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

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

RNG has been the topic of several research reports. Wells Fargo & Company initiated coverage on Ringcentral in a research report on Tuesday, September 30th. They issued an “equal weight” rating and a $32.00 target price on the stock. Rosenblatt Securities reissued a “buy” rating and issued a $32.00 price objective on shares of Ringcentral in a report on Tuesday, November 4th. Morgan Stanley cut their target price on shares of Ringcentral from $31.00 to $30.00 and set an “equal weight” rating for the company in a research report on Thursday. Weiss Ratings reiterated a “sell (d+)” rating on shares of Ringcentral in a research report on Monday, December 29th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $36.00 price target on shares of Ringcentral in a research note on Tuesday, November 4th.

Insider Buying and Selling

In related news, CEO Vladimir Shmunis sold 27,018 shares of the stock in a transaction that occurred on Monday, November 24th. The shares were 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 directly owned 262,240 shares of the company’s stock, valued at approximately $7,258,803.20. This represents a 9.34% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Tarun Arora sold 3,888 shares of the company’s stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $28.70, for a total transaction of $111,585.60. Following the completion of the transaction, the chief accounting officer owned 93,412 shares of the company’s stock, valued at approximately $2,680,924.40. The trade was a 4.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 115,838 shares of company stock worth $3,164,064. Corporate insiders own 7.30% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Global Retirement Partners LLC boosted its holdings in Ringcentral by 98.5% in the 3rd quarter. Global Retirement Partners LLC now owns 901 shares of the software maker’s stock worth $26,000 after buying an additional 447 shares during the period. Harvest Fund Management Co. Ltd purchased a new position in shares of Ringcentral in the third quarter valued at about $30,000. Jones Financial Companies Lllp boosted 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 period. Parallel Advisors LLC grew its position in shares of Ringcentral by 256.9% during the second quarter. Parallel Advisors LLC now owns 1,481 shares of the software maker’s stock worth $42,000 after purchasing an additional 1,066 shares in the last quarter. Finally, Ameritas Advisory Services LLC purchased a new stake in shares of Ringcentral during the second quarter worth about $49,000. Hedge funds and other institutional investors own 98.61% of the company’s stock.

Ringcentral Price Performance

Ringcentral stock traded down $0.68 during midday trading on Friday, reaching $26.27. 1,623,099 shares of the company traded hands, compared to its average volume of 934,502. Ringcentral has a 12 month low of $20.58 and a 12 month high of $36.43. The business has a 50 day moving average of $28.63 and a two-hundred day moving average of $28.78. The firm has a market capitalization of $2.27 billion, a price-to-earnings ratio of 187.62, a price-to-earnings-growth ratio of 1.09 and a beta of 1.22.

Ringcentral (NYSE:RNG) last announced its earnings results on Monday, November 3rd. The software maker reported $1.13 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.05. Ringcentral had a net margin of 0.53% and a negative return on equity of 22.38%. The business had revenue of $638.66 million during the quarter, compared to analyst estimates of $635.39 million. During the same period in the previous year, the business earned $0.95 EPS. The company’s quarterly revenue was up 4.9% compared to the same quarter last year. 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 analysts forecast that Ringcentral will post 1.29 EPS for the current year.

About Ringcentral

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.