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

Shares of RingCentral, Inc. (NYSE:RNG) have earned a consensus rating of “Hold” from the fifteen ratings firms that are covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, eight have assigned a hold recommendation and six have assigned a buy recommendation to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $40.60.

Several analysts have commented on RNG shares. StockNews.com downgraded shares of RingCentral from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, February 12th. Mizuho cut their target price on RingCentral from $42.00 to $36.00 and set a “neutral” rating on the stock in a report on Monday, February 10th. Robert W. Baird boosted their price target on RingCentral from $36.00 to $38.00 and gave the stock a “neutral” rating in a research report on Monday, November 11th. Morgan Stanley increased their price objective on RingCentral from $38.00 to $40.00 and gave the company an “equal weight” rating in a report on Wednesday, December 18th. Finally, Rosenblatt Securities restated a “buy” rating and issued a $45.00 target price on shares of RingCentral in a report on Friday, November 8th.

Insider Buying and Selling at RingCentral

In other RingCentral news, SVP John H. Marlow sold 8,720 shares of the company’s stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $42.05, for a total value of $366,676.00. Following the completion of the transaction, the senior vice president now owns 334,869 shares of the company’s stock, valued at $14,081,241.45. This represents a 2.54 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Ned D. Segal sold 2,914 shares of RingCentral stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $41.60, for a total value of $121,222.40. Following the sale, the director now directly owns 10,633 shares in the company, valued at $442,332.80. The trade was a 21.51 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 13,091 shares of company stock valued at $542,958 in the last ninety days. Company insiders own 6.97% of the company’s stock.

Hedge Funds Weigh In On RingCentral

A number of hedge funds have recently made changes to their positions in the business. Hennessy Advisors Inc. acquired a new position in shares of RingCentral in the 4th quarter worth approximately $59,055,000. Arrowstreet Capital Limited Partnership grew its position in RingCentral by 414.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,445,245 shares of the software maker’s stock valued at $50,598,000 after acquiring an additional 1,164,241 shares during the period. Pacer Advisors Inc. raised its stake in 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 in the last quarter. Valley Wealth Managers Inc. bought a new position in shares of RingCentral during the fourth quarter valued at $20,792,000. Finally, Capital World Investors lifted its holdings in shares of RingCentral by 5.9% during the fourth quarter. Capital World Investors now owns 10,663,441 shares of the software maker’s stock valued at $373,327,000 after acquiring an additional 591,398 shares during the period. Institutional investors and hedge funds own 98.61% of the company’s stock.

RingCentral Stock Performance

NYSE:RNG opened at $31.81 on Thursday. The company has a market capitalization of $2.88 billion, a P/E ratio of -30.01, a P/E/G ratio of 1.39 and a beta of 1.01. The stock’s 50 day moving average price is $35.24 and its 200 day moving average price is $34.32. RingCentral has a 52 week low of $26.98 and a 52 week high of $42.19.

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.