Ringcentral, Inc. (NYSE:RNG) Receives Consensus Recommendation of "Hold" from Analysts

Ringcentral, Inc. (NYSE:RNG - Get Free Report) has been assigned an average recommendation of "Hold" from the fourteen brokerages that are covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, eight have given a hold recommendation and five have given a buy recommendation to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $33.08.

A number of analysts have recently weighed in on RNG shares. Piper Sandler increased their price objective on shares of Ringcentral from $25.00 to $28.00 and gave the stock a "neutral" rating in a research note on Friday, May 9th. Wells Fargo & Company reduced their price objective on Ringcentral from $30.00 to $22.00 and set an "underweight" rating for the company in a research note on Tuesday, April 22nd. Mizuho boosted their price target on Ringcentral from $25.00 to $27.00 and gave the company a "neutral" rating in a report on Monday, May 12th. KeyCorp initiated coverage on shares of Ringcentral in a report on Friday, June 6th. They set a "sector weight" rating on the stock. Finally, Needham & Company LLC initiated coverage on shares of Ringcentral in a research report on Friday, May 9th. They set a "buy" rating and a $36.00 price target on the stock.

Ringcentral Trading Up 3.3%

NYSE RNG opened at $27.42 on Wednesday. The firm's fifty day simple moving average is $26.14 and its two-hundred day simple moving average is $29.65. The firm has a market capitalization of $2.47 billion, a P/E ratio of -62.32, a P/E/G ratio of 0.86 and a beta of 1.27. Ringcentral has a 12-month low of $20.59 and a 12-month high of $42.19.

Ringcentral (NYSE:RNG - Get Free Report) last released its earnings results on Thursday, May 8th. The software maker reported $1.00 EPS for the quarter, topping analysts' consensus estimates of $0.96 by $0.04. The company had revenue of $612.06 million during the quarter, compared to analysts' expectations of $610.53 million. Ringcentral had a negative net margin of 1.65% and a negative return on equity of 15.63%. Ringcentral's revenue for the quarter was up 4.8% on a year-over-year basis. During the same period last year, the business earned $0.87 EPS. As a group, sell-side analysts predict that Ringcentral will post 1.29 earnings per share for the current fiscal year.

Insider Transactions at Ringcentral

In related news, CFO Vaibhav Agarwal sold 14,969 shares of the business's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $26.88, for a total transaction of $402,366.72. Following the transaction, the chief financial officer now directly owns 153,900 shares in the company, valued at approximately $4,136,832. The trade was a 8.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP John H. Marlow sold 19,442 shares of the stock in a transaction dated 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 owns 333,006 shares of the company's stock, valued at approximately $8,801,348.58. The trade was a 5.52% decrease in their position. The disclosure for this sale can be found here. Insiders sold 215,686 shares of company stock valued at $5,727,463 over the last 90 days. Corporate insiders own 6.97% of the company's stock.

Institutional Investors Weigh In On Ringcentral

A number of large investors have recently made changes to their positions in the stock. Northern Trust Corp grew its holdings in Ringcentral by 2.3% in the 4th quarter. Northern Trust Corp now owns 529,746 shares of the software maker's stock valued at $18,546,000 after buying an additional 11,911 shares in the last quarter. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Ringcentral in the fourth quarter valued at about $545,000. Private Advisor Group LLC grew its holdings in shares of Ringcentral by 9.6% in the fourth quarter. Private Advisor Group LLC now owns 8,896 shares of the software maker's stock valued at $311,000 after purchasing an additional 777 shares during the period. Deutsche Bank AG increased its position in Ringcentral by 18.8% during the fourth quarter. Deutsche Bank AG now owns 75,154 shares of the software maker's stock worth $2,631,000 after purchasing an additional 11,902 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Ringcentral by 4.6% in the 4th quarter. Geode Capital Management LLC now owns 1,349,667 shares of the software maker's stock valued at $47,267,000 after purchasing an additional 58,814 shares during the last quarter. 98.61% of the stock is currently owned by hedge funds and other institutional investors.

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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