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

Shares of RingCentral, Inc. (NYSE:RNG) have received an average recommendation of “Hold” from the fourteen brokerages that are covering the firm, MarketBeat.com reports. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $41.64.

A number of research analysts recently issued reports on the stock. Mizuho reiterated a “neutral” rating and set a $42.00 target price on shares of RingCentral in a research report on Friday, December 13th. Raymond James reiterated an “outperform” rating and set a $45.00 price objective (down previously from $50.00) on shares of RingCentral in a report on Friday. Rosenblatt Securities restated a “buy” rating and issued a $45.00 target price on shares of RingCentral in a research note on Friday, November 8th. StockNews.com raised RingCentral from a “buy” rating to a “strong-buy” rating in a research note on Monday, November 11th. Finally, Robert W. Baird raised their price objective on RingCentral from $36.00 to $38.00 and gave the company a “neutral” rating in a research note on Monday, November 11th.

RingCentral Trading Up 1.6 %

RNG stock opened at $35.40 on Wednesday. The firm has a market cap of $3.20 billion, a PE ratio of -33.40, a price-to-earnings-growth ratio of 2.48 and a beta of 0.99. The stock has a 50-day moving average price of $37.33 and a 200-day moving average price of $33.51. RingCentral has a 1-year low of $26.98 and a 1-year high of $42.19.

RingCentral (NYSE:RNG) last issued 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. The business had revenue of $608.77 million during the quarter, compared to the consensus estimate of $601.91 million. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. On average, analysts forecast that RingCentral will post 0.84 earnings per share for the current year.

Insider Activity

In other news, CFO Vaibhav Agarwal sold 2,178 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $35.27, for a total value of $76,818.06. Following the completion of the transaction, the chief financial officer now directly owns 135,560 shares of the company’s stock, valued at $4,781,201.20. This represents a 1.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Vladimir Shmunis sold 66,451 shares of RingCentral stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $34.96, for a total value of $2,323,126.96. Following the sale, the chief executive officer now owns 479,468 shares in the company, valued at $16,762,201.28. This trade represents a 12.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 115,188 shares of company stock worth $4,113,047 over the last quarter. Insiders own 6.97% of the company’s stock.

Hedge Funds Weigh In On RingCentral

Institutional investors have recently added to or reduced their stakes in the stock. Sovereign Financial Group Inc. boosted its stake in RingCentral by 6.9% in the third quarter. Sovereign Financial Group Inc. now owns 9,693 shares of the software maker’s stock valued at $307,000 after acquiring an additional 625 shares during the last quarter. Xponance Inc. lifted its stake in RingCentral by 6.8% in the second quarter. Xponance Inc. now owns 11,122 shares of the software maker’s stock valued at $314,000 after purchasing an additional 704 shares during the last quarter. KBC Group NV lifted its stake in RingCentral by 38.9% in the third quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock valued at $84,000 after purchasing an additional 744 shares during the last quarter. Private Advisor Group LLC increased its position in RingCentral by 13.6% in the third quarter. Private Advisor Group LLC now owns 8,119 shares of the software maker’s stock worth $257,000 after buying an additional 971 shares during the last quarter. Finally, Quarry LP increased its position in RingCentral by 106.7% in the third quarter. Quarry LP now owns 1,902 shares of the software maker’s stock worth $60,000 after buying an additional 982 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.