RingCentral, Inc. (NYSE:RNG) Given Consensus Recommendation of "Hold" by Brokerages

Shares of RingCentral, Inc. (NYSE:RNG - Get Free Report) have been given a consensus rating of "Hold" by the fourteen ratings firms that are currently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, seven have issued a hold recommendation and six have assigned a buy recommendation to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $41.29.

RNG has been the topic of a number of recent research reports. Morgan Stanley raised their price target on shares of RingCentral from $38.00 to $40.00 and gave the company an "equal weight" rating in a report on Wednesday, December 18th. Wells Fargo & Company restated an "underweight" rating and set a $30.00 target price (down from $38.00) on shares of RingCentral in a report on Tuesday, January 7th. Needham & Company LLC reiterated a "buy" rating and set a $42.00 price target on shares of RingCentral in a research note on Monday, November 11th. Wedbush raised their price objective on RingCentral from $36.00 to $41.00 and gave the company a "neutral" rating in a research note on Friday, November 8th. Finally, Mizuho reaffirmed a "neutral" rating and set a $42.00 target price on shares of RingCentral in a research report on Friday, December 13th.

RingCentral Price Performance

RNG traded up $0.28 during trading on Friday, reaching $34.67. 807,866 shares of the stock traded hands, compared to its average volume of 950,241. The stock's 50-day simple moving average is $36.56 and its two-hundred day simple moving average is $34.13. RingCentral has a fifty-two week low of $26.98 and a fifty-two week high of $42.19. The stock has a market cap of $3.14 billion, a price-to-earnings ratio of -32.71, a price-to-earnings-growth ratio of 1.40 and a beta of 0.99.

RingCentral (NYSE:RNG - Get Free Report) last announced its quarterly earnings results on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, beating the consensus estimate of $0.14 by $0.10. The business had revenue of $608.77 million during the quarter, compared to analysts' expectations of $601.91 million. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. Research analysts anticipate that RingCentral will post 0.84 earnings per share for the current fiscal year.

Insider Buying and Selling at RingCentral

In other news, Director Ned D. Segal sold 2,914 shares of the firm's stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $41.60, for a total transaction of $121,222.40. Following the completion of the transaction, the director now directly owns 10,633 shares of the company's stock, valued at approximately $442,332.80. This trade represents a 21.51 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Vladimir Shmunis sold 66,451 shares of the company's stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $34.96, for a total transaction of $2,323,126.96. Following the completion of the sale, the chief executive officer now directly owns 479,468 shares in the company, valued at approximately $16,762,201.28. The trade was a 12.17 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 115,188 shares of company stock valued at $4,113,047 in the last quarter. Corporate insiders own 6.97% of the company's stock.

Hedge Funds Weigh In On RingCentral

Several hedge funds and other institutional investors have recently modified their holdings of RNG. Point72 DIFC Ltd bought a new stake in RingCentral during the second quarter worth about $39,000. Venturi Wealth Management LLC grew its position in RingCentral by 150.4% during the 3rd quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker's stock worth $59,000 after acquiring an additional 1,119 shares during the last quarter. Quarry LP increased its holdings in RingCentral by 106.7% during the 3rd quarter. Quarry LP now owns 1,902 shares of the software maker's stock valued at $60,000 after purchasing an additional 982 shares in the last quarter. KBC Group NV raised its position in RingCentral by 38.9% in the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker's stock valued at $84,000 after purchasing an additional 744 shares during the last quarter. Finally, Central Pacific Bank Trust Division acquired a new position in RingCentral in the third quarter worth $121,000. Institutional investors own 98.61% of the company's stock.

About RingCentral

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.