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

Ringcentral, Inc. (NYSE:RNG) has been assigned a consensus rating of “Hold” from the fifteen brokerages that are covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, ten have assigned a hold recommendation and four have given a buy recommendation to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $31.4615.

RNG has been the subject of a number of analyst reports. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Ringcentral in a research report on Monday, December 29th. Needham & Company LLC restated a “buy” rating and issued a $36.00 price objective on shares of Ringcentral in a report on Tuesday, November 4th. Rosenblatt Securities reiterated a “buy” rating and set a $32.00 target price on shares of Ringcentral in a report on Tuesday, November 4th. Finally, Morgan Stanley decreased their price target on Ringcentral from $31.00 to $30.00 and set an “equal weight” rating for the company in a research note on Thursday, January 15th.

Ringcentral Stock Performance

NYSE RNG opened at $26.43 on Thursday. Ringcentral has a 52 week low of $20.58 and a 52 week high of $35.25. The stock’s 50 day moving average price is $28.43 and its two-hundred day moving average price is $28.62. The stock has a market capitalization of $2.29 billion, a price-to-earnings ratio of 188.80, a PEG ratio of 1.03 and a beta of 1.23.

Ringcentral (NYSE:RNG) last issued its quarterly earnings results on Monday, November 3rd. The software maker reported $1.13 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.05. The company 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 business’s quarterly revenue was up 4.9% on a year-over-year basis. During the same period last year, the business earned $0.95 EPS. On average, equities research analysts forecast that Ringcentral will post 1.29 EPS for the current year.

Insider Buying and Selling

In other Ringcentral news, COO Kira Makagon sold 6,495 shares of the stock in a transaction on Friday, December 26th. The shares were sold at an average price of $29.22, for a total value of $189,783.90. Following the completion of the sale, the chief operating officer owned 336,162 shares in the company, valued at $9,822,653.64. This trade represents a 1.90% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Tarun Arora sold 3,888 shares of the business’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $28.70, for a total transaction of $111,585.60. Following the transaction, the chief accounting officer owned 93,412 shares in the company, valued at $2,680,924.40. This represents a 4.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 115,838 shares of company stock worth $3,164,064. 7.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Ringcentral

A number of hedge funds and other institutional investors have recently bought and sold shares of RNG. Global Retirement Partners LLC raised its stake in Ringcentral by 98.5% in the third 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 acquired a new position in shares of Ringcentral during the 3rd quarter worth approximately $30,000. Jones Financial Companies Lllp raised its stake in Ringcentral by 61.6% in the 3rd quarter. Jones Financial Companies Lllp now owns 1,217 shares of the software maker’s stock valued at $37,000 after acquiring an additional 464 shares during the period. Ameritas Advisory Services LLC acquired a new stake in Ringcentral during the 2nd quarter valued at $49,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Ringcentral by 103.0% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,823 shares of the software maker’s stock worth $52,000 after purchasing an additional 925 shares during the period. Institutional investors own 98.61% of the company’s stock.

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.