Ringcentral, Inc. (NYSE:RNG) Given Average Rating of “Hold” by Brokerages

Shares of Ringcentral, Inc. (NYSE:RNG) have earned a consensus recommendation of “Hold” from the fifteen analysts that are presently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $31.5385.

A number of equities analysts recently weighed in on RNG shares. Morgan Stanley boosted their price target on shares of Ringcentral from $29.00 to $31.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 4th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Ringcentral in a research note on Monday. Needham & Company LLC reissued a “buy” rating and issued a $36.00 price target on shares of Ringcentral in a report on Tuesday, November 4th. Wells Fargo & Company assumed coverage on Ringcentral in a report on Tuesday, September 30th. They set an “equal weight” rating and a $32.00 price objective for the company. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $32.00 target price on shares of Ringcentral in a research note on Tuesday, November 4th.

Insiders Place Their Bets

In other news, COO Kira Makagon sold 14,798 shares of the firm’s stock in a transaction dated Wednesday, November 26th. The shares were sold at an average price of $28.11, for a total value of $415,971.78. Following the completion of the sale, the chief operating officer directly owned 349,358 shares of the company’s stock, valued at approximately $9,820,453.38. This trade represents a 4.06% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Tarun Arora sold 3,888 shares of the business’s stock in a transaction on Monday, December 1st. The shares were sold at an average price of $28.70, for a total transaction of $111,585.60. Following the sale, the chief accounting officer owned 93,412 shares in the company, valued at approximately $2,680,924.40. This trade represents a 4.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 109,343 shares of company stock valued at $2,974,280 over the last three months. Company insiders own 7.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Cetera Investment Advisers bought a new position in Ringcentral in the first quarter valued at about $256,000. PNC Financial Services Group Inc. grew its stake in Ringcentral by 26.6% during the first quarter. PNC Financial Services Group Inc. now owns 2,925 shares of the software maker’s stock valued at $72,000 after acquiring an additional 615 shares in the last quarter. Deutsche Bank AG increased its holdings in shares of Ringcentral by 9.1% in the first quarter. Deutsche Bank AG now owns 81,975 shares of the software maker’s stock worth $2,030,000 after purchasing an additional 6,821 shares during the last quarter. Invesco Ltd. raised its holdings in shares of Ringcentral by 16.4% during the 1st quarter. Invesco Ltd. now owns 124,489 shares of the software maker’s stock worth $3,082,000 after acquiring an additional 17,566 shares in the last quarter. Finally, Nuveen LLC bought a new stake in shares of Ringcentral in the 1st quarter worth about $12,101,000. 98.61% of the stock is owned by hedge funds and other institutional investors.

Ringcentral Stock Performance

Shares of RNG stock opened at $29.77 on Wednesday. Ringcentral has a fifty-two week low of $20.58 and a fifty-two week high of $39.97. The stock has a 50 day simple moving average of $28.32 and a two-hundred day simple moving average of $28.51. The company has a market cap of $2.58 billion, a P/E ratio of 212.66, a PEG ratio of 1.50 and a beta of 1.29.

Ringcentral (NYSE:RNG) last issued its earnings results on Monday, November 3rd. The software maker reported $1.13 EPS for the quarter, beating the consensus estimate of $1.08 by $0.05. The company had revenue of $638.66 million during the quarter, compared to the consensus estimate of $635.39 million. Ringcentral had a negative return on equity of 22.38% and a net margin of 0.53%.The firm’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same period last year, the business posted $0.95 EPS. Ringcentral has set its FY 2025 guidance at 4.290-4.330 EPS and its Q4 2025 guidance at 1.120-1.150 EPS. On average, research analysts predict that Ringcentral will post 1.29 earnings per share 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.