Ringcentral, Inc. (NYSE:RNG) Given Average Recommendation of "Hold" by Analysts

Key Points

• RingCentral, Inc. has received a consensus recommendation of "Hold" from fourteen analysts, with nine hold ratings and four buy ratings, resulting in an average target price of $30.6154.
• Insider trading activity includes CEO Vladimir Shmunis selling nearly 95,000 shares for over $2.5 million, reducing his ownership by 13.51%.
• Institutional investors own 98.61% of RingCentral's stock, with significant increases in holdings reported by several investment firms in the last quarter.

Ringcentral, Inc. (NYSE:RNG - Get Free Report) has earned a consensus recommendation of "Hold" from the fourteen brokerages that are presently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and four have assigned a buy rating to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $30.6154.

RNG has been the subject of several research analyst reports. Mizuho upped their price objective on shares of Ringcentral from $25.00 to $27.00 and gave the company a "neutral" rating in a research note on Monday, May 12th. Piper Sandler upped their price objective on shares of Ringcentral from $25.00 to $28.00 and gave the company a "neutral" rating in a research note on Friday, May 9th. KeyCorp initiated coverage on shares of Ringcentral in a research note on Friday, June 6th. They issued a "sector weight" rating for the company. Wells Fargo & Company decreased their price objective on shares of Ringcentral from $30.00 to $22.00 and set an "underweight" rating for the company in a research note on Tuesday, April 22nd. Finally, Wedbush decreased their price objective on shares of Ringcentral from $38.00 to $30.00 and set a "neutral" rating for the company in a research note on Friday, May 9th.

Insider Activity

In related news, CEO Vladimir Shmunis sold 94,956 shares of the stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $26.56, for a total transaction of $2,522,031.36. Following the completion of the transaction, the chief executive officer directly owned 607,719 shares of the company's stock, valued at $16,141,016.64. This represents a 13.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Tarun Arora sold 7,776 shares of the stock in a transaction dated Friday, June 27th. The stock was sold at an average price of $28.00, for a total transaction of $217,728.00. Following the transaction, the chief accounting officer directly owned 114,497 shares of the company's stock, valued at $3,205,916. This represents a 6.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 244,647 shares of company stock valued at $6,531,804 over the last ninety days. 6.97% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Ringcentral

Large investors have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC increased its holdings in shares of Ringcentral by 13.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 12,966 shares of the software maker's stock valued at $321,000 after purchasing an additional 1,586 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its position in shares of Ringcentral by 116.9% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 44,524 shares of the software maker's stock valued at $1,102,000 after acquiring an additional 23,997 shares during the period. Northern Trust Corp lifted its position in shares of Ringcentral by 2.3% during the 4th quarter. Northern Trust Corp now owns 529,746 shares of the software maker's stock valued at $18,546,000 after acquiring an additional 11,911 shares during the period. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Ringcentral during the 4th quarter valued at approximately $545,000. Finally, Robeco Institutional Asset Management B.V. lifted its position in shares of Ringcentral by 57.2% during the 1st quarter. Robeco Institutional Asset Management B.V. now owns 9,924 shares of the software maker's stock valued at $246,000 after acquiring an additional 3,611 shares during the period. Hedge funds and other institutional investors own 98.61% of the company's stock.

Ringcentral Trading Up 8.1%

Shares of RNG stock opened at $30.06 on Thursday. The firm has a fifty day moving average price of $27.37 and a 200 day moving average price of $27.56. The company has a market cap of $2.70 billion, a P/E ratio of -214.70, a PEG ratio of 1.28 and a beta of 1.28. Ringcentral has a 12 month low of $20.58 and a 12 month high of $42.19.

Ringcentral (NYSE:RNG - Get Free Report) last issued its earnings results on Tuesday, August 5th. The software maker reported $1.06 EPS for the quarter, topping analysts' consensus estimates of $1.02 by $0.04. The firm had revenue of $620.40 million during the quarter, compared to the consensus estimate of $617.90 million. Ringcentral had a negative net margin of 0.50% and a negative return on equity of 19.63%. The company's revenue was up 4.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.91 earnings per share. On average, equities analysts forecast that Ringcentral will post 1.29 EPS for the current year.

Ringcentral Company Profile

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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