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

Shares of Ringcentral, Inc. (NYSE:RNG) have received a consensus recommendation of “Hold” from the fifteen ratings firms that are covering the stock, MarketBeat reports. One analyst has rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating on the company. The average 12 month price target among brokers that have covered the stock in the last year is $31.5385.

A number of equities research analysts have recently issued reports on the company. Wells Fargo & Company assumed coverage on Ringcentral in a research report on Tuesday, September 30th. They set an “equal weight” rating and a $32.00 target price on the stock. Morgan Stanley boosted their price objective on Ringcentral from $29.00 to $31.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 4th. Rosenblatt Securities reaffirmed a “buy” rating and set a $32.00 price objective on shares of Ringcentral in a research note on Tuesday, November 4th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Ringcentral in a report on Monday, December 29th. Finally, Needham & Company LLC restated a “buy” rating and set a $36.00 price target on shares of Ringcentral in a report on Tuesday, November 4th.

Insider Activity

In other news, CEO Vladimir Shmunis sold 27,018 shares of the stock in a transaction on Monday, November 24th. The stock was sold at an average price of $27.68, for a total value of $747,858.24. Following the completion of the sale, the chief executive officer owned 262,240 shares in the company, valued at $7,258,803.20. This represents a 9.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Tarun Arora sold 3,888 shares of the firm’s stock in a transaction on Monday, December 1st. The stock was sold at an average price of $28.70, for a total value of $111,585.60. Following the completion of the sale, the chief accounting officer directly owned 93,412 shares of the company’s stock, 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 115,838 shares of company stock valued at $3,164,064 in the last 90 days. Company insiders own 7.30% of the company’s stock.

Institutional Trading of Ringcentral

Institutional investors have recently made changes to their positions in the stock. Global Retirement Partners LLC increased its stake in Ringcentral by 98.5% in the 3rd quarter. Global Retirement Partners LLC now owns 901 shares of the software maker’s stock valued at $26,000 after buying an additional 447 shares during the period. Harvest Fund Management Co. Ltd purchased a new position in shares of Ringcentral during the 3rd quarter valued at $30,000. Jones Financial Companies Lllp increased its stake in shares of Ringcentral by 61.6% in the third quarter. Jones Financial Companies Lllp now owns 1,217 shares of the software maker’s stock worth $37,000 after acquiring an additional 464 shares during the last quarter. Parallel Advisors LLC increased its stake in shares of Ringcentral by 256.9% in the second quarter. Parallel Advisors LLC now owns 1,481 shares of the software maker’s stock worth $42,000 after acquiring an additional 1,066 shares during the last quarter. Finally, Ameritas Advisory Services LLC purchased a new stake in shares of Ringcentral during the second quarter worth $49,000. 98.61% of the stock is currently owned by institutional investors and hedge funds.

Ringcentral Price Performance

Shares of RNG opened at $29.87 on Friday. The firm’s 50 day moving average is $28.60 and its 200-day moving average is $28.78. Ringcentral has a 12-month low of $20.58 and a 12-month high of $36.43. The stock has a market capitalization of $2.59 billion, a P/E ratio of 213.39, a P/E/G ratio of 1.23 and a beta of 1.22.

Ringcentral (NYSE:RNG) last issued its earnings results on Monday, November 3rd. The software maker reported $1.13 earnings per share for the quarter, topping analysts’ consensus estimates of $1.08 by $0.05. The firm had revenue of $638.66 million during the quarter, compared to analysts’ expectations of $635.39 million. Ringcentral had a net margin of 0.53% and a negative return on equity of 22.38%. 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 firm posted $0.95 earnings per share. Ringcentral has set its FY 2025 guidance at 4.290-4.330 EPS and its Q4 2025 guidance at 1.120-1.150 EPS. As a group, equities research analysts forecast that Ringcentral will post 1.29 EPS for the current fiscal year.

Ringcentral Company Profile

RingCentral, Inc is a leading provider of cloud-based business communications and collaboration solutions. The company’s flagship platform delivers unified communications as a service (UCaaS), integrating voice over IP (VoIP) phone systems, video conferencing, team messaging and SMS into a single, cloud-native application. In addition to its UCaaS offering, RingCentral provides contact center as a service (CCaaS) capabilities, enabling organizations to manage customer interactions across voice, email, chat and social channels from a centralized dashboard.

Founded in 1999 and headquartered in Belmont, California, RingCentral went public on the New York Stock Exchange under the ticker RNG in 2013.