty-two week low of $26.98 and a fifty-two week high of $42.19.

RingCentral (NYSE:RNG) last announced its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, beating the consensus estimate 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 business had revenue of $608.77 million for the quarter, compared to the consensus estimate of $601.91 million. On average, equities research analysts predict that RingCentral will post 0.84 earnings per share for the current year.

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.