RingCentral, Inc. (NYSE:RNG) Given Average Rating of "Hold" by Analysts

Shares of RingCentral, Inc. (NYSE:RNG - Get Free Report) have been given an average rating of "Hold" by the thirteen research firms that are presently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $37.69.

Several equities research analysts have recently issued reports on the stock. StockNews.com raised shares of RingCentral from a "buy" rating to a "strong-buy" rating in a research report on Monday. UBS Group lowered their price target on RingCentral from $40.00 to $38.00 and set a "neutral" rating for the company in a report on Friday, February 21st. Piper Sandler reduced their price objective on RingCentral from $38.00 to $31.00 and set a "neutral" rating on the stock in a research note on Friday, February 21st. Barclays lowered their target price on RingCentral from $37.00 to $31.00 and set an "equal weight" rating for the company in a research note on Friday, February 21st. Finally, Rosenblatt Securities reduced their price target on RingCentral from $45.00 to $40.00 and set a "buy" rating on the stock in a research report on Friday, February 21st.

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RingCentral Stock Up 0.4 %

Shares of RNG stock traded up $0.11 on Monday, reaching $27.11. 763,304 shares of the stock were exchanged, compared to its average volume of 1,452,301. The stock has a market cap of $2.46 billion, a P/E ratio of -42.36, a price-to-earnings-growth ratio of 1.27 and a beta of 1.20. The firm has a 50 day moving average of $31.93 and a two-hundred day moving average of $33.64. RingCentral has a 1-year low of $26.22 and a 1-year high of $42.19.

RingCentral (NYSE:RNG - Get Free Report) last announced its quarterly earnings results on Thursday, February 20th. The software maker reported $0.23 EPS for the quarter, missing the consensus estimate of $0.96 by ($0.73). The firm had revenue of $614.51 million for the quarter, compared to analyst estimates of $612.37 million. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. On average, equities research analysts predict that RingCentral will post 1.29 EPS for the current fiscal year.

Insider Transactions at RingCentral

In related news, CEO Vladimir Shmunis sold 123,560 shares of RingCentral stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $28.56, for a total value of $3,528,873.60. Following the completion of the transaction, the chief executive officer now directly owns 444,740 shares in the company, valued at approximately $12,701,774.40. This trade represents a 21.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP John H. Marlow sold 22,979 shares of the business's stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $28.82, for a total value of $662,254.78. Following the completion of the sale, the senior vice president now directly owns 348,599 shares of the company's stock, valued at approximately $10,046,623.18. This represents a 6.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 247,740 shares of company stock valued at $7,099,279. Insiders own 6.97% of the company's stock.

Institutional Trading of RingCentral

Institutional investors have recently added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC acquired a new position in shares of RingCentral in the 4th quarter valued at about $545,000. Fluent Financial LLC bought a new position in RingCentral in the fourth quarter worth about $623,000. Mackenzie Financial Corp boosted its stake in RingCentral by 56.2% in the fourth quarter. Mackenzie Financial Corp now owns 127,406 shares of the software maker's stock valued at $4,460,000 after acquiring an additional 45,848 shares during the period. PharVision Advisers LLC bought a new position in shares of RingCentral during the fourth quarter valued at approximately $246,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of RingCentral by 14.4% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 255,792 shares of the software maker's stock worth $8,955,000 after purchasing an additional 32,175 shares during the period. Institutional investors own 98.61% of the company's stock.

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.