RingCentral, Inc. (NYSE:RNG) Given Average Rating of "Hold" by Analysts

Shares of RingCentral, Inc. (NYSE:RNG - Get Free Report) have received a consensus rating of "Hold" from the thirteen analysts that are covering the stock, Marketbeat reports. One 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 brokerages that have issued a report on the stock in the last year is $34.46.

A number of analysts recently commented on RNG shares. Mizuho dropped their price target on shares of RingCentral from $32.00 to $25.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 15th. Barclays cut their price target on RingCentral from $37.00 to $31.00 and set an "equal weight" rating for the company in a report on Friday, February 21st. Piper Sandler decreased their price objective on RingCentral from $38.00 to $31.00 and set a "neutral" rating on the stock in a research note on Friday, February 21st. Raymond James cut their target price on RingCentral from $45.00 to $40.00 and set an "outperform" rating for the company in a research note on Friday, February 21st. Finally, Needham & Company LLC decreased their price target on RingCentral from $42.00 to $36.00 and set a "buy" rating on the stock in a research report on Friday, February 21st.

Insider Activity

In related news, CEO Vladimir Shmunis sold 123,560 shares of the firm's stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $28.56, for a total transaction of $3,528,873.60. Following the transaction, the chief executive officer now directly owns 444,740 shares of the company's stock, valued at approximately $12,701,774.40. This trade represents a 21.74 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP John H. Marlow sold 22,979 shares of the company's stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $28.82, for a total value of $662,254.78. Following the completion of the sale, the senior vice president now directly owns 348,599 shares of the company's stock, valued at approximately $10,046,623.18. This represents a 6.18 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 247,740 shares of company stock worth $7,099,279. 6.97% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On RingCentral

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Kayne Anderson Rudnick Investment Management LLC purchased a new position in RingCentral in the 4th quarter worth approximately $49,000. Venturi Wealth Management LLC grew its stake in shares of RingCentral by 55.2% in the fourth quarter. Venturi Wealth Management LLC now owns 2,891 shares of the software maker's stock worth $101,000 after purchasing an additional 1,028 shares during the last quarter. KBC Group NV raised its position in RingCentral by 30.8% during the 4th quarter. KBC Group NV now owns 3,478 shares of the software maker's stock valued at $122,000 after purchasing an additional 819 shares during the last quarter. Quarry LP lifted its holdings in RingCentral by 84.1% in the 4th quarter. Quarry LP now owns 3,501 shares of the software maker's stock worth $123,000 after buying an additional 1,599 shares during the period. Finally, GAMMA Investing LLC grew its position in shares of RingCentral by 1,803.3% in the 1st quarter. GAMMA Investing LLC now owns 5,843 shares of the software maker's stock worth $145,000 after buying an additional 5,536 shares during the last quarter. Institutional investors own 98.61% of the company's stock.

RingCentral Price Performance

Shares of RingCentral stock opened at $25.77 on Tuesday. The stock has a fifty day moving average price of $25.40 and a 200-day moving average price of $32.04. The firm has a market cap of $2.34 billion, a PE ratio of -40.26, a P/E/G ratio of 1.27 and a beta of 1.30. RingCentral has a 1 year low of $20.59 and a 1 year high of $42.19.

RingCentral (NYSE:RNG - Get Free Report) last posted its quarterly earnings data on Thursday, February 20th. The software maker reported $0.23 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 company had revenue of $614.51 million for the quarter, compared to analysts' expectations of $612.37 million. As a group, equities analysts anticipate that RingCentral will post 1.29 EPS for the current fiscal 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.

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