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

Shares of RingCentral, Inc. (NYSE:RNG) have been assigned an average recommendation of “Hold” from the thirteen brokerages that are currently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $37.69.

RNG has been the subject of several analyst reports. Rosenblatt Securities lowered their price target on shares of RingCentral from $45.00 to $40.00 and set a “buy” rating for the company in a report on Friday, February 21st. Wedbush raised their price objective on shares of RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Needham & Company LLC decreased their target price on RingCentral from $42.00 to $36.00 and set a “buy” rating for the company in a research report on Friday, February 21st. StockNews.com upgraded shares of RingCentral from a “buy” rating to a “strong-buy” rating in a report on Thursday, February 20th. Finally, Robert W. Baird decreased their price target on RingCentral from $38.00 to $32.00 and set a “neutral” rating for the company in a report on Tuesday.

Insider Transactions at RingCentral

In other news, Director Robert I. Theis sold 1,457 shares of RingCentral stock in a transaction on 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 sale, the director now directly owns 28,690 shares of the company’s stock, valued at approximately $1,084,195.10. The trade was a 4.83 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Vladimir Shmunis sold 66,112 shares of the company’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $28.83, for a total transaction of $1,906,008.96. Following the completion of the transaction, the chief executive officer now owns 568,300 shares of the company’s stock, valued at $16,384,089. This trade represents a 10.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 260,831 shares of company stock valued at $7,642,238. 6.97% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On RingCentral

Several hedge funds have recently added to or reduced their stakes in the company. Kayne Anderson Rudnick Investment Management LLC purchased a new position in shares of RingCentral during the 4th quarter valued at about $49,000. Venturi Wealth Management LLC grew its position in RingCentral by 150.4% during the third quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock valued at $59,000 after acquiring an additional 1,119 shares during the last quarter. Quarry LP raised its stake in shares of RingCentral by 106.7% during the third quarter. Quarry LP now owns 1,902 shares of the software maker’s stock worth $60,000 after acquiring an additional 982 shares in the last quarter. KBC Group NV lifted its holdings in shares of RingCentral by 38.9% in the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock worth $84,000 after acquiring an additional 744 shares during the last quarter. Finally, CWM LLC boosted its stake in shares of RingCentral by 595.9% in the 3rd quarter. CWM LLC now owns 4,746 shares of the software maker’s stock valued at $150,000 after purchasing an additional 4,064 shares in the last quarter. Institutional investors own 98.61% of the company’s stock.

RingCentral Stock Down 0.4 %

NYSE RNG opened at $28.67 on Thursday. The company has a market capitalization of $2.59 billion, a price-to-earnings ratio of -44.80, a PEG ratio of 1.27 and a beta of 1.01. RingCentral has a twelve month low of $26.98 and a twelve month high of $42.19. The stock has a fifty day simple moving average of $34.21 and a 200 day simple moving average of $34.17.

RingCentral (NYSE:RNG) last issued its quarterly earnings results on Thursday, February 20th. The software maker reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.73). The company had revenue of $614.51 million during the quarter, compared to analyst estimates of $612.37 million. RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. Research analysts expect that RingCentral will post 1.29 earnings per share for the current fiscal 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.