Ringcentral, Inc. (NYSE:RNG) Given Consensus Rating of "Hold" by Brokerages

Shares of Ringcentral, Inc. (NYSE:RNG - Get Free Report) have earned a consensus recommendation of "Hold" from the fourteen research firms that are covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $33.08.

Several research analysts have commented on the stock. Wedbush lowered their price target on shares of Ringcentral from $38.00 to $30.00 and set a "neutral" rating for the company in a report on Friday, May 9th. Raymond James Financial lowered their target price on shares of Ringcentral from $40.00 to $35.00 and set an "outperform" rating for the company in a research note on Friday, May 9th. Wall Street Zen lowered Ringcentral from a "strong-buy" rating to a "buy" rating in a report on Saturday, June 7th. Piper Sandler lifted their price target on Ringcentral from $25.00 to $28.00 and gave the stock a "neutral" rating in a report on Friday, May 9th. Finally, UBS Group dropped their price objective on Ringcentral from $38.00 to $33.00 and set a "neutral" rating on the stock in a report on Friday, May 9th.

Ringcentral Price Performance

Shares of NYSE RNG traded up $0.20 during mid-day trading on Wednesday, hitting $27.87. The company had a trading volume of 2,560,000 shares, compared to its average volume of 1,321,931. The company has a market capitalization of $2.51 billion, a PE ratio of -63.33, a price-to-earnings-growth ratio of 0.90 and a beta of 1.27. The business's 50-day simple moving average is $26.43 and its 200 day simple moving average is $29.36. 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 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 15.63% and a negative net margin of 1.65%. The company had revenue of $612.06 million for the quarter, compared to analyst estimates of $610.53 million. During the same quarter last year, the company earned $0.87 EPS. Ringcentral's revenue for the quarter was up 4.8% compared to the same quarter last year. On average, analysts expect that Ringcentral will post 1.29 EPS for the current year.

Insiders Place Their Bets

In related news, SVP John H. Marlow sold 19,442 shares of the stock in a transaction on Thursday, May 22nd. The stock was 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 $8,801,348.58. This trade represents a 5.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Vladimir Shmunis sold 54,899 shares of Ringcentral stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $26.44, for a total transaction of $1,451,529.56. Following the completion of the transaction, the chief executive officer now owns 552,820 shares in the company, valued at approximately $14,616,560.80. This trade represents a 9.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 215,686 shares of company stock valued at $5,727,463 over the last quarter. Company insiders own 6.97% of the company's stock.

Hedge Funds Weigh In On Ringcentral

Large investors have recently bought and sold shares of the company. Kayne Anderson Rudnick Investment Management LLC purchased a new stake in shares of Ringcentral in the fourth quarter valued at about $49,000. New Age Alpha Advisors LLC acquired a new stake in Ringcentral in the first quarter valued at about $49,000. PNC Financial Services Group Inc. boosted its holdings in Ringcentral by 26.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,925 shares of the software maker's stock valued at $72,000 after purchasing an additional 615 shares in the last quarter. Quarry LP increased its position in Ringcentral by 84.1% during the 4th quarter. Quarry LP now owns 3,501 shares of the software maker's stock worth $123,000 after purchasing an additional 1,599 shares during the period. Finally, Harvest Fund Management Co. Ltd acquired a new position in Ringcentral during the 4th quarter worth approximately $173,000. Hedge funds and other institutional investors own 98.61% of the company's stock.

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.