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

Shares of RingCentral, Inc. (NYSE:RNG) have earned an average recommendation of “Hold” from the fourteen research firms that are currently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and six 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 $41.29.

Several equities research analysts recently commented on RNG shares. Piper Sandler boosted their price target on RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Raymond James reissued an “outperform” rating and issued a $45.00 target price (down from $50.00) on shares of RingCentral in a research report on Friday, January 3rd. Needham & Company LLC reaffirmed a “buy” rating and issued a $42.00 price objective on shares of RingCentral in a research note on Monday, November 11th. Wells Fargo & Company reissued an “underweight” rating and set a $30.00 target price (down from $38.00) on shares of RingCentral in a research report on Tuesday. Finally, Wedbush raised their target price on RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a report on Friday, November 8th.

RingCentral Stock Performance

Shares of RNG opened at $34.05 on Wednesday. RingCentral has a 52 week low of $26.98 and a 52 week high of $42.19. The company has a market capitalization of $3.08 billion, a PE ratio of -32.12, a PEG ratio of 2.48 and a beta of 0.99. The company’s 50 day moving average price is $37.38 and its 200 day moving average price is $33.62.

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

Insiders Place Their Bets

In other news, Director Robert I. Theis sold 1,457 shares of the firm’s 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 of the company’s stock, valued at approximately $1,084,195.10. This trade represents a 4.83 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ned D. Segal sold 2,914 shares of the company’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $41.60, for a total transaction of $121,222.40. Following the completion of the sale, the director now directly owns 10,633 shares in the company, valued at approximately $442,332.80. The trade was a 21.51 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 115,188 shares of company stock worth $4,113,047. 6.97% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On RingCentral

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Diversified Trust Co lifted its holdings in shares of RingCentral by 89.9% during the fourth quarter. Diversified Trust Co now owns 28,499 shares of the software maker’s stock valued at $998,000 after acquiring an additional 13,491 shares during the period. Central Pacific Bank Trust Division increased its position in shares of RingCentral by 31.1% during the 4th quarter. Central Pacific Bank Trust Division now owns 5,033 shares of the software maker’s stock worth $176,000 after purchasing an additional 1,194 shares in the last quarter. Principal Financial Group Inc. bought a new position in RingCentral during the 3rd quarter valued at about $233,000. 272 Capital LP acquired a new position in RingCentral in the third quarter valued at about $436,000. Finally, Sanctuary Advisors LLC bought a new stake in RingCentral during the third quarter worth about $178,000. Institutional investors own 98.61% of the company’s stock.

About RingCentral

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.