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

RingCentral, Inc. (NYSE:RNG) has been given a consensus rating of “Hold” by the thirteen research firms that are currently covering the stock, MarketBeat.com reports. One equities 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 1-year target price among brokers that have updated their coverage on the stock in the last year is $37.69.

A number of analysts have commented on RNG shares. Mizuho cut their price target on shares of RingCentral from $42.00 to $36.00 and set a “neutral” rating for the company in a research note on Monday, February 10th. UBS Group cut their price target on shares of RingCentral from $40.00 to $38.00 and set a “neutral” rating for the company in a research note on Friday, February 21st. Raymond James cut 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, February 21st. Piper Sandler cut 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, February 21st. Finally, Wells Fargo & Company restated an “underweight” rating and set a $30.00 target price (down previously from $38.00) on shares of RingCentral in a research note on Tuesday, January 7th.

Insider Buying and Selling

In other RingCentral news, CEO Vladimir Shmunis sold 66,112 shares of the firm’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 transaction, the chief executive officer now directly owns 568,300 shares of the company’s stock, valued at $16,384,089. This trade represents a 10.42 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP John H. Marlow sold 35,089 shares of the firm’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $28.56, for a total transaction of $1,002,141.84. Following the completion of the transaction, the senior vice president now directly owns 313,510 shares in the company, valued at approximately $8,953,845.60. This represents a 10.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 247,740 shares of company stock valued at $7,099,279. 6.97% of the stock is owned by company insiders.

Hedge Funds Weigh In On RingCentral

Several hedge funds have recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC bought a new position in RingCentral in the 4th quarter valued at about $545,000. Fluent Financial LLC acquired a new stake in shares of RingCentral in the 4th quarter valued at approximately $623,000. Mackenzie Financial Corp boosted its stake in shares of RingCentral by 56.2% in the 4th quarter. Mackenzie Financial Corp now owns 127,406 shares of the software maker’s stock valued at $4,460,000 after purchasing an additional 45,848 shares in the last quarter. PharVision Advisers LLC acquired a new stake in shares of RingCentral in the 4th quarter valued at approximately $246,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of RingCentral by 14.4% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 255,792 shares of the software maker’s stock valued at $8,955,000 after purchasing an additional 32,175 shares in the last quarter. 98.61% of the stock is owned by institutional investors.

RingCentral Stock Down 0.5 %

Shares of RNG stock opened at $26.89 on Monday. RingCentral has a 12-month low of $26.22 and a 12-month high of $42.19. The firm has a fifty day moving average of $31.41 and a 200-day moving average of $33.49. The company has a market capitalization of $2.44 billion, a price-to-earnings ratio of -42.01, a P/E/G ratio of 1.27 and a beta of 1.20.

RingCentral (NYSE:RNG) last announced its earnings results on Thursday, February 20th. The software maker reported $0.23 EPS for the quarter, missing the consensus estimate of $0.96 by ($0.73). RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. The business had revenue of $614.51 million for the quarter, compared to analyst estimates of $612.37 million. On average, equities analysts expect that RingCentral will post 1.29 EPS for the current year.

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.