Ringcentral, Inc. (NYSE:RNG) Receives $33.08 Average PT from Analysts

Ringcentral, Inc. (NYSE:RNG) has been assigned an average rating of “Hold” from the fourteen ratings firms that are presently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, eight have given a hold recommendation and five have assigned a buy recommendation to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $33.08.

A number of analysts have commented on RNG shares. Rosenblatt Securities reiterated a “buy” rating and issued a $32.00 price objective on shares of Ringcentral in a report on Monday, May 19th. Needham & Company LLC started coverage on shares of Ringcentral in a report on Friday, May 9th. They issued a “buy” rating and a $36.00 price objective for the company. Piper Sandler increased their price objective on shares of Ringcentral from $25.00 to $28.00 and gave the company a “neutral” rating in a report on Friday, May 9th. KeyCorp started coverage on shares of Ringcentral in a report on Friday, June 6th. They issued a “sector weight” rating for the company. Finally, Wall Street Zen upgraded shares of Ringcentral from a “buy” rating to a “strong-buy” rating in a report on Saturday, July 5th.

Ringcentral Stock Down 2.3%

RNG opened at $26.70 on Friday. Ringcentral has a twelve month low of $20.58 and a twelve month high of $42.19. The company has a 50-day moving average price of $27.25 and a 200 day moving average price of $28.17. The company has a market cap of $2.40 billion, a PE ratio of -60.67, a price-to-earnings-growth ratio of 0.86 and a beta of 1.29.

Ringcentral (NYSE:RNG) last released its quarterly earnings results on Thursday, May 8th. The software maker reported $1.00 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.04. Ringcentral had a negative net margin of 1.65% and a negative return on equity of 15.63%. The firm had revenue of $612.06 million during the quarter, compared to the consensus estimate of $610.53 million. During the same quarter in the prior year, the firm earned $0.87 EPS. The company’s revenue for the quarter was up 4.8% on a year-over-year basis. As a group, sell-side analysts expect that Ringcentral will post 1.29 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Vladimir Shmunis sold 54,899 shares of the stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $26.44, for a total value of $1,451,529.56. Following the completion of the sale, the chief executive officer owned 552,820 shares of the company’s stock, valued at $14,616,560.80. This represents a 9.03% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP John H. Marlow sold 19,442 shares of the stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $26.43, for a total transaction of $513,852.06. Following the transaction, the senior vice president directly owned 333,006 shares of the company’s stock, valued at $8,801,348.58. The trade was a 5.52% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 244,647 shares of company stock worth $6,531,804. 6.97% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Ringcentral

A number of hedge funds have recently made changes to their positions in the stock. Meritage Portfolio Management purchased a new position in shares of Ringcentral during the 2nd quarter worth approximately $697,000. CWM LLC boosted its position in shares of Ringcentral by 290.8% during the 2nd quarter. CWM LLC now owns 9,019 shares of the software maker’s stock worth $256,000 after purchasing an additional 6,711 shares during the period. KLP Kapitalforvaltning AS boosted its position in shares of Ringcentral by 4.6% during the 2nd quarter. KLP Kapitalforvaltning AS now owns 15,800 shares of the software maker’s stock worth $448,000 after purchasing an additional 700 shares during the period. New Century Financial Group LLC boosted its position in shares of Ringcentral by 203.8% during the 2nd quarter. New Century Financial Group LLC now owns 33,286 shares of the software maker’s stock worth $944,000 after purchasing an additional 22,329 shares during the period. Finally, Ameritas Advisory Services LLC purchased a new position in shares of Ringcentral during the 2nd quarter worth approximately $49,000. Hedge funds and other 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.