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

RingCentral, Inc. (NYSE:RNG) has been given an average rating of “Hold” by the fourteen ratings firms that are currently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating on the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $41.29.

A number of analysts recently weighed in on RNG shares. Morgan Stanley raised their price target on shares of RingCentral from $38.00 to $40.00 and gave the company an “equal weight” rating in a report on Wednesday, December 18th. Mizuho restated a “neutral” rating and set a $42.00 target price on shares of RingCentral in a research report on Friday, December 13th. StockNews.com upgraded RingCentral from a “buy” rating to a “strong-buy” rating in a report on Monday, November 11th. Wedbush boosted their price objective on RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Finally, Needham & Company LLC restated a “buy” rating and set a $42.00 target price on shares of RingCentral in a research report on Monday, November 11th.

Insider Buying and Selling at RingCentral

In related news, Director Ned D. Segal sold 2,914 shares of the business’s stock in a transaction on Thursday, December 12th. The shares were 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 of the company’s stock, valued at approximately $442,332.80. The trade was a 21.51 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP John H. Marlow sold 8,720 shares of the company’s stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $42.05, for a total transaction of $366,676.00. Following the completion of the transaction, the senior vice president now directly owns 334,869 shares of the company’s stock, valued at approximately $14,081,241.45. The trade was a 2.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 115,188 shares of company stock valued at $4,113,047. Company insiders own 6.97% of the company’s stock.

Institutional Trading of RingCentral

A number of institutional investors have recently modified their holdings of RNG. Pacer Advisors Inc. raised its position in RingCentral by 45.3% in the 3rd quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker’s stock valued at $83,483,000 after buying an additional 822,892 shares during the last quarter. Foundry Partners LLC acquired a new stake in shares of RingCentral in the third quarter valued at approximately $8,886,000. Cubist Systematic Strategies LLC lifted its position in shares of RingCentral by 130.1% in the second quarter. Cubist Systematic Strategies LLC now owns 414,347 shares of the software maker’s stock worth $11,685,000 after purchasing an additional 234,238 shares in the last quarter. Jupiter Asset Management Ltd. boosted its holdings in RingCentral by 404.2% during the second quarter. Jupiter Asset Management Ltd. now owns 219,187 shares of the software maker’s stock worth $6,181,000 after purchasing an additional 175,715 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new position in RingCentral in the second quarter valued at $4,801,000. 98.61% of the stock is currently owned by institutional investors.

RingCentral Stock Performance

RingCentral stock opened at $34.05 on Wednesday. The business’s fifty day moving average is $37.38 and its two-hundred day moving average is $33.62. The firm has a market cap of $3.08 billion, a P/E ratio of -32.12, a P/E/G ratio of 2.48 and a beta of 0.99. RingCentral has a 52 week low of $26.98 and a 52 week high of $42.19.

RingCentral (NYSE:RNG) last issued its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.10. The firm had revenue of $608.77 million for the quarter, compared to analyst estimates 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 research analysts predict that RingCentral will post 0.84 earnings per share 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.