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

Shares of RingCentral, Inc. (NYSE:RNG) have received an average recommendation of “Hold” from the fifteen brokerages that are presently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, eight have assigned a hold recommendation and six have issued a buy recommendation on the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $41.00.

RNG has been the subject of a number of recent research reports. Raymond James reiterated an “outperform” rating and issued a $45.00 price objective (down previously from $50.00) on shares of RingCentral in a report on Friday, January 3rd. StockNews.com upgraded RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Monday, November 11th. Barclays lowered RingCentral from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $45.00 to $37.00 in a research note on Monday. Wells Fargo & Company reiterated an “underweight” rating and set a $30.00 price target (down previously from $38.00) on shares of RingCentral in a report on Tuesday, January 7th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $42.00 price objective on shares of RingCentral in a report on Monday, November 11th.

RingCentral Price Performance

Shares of RingCentral stock opened at $35.60 on Friday. The stock has a market capitalization of $3.22 billion, a P/E ratio of -33.58, a PEG ratio of 1.40 and a beta of 0.99. The business has a 50 day simple moving average of $36.59 and a two-hundred day simple moving average of $34.22. RingCentral has a 12 month low of $26.98 and a 12 month high of $42.19.

RingCentral (NYSE:RNG) last posted its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, beating the consensus estimate of $0.14 by $0.10. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. The firm had revenue of $608.77 million during the quarter, compared to the consensus estimate of $601.91 million. As a group, research analysts anticipate that RingCentral will post 0.84 EPS for the current fiscal year.

Insider Buying and Selling at RingCentral

In related news, CFO Vaibhav Agarwal sold 2,178 shares of the business’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $35.27, for a total value of $76,818.06. Following the sale, the chief financial officer now owns 135,560 shares in the company, valued at approximately $4,781,201.20. The trade was a 1.58 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ned D. Segal sold 2,914 shares of the firm’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $41.60, for a total value of $121,222.40. Following the transaction, the director now owns 10,633 shares of the company’s stock, valued at $442,332.80. This trade represents a 21.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 115,188 shares of company stock valued at $4,113,047 over the last quarter. 6.97% of the stock is owned by company insiders.

Institutional Investors Weigh In On RingCentral

Hedge funds have recently added to or reduced their stakes in the business. Hennessy Advisors Inc. purchased a new stake in shares of RingCentral during the fourth quarter worth $59,055,000. 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 purchasing an additional 822,892 shares in the last quarter. Foundry Partners LLC purchased a new position in shares of RingCentral in the 3rd quarter valued at about $8,886,000. Susquehanna Fundamental Investments LLC acquired a new position in shares of RingCentral during the second quarter worth about $4,801,000. Finally, Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of RingCentral by 65.9% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 381,178 shares of the software maker’s stock worth $12,057,000 after buying an additional 151,433 shares during the period. 98.61% of the stock is currently owned by institutional investors and hedge funds.

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.