RingCentral, Inc. (NYSE:RNG) Given Average Rating of “Hold” by Brokerages

Shares of RingCentral, Inc. (NYSE:RNG) have been assigned an average recommendation of “Hold” from the thirteen brokerages that are presently covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $38.15.

A number of equities analysts recently weighed in on the stock. Rosenblatt Securities reduced their target price on shares of RingCentral from $45.00 to $40.00 and set a “buy” rating for the company in a research note on Friday. Wells Fargo & Company reaffirmed an “underweight” rating and issued a $30.00 target price (down from $38.00) on shares of RingCentral in a research note on Tuesday, January 7th. Piper Sandler reduced their target price on shares of RingCentral from $38.00 to $31.00 and set a “neutral” rating for the company in a research note on Friday. Needham & Company LLC reduced their target price on shares of RingCentral from $42.00 to $36.00 and set a “buy” rating for the company in a research note on Friday. Finally, Raymond James reduced their target price on shares of RingCentral from $45.00 to $40.00 and set an “outperform” rating for the company in a research note on Friday.

RingCentral Stock Down 0.1 %

Shares of RNG stock opened at $28.93 on Thursday. RingCentral has a 12-month low of $26.98 and a 12-month high of $42.19. The firm has a market capitalization of $2.62 billion, a price-to-earnings ratio of -45.21, a price-to-earnings-growth ratio of 1.27 and a beta of 1.01. The firm has a fifty day moving average of $34.60 and a 200-day moving average of $34.23.

RingCentral (NYSE:RNG) last announced its quarterly earnings results on Thursday, February 20th. The software maker reported $0.23 earnings per share (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 firm had revenue of $614.51 million during the quarter, compared to analyst estimates of $612.37 million. Research analysts expect that RingCentral will post 1.29 earnings per share for the current year.

Insider Activity

In other news, CEO Vladimir Shmunis sold 66,112 shares of the company’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $28.83, for a total value of $1,906,008.96. Following the sale, the chief executive officer now directly owns 568,300 shares of the company’s stock, valued at approximately $16,384,089. This represents a 10.42 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert I. Theis sold 1,457 shares of the stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $37.79, for a total transaction of $55,060.03. Following the completion of the transaction, the director now directly owns 28,690 shares in the company, valued at approximately $1,084,195.10. This represents a 4.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 260,831 shares of company stock valued at $7,642,238. 6.97% of the stock is owned by company insiders.

Institutional Inflows and Outflows

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

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.