Ringcentral, Inc. (NYSE:RNG) Receives Consensus Recommendation of “Hold” from Brokerages

Ringcentral, Inc. (NYSE:RNG) has been given an average rating of “Hold” by the fifteen research firms that are covering the stock, MarketBeat reports. One analyst has rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $31.5385.

Several equities analysts recently commented on RNG shares. Wells Fargo & Company started coverage on shares of Ringcentral in a report on Tuesday, September 30th. They set an “equal weight” rating and a $32.00 price target on the stock. Morgan Stanley upped their target price on Ringcentral from $29.00 to $31.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 4th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Ringcentral in a report on Wednesday. UBS Group dropped their price objective on Ringcentral from $33.00 to $32.00 and set a “neutral” rating for the company in a report on Wednesday, August 6th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $32.00 price objective on shares of Ringcentral in a research report on Tuesday, November 4th.

Insider Activity at Ringcentral

In related news, CAO Tarun Arora sold 1,037 shares of the firm’s stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of $31.09, for a total value of $32,240.33. Following the transaction, the chief accounting officer owned 110,626 shares of the company’s stock, valued at $3,439,362.34. This trade represents a 0.93% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 6.97% of the company’s stock.

Hedge Funds Weigh In On Ringcentral

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in shares of Ringcentral by 1.1% during the third quarter. Vanguard Group Inc. now owns 11,823,636 shares of the software maker’s stock valued at $335,082,000 after acquiring an additional 129,444 shares in the last quarter. Capital World Investors increased its holdings in Ringcentral by 20.9% during the 3rd quarter. Capital World Investors now owns 11,735,991 shares of the software maker’s stock worth $332,598,000 after purchasing an additional 2,031,861 shares during the period. Ameriprise Financial Inc. raised its position in Ringcentral by 7.9% during the 1st quarter. Ameriprise Financial Inc. now owns 7,026,565 shares of the software maker’s stock valued at $173,987,000 after purchasing an additional 512,834 shares in the last quarter. Alyeska Investment Group L.P. bought a new stake in Ringcentral during the 3rd quarter valued at $53,365,000. Finally, Contour Asset Management LLC purchased a new stake in shares of Ringcentral in the 1st quarter worth $45,650,000. 98.61% of the stock is currently owned by institutional investors.

Ringcentral Stock Performance

NYSE:RNG opened at $27.24 on Friday. The firm has a market capitalization of $2.36 billion, a PE ratio of -194.57, a PEG ratio of 1.33 and a beta of 1.33. The stock’s fifty day moving average is $28.55 and its 200 day moving average is $28.20. Ringcentral has a fifty-two week low of $20.58 and a fifty-two week high of $42.19.

Ringcentral (NYSE:RNG) last posted its quarterly earnings data on Monday, November 3rd. The software maker reported $1.13 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.05. Ringcentral had a negative net margin of 0.50% and a negative return on equity of 19.63%. The business had revenue of $638.66 million for the quarter, compared to analysts’ expectations of $635.39 million. During the same quarter in the previous year, the business posted $0.95 earnings per share. The business’s revenue was up 4.9% compared to the same quarter last year. Ringcentral has set its FY 2025 guidance at 4.290-4.330 EPS. Q4 2025 guidance at 1.120-1.150 EPS. 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.