RingCentral, Inc. (NYSE:RNG) Receives Consensus Rating of "Hold" from Analysts

RingCentral, Inc. (NYSE:RNG - Get Free Report) has received a consensus recommendation of "Hold" from the thirteen brokerages that are presently covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, seven have given a hold recommendation and five have issued a buy recommendation on the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $33.08.

Several research firms have issued reports on RNG. Rosenblatt Securities reaffirmed a "buy" rating and set a $32.00 price objective on shares of RingCentral in a report on Monday, May 19th. Wedbush decreased their price target on shares of RingCentral from $38.00 to $30.00 and set a "neutral" rating on the stock in a research note on Friday, May 9th. Needham & Company LLC initiated coverage on RingCentral in a research note on Friday, May 9th. They set a "buy" rating and a $36.00 price objective for the company. Wall Street Zen raised RingCentral from a "buy" rating to a "strong-buy" rating in a report on Tuesday, May 13th. Finally, UBS Group lowered their price target on RingCentral from $38.00 to $33.00 and set a "neutral" rating on the stock in a research note on Friday, May 9th.

Insider Activity

In other RingCentral news, CFO Vaibhav Agarwal sold 2,247 shares of RingCentral stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $27.97, for a total transaction of $62,848.59. Following the transaction, the chief financial officer now directly owns 120,982 shares of the company's stock, valued at $3,383,866.54. The trade was a 1.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP John H. Marlow sold 19,442 shares of the stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $26.43, for a total transaction of $513,852.06. Following the completion of the sale, the senior vice president now directly owns 333,006 shares of the company's stock, valued at approximately $8,801,348.58. This trade represents a 5.52% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 215,686 shares of company stock valued at $5,727,463. 6.97% of the stock is currently owned by insiders.

Institutional Investors Weigh In On RingCentral

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bayforest Capital Ltd acquired a new stake in shares of RingCentral during the first quarter valued at about $145,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of RingCentral by 2.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 261,190 shares of the software maker's stock valued at $6,467,000 after buying an additional 5,398 shares during the period. Woodline Partners LP lifted its stake in RingCentral by 14.8% in the first quarter. Woodline Partners LP now owns 159,474 shares of the software maker's stock worth $3,949,000 after acquiring an additional 20,518 shares during the last quarter. Empowered Funds LLC grew its stake in shares of RingCentral by 9.0% during the first quarter. Empowered Funds LLC now owns 11,417 shares of the software maker's stock worth $283,000 after purchasing an additional 940 shares in the last quarter. Finally, Kestra Investment Management LLC boosted its position in shares of RingCentral by 48.7% during the 1st quarter. Kestra Investment Management LLC now owns 16,595 shares of the software maker's stock worth $411,000 after acquiring an additional 5,436 shares in the last quarter. Institutional investors and hedge funds own 98.61% of the company's stock.

RingCentral Price Performance

NYSE RNG traded up $0.16 during trading hours on Friday, reaching $26.91. The company's stock had a trading volume of 818,545 shares, compared to its average volume of 1,339,160. The firm has a market capitalization of $2.42 billion, a price-to-earnings ratio of -42.05, a P/E/G ratio of 1.27 and a beta of 1.33. The company's 50-day moving average is $25.16 and its two-hundred day moving average is $30.73. RingCentral has a 1-year low of $20.59 and a 1-year high of $42.19.

RingCentral (NYSE:RNG - Get Free Report) last announced its earnings results on Thursday, May 8th. The software maker reported $1.00 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.96 by $0.04. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. The firm had revenue of $612.06 million for the quarter, compared to analyst estimates of $610.53 million. During the same quarter last year, the firm posted $0.87 EPS. The business's revenue was up 4.8% on a year-over-year basis. Equities analysts forecast that RingCentral will post 1.29 EPS for the current fiscal 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.