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

Shares of Ringcentral, Inc. (NYSE:RNG) have earned an average rating of “Hold” from the fifteen analysts that are presently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, ten have issued a hold recommendation and four have issued a buy recommendation on the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $31.3846.

Several research firms recently commented on RNG. Morgan Stanley set a $29.00 target price on Ringcentral in a research note on Tuesday, October 21st. Wells Fargo & Company began coverage on shares of Ringcentral in a research report on Tuesday, September 30th. They issued an “equal weight” rating and a $32.00 price target for the company. UBS Group cut their price target on Ringcentral from $33.00 to $32.00 and set a “neutral” rating for the company in a research note on Wednesday, August 6th. Jefferies Financial Group decreased their price target on Ringcentral from $30.00 to $29.00 and set a “hold” rating on the stock in a research note on Wednesday, August 6th. Finally, Needham & Company LLC restated a “buy” rating and issued a $36.00 price target on shares of Ringcentral in a research report on Tuesday.

Insider Transactions at Ringcentral

In other news, CEO Vladimir Shmunis sold 46,932 shares of the business’s stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $28.95, for a total transaction of $1,358,681.40. Following the completion of the sale, the chief executive officer directly owned 462,429 shares of the company’s stock, valued at $13,387,319.55. The trade was a 9.21% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Vaibhav Agarwal sold 2,443 shares of the firm’s stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $30.70, for a total transaction of $75,000.10. Following the completion of the transaction, the chief financial officer owned 226,448 shares in the company, valued at $6,951,953.60. The trade was a 1.07% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 77,430 shares of company stock worth $2,291,052 in the last three months. Company insiders own 6.97% of the company’s stock.

Institutional Trading of Ringcentral

Large investors have recently added to or reduced their stakes in the business. Global Retirement Partners LLC increased its position in shares of Ringcentral by 98.5% during the 3rd quarter. Global Retirement Partners LLC now owns 901 shares of the software maker’s stock valued at $26,000 after purchasing an additional 447 shares during the period. Parallel Advisors LLC increased its holdings in shares of Ringcentral by 256.9% during the 2nd quarter. Parallel Advisors LLC now owns 1,481 shares of the software maker’s stock valued at $42,000 after acquiring an additional 1,066 shares during the last quarter. Ameritas Advisory Services LLC bought a new stake in Ringcentral during the second quarter valued at about $49,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Ringcentral by 103.0% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,823 shares of the software maker’s stock worth $52,000 after purchasing an additional 925 shares during the last quarter. Finally, New Age Alpha Advisors LLC acquired a new position in shares of Ringcentral in the first quarter valued at $49,000. 98.61% of the stock is currently owned by institutional investors and hedge funds.

Ringcentral Trading Down 5.7%

NYSE:RNG opened at $28.25 on Tuesday. The company’s 50-day moving average price is $29.64 and its 200-day moving average price is $28.01. The company has a market cap of $2.56 billion, a P/E ratio of -201.40, a P/E/G ratio of 1.33 and a beta of 1.32. Ringcentral has a twelve month low of $20.58 and a twelve month high of $42.19.

Ringcentral (NYSE:RNG) last posted its quarterly earnings results on Tuesday, August 5th. The software maker reported $1.06 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.04. The business had revenue of $620.40 million during the quarter, compared to analysts’ expectations of $617.90 million. Ringcentral had a negative net margin of 0.50% and a negative return on equity of 19.63%. The business’s revenue for the quarter was up 4.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.91 EPS. On average, analysts expect that Ringcentral will post 1.29 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.