RingCentral (NYSE:RNG) Given Market Perform Rating at Oppenheimer

RingCentral (NYSE:RNG – Get Rating)‘s stock had its “market perform” rating reiterated by equities researchers at Oppenheimer in a report issued on Friday, Marketbeat.com reports. Oppenheimer also issued estimates for RingCentral’s Q3 2023 earnings at ($0.01) EPS and Q4 2023 earnings at $0.04 EPS.

A number of other research analysts also recently weighed in on RNG. MKM Partners downgraded RingCentral from a “buy” rating to a “neutral” rating and set a $40.00 price target on the stock. in a report on Monday, January 23rd. The Goldman Sachs Group lowered their price target on RingCentral from $71.00 to $52.00 and set a “buy” rating on the stock in a report on Friday, February 17th. Jefferies Financial Group lowered their target price on RingCentral from $50.00 to $45.00 in a research note on Friday, February 24th. Wells Fargo & Company lowered their target price on RingCentral from $80.00 to $60.00 and set an “overweight” rating on the stock in a research note on Friday, January 6th. Finally, Mizuho lowered their target price on RingCentral from $50.00 to $45.00 and set a “buy” rating on the stock in a research note on Tuesday, February 21st. Ten analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $60.82.

RingCentral Stock Down 5.9 %

Shares of RingCentral stock opened at $30.07 on Friday. RingCentral has a 12-month low of $28.00 and a 12-month high of $129.72. The firm has a market capitalization of $2.87 billion, a PE ratio of -3.26 and a beta of 0.95. The stock’s fifty day moving average is $37.36 and its 200-day moving average is $37.45.

RingCentral (NYSE:RNG – Get Rating) last issued its quarterly earnings results on Wednesday, February 15th. The software maker reported ($0.32) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.13). RingCentral had a negative net margin of 44.22% and a negative return on equity of 765.97%. The business had revenue of $524.75 million for the quarter, compared to analysts’ expectations of $528.41 million. Analysts expect that RingCentral will post -0.1 EPS for the current year.

Insider Buying and Selling

In related news, COO Mohammed Katibeh sold 4,747 shares of the business’s stock in a transaction dated Friday, February 17th. The stock was sold at an average price of $36.43, for a total transaction of $172,933.21. Following the completion of the transaction, the chief operating officer now owns 127,062 shares of the company’s stock, valued at approximately $4,628,868.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, COO Mohammed Katibeh sold 4,747 shares of the business’s stock in a transaction dated Friday, February 17th. The stock was sold at an average price of $36.43, for a total transaction of $172,933.21. Following the completion of the transaction, the chief operating officer now owns 127,062 shares of the company’s stock, valued at approximately $4,628,868.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO John H. Marlow sold 835 shares of the business’s stock in a transaction dated Tuesday, January 10th. The stock was sold at an average price of $34.96, for a total value of $29,191.60. Following the transaction, the chief accounting officer now directly owns 193,661 shares of the company’s stock, valued at approximately $6,770,388.56. The disclosure for this sale can be found here. In the last 90 days, insiders sold 13,140 shares of company stock valued at $487,445. Insiders own 6.49% of the company’s stock.

Hedge Funds Weigh In On RingCentral

Several large investors have recently added to or reduced their stakes in the company. Amalgamated Bank raised its holdings in RingCentral by 1.3% in the 4th quarter. Amalgamated Bank now owns 19,604 shares of the software maker’s stock valued at $694,000 after acquiring an additional 253 shares in the last quarter. Ensign Peak Advisors Inc raised its holdings in RingCentral by 1.0% in the 3rd quarter. Ensign Peak Advisors Inc now owns 25,820 shares of the software maker’s stock valued at $1,032,000 after acquiring an additional 260 shares in the last quarter. Advisors Asset Management Inc. raised its holdings in RingCentral by 51.5% in the 1st quarter. Advisors Asset Management Inc. now owns 886 shares of the software maker’s stock valued at $104,000 after acquiring an additional 301 shares in the last quarter. Ronald Blue Trust Inc. acquired a new position in RingCentral in the 2nd quarter valued at approximately $41,000. Finally, Banque Cantonale Vaudoise raised its holdings in RingCentral by 26.1% in the 3rd quarter. Banque Cantonale Vaudoise now owns 1,933 shares of the software maker’s stock valued at $77,000 after acquiring an additional 400 shares in the last quarter. Institutional investors and hedge funds own 88.09% of the company’s stock.

About RingCentral

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RingCentral, Inc engages in the provision of global enterprise cloud communications and collaboration solutions. The firm’s solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, PCs and desk phones, and allows for communication across multiple modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings and fax.