RingCentral (NYSE:RNG) Earns Hold Rating from Analysts at StockNews.com

StockNews.com started coverage on shares of RingCentral (NYSE:RNG – Get Rating) in a research note published on Thursday. The brokerage issued a hold rating on the software maker’s stock.

A number of other equities research analysts have also recently issued reports on RNG. The Goldman Sachs Group cut their target price on RingCentral from $71.00 to $52.00 and set a buy rating on the stock in a research note on Friday, February 17th. Jefferies Financial Group dropped their price target on RingCentral from $50.00 to $45.00 in a research note on Friday, February 24th. Piper Sandler lifted their price target on RingCentral from $39.00 to $45.00 and gave the stock a neutral rating in a research note on Thursday, February 16th. Oppenheimer lifted their target price on RingCentral from $40.00 to $50.00 and gave the company an outperform rating in a research note on Thursday, February 16th. Finally, Morgan Stanley upgraded RingCentral from an equal weight rating to an overweight rating and reduced their price target for the company from $55.00 to $50.00 in a report on Wednesday, December 14th. Ten research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $60.82.

RingCentral Stock Down 5.9 %

Shares of NYSE:RNG opened at $30.07 on Thursday. RingCentral has a 52-week low of $28.00 and a 52-week high of $129.72. The company has a 50 day moving average of $37.36 and a two-hundred day moving average of $37.41. The company has a market capitalization of $2.87 billion, a price-to-earnings ratio of -3.26 and a beta of 0.95.

RingCentral (NYSE:RNG – Get Rating) last released its quarterly earnings results on Wednesday, February 15th. The software maker reported ($0.32) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.13). RingCentral had a negative return on equity of 765.97% and a negative net margin of 44.22%. The company had revenue of $524.75 million for the quarter, compared to analyst estimates of $528.41 million. On average, equities analysts anticipate that RingCentral will post -0.1 earnings per share for the current year.

Insider Transactions at RingCentral

In other news, CAO John H. Marlow sold 835 shares of the business’s stock in a transaction that occurred on Tuesday, January 10th. The stock was sold at an average price of $34.96, for a total transaction of $29,191.60. Following the sale, the chief accounting officer now directly owns 193,661 shares in the company, valued at $6,770,388.56. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CFO Sonalee Elizabeth Parekh sold 4,944 shares of the business’s stock in a transaction that occurred on Friday, February 17th. The stock was sold at an average price of $36.90, for a total transaction of $182,433.60. Following the sale, the chief financial officer now directly owns 129,005 shares in the company, valued at $4,760,284.50. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO John H. Marlow sold 835 shares of the business’s stock in a transaction that occurred on Tuesday, January 10th. The shares were sold at an average price of $34.96, for a total value of $29,191.60. Following the sale, the chief accounting officer now owns 193,661 shares in the company, valued at $6,770,388.56. The disclosure for this sale can be found here. Insiders sold a total of 13,140 shares of company stock worth $487,445 over the last three months. 6.49% of the stock is currently owned by insiders.

Institutional Trading of RingCentral

A number of institutional investors and hedge funds have recently modified their holdings of RNG. Massachusetts Financial Services Co. MA grew its position in RingCentral by 0.6% in the third quarter. Massachusetts Financial Services Co. MA now owns 121,753 shares of the software maker’s stock valued at $4,865,000 after acquiring an additional 689 shares during the period. Oppenheimer & Co. Inc. lifted its stake in shares of RingCentral by 110.3% during the second quarter. Oppenheimer & Co. Inc. now owns 10,390 shares of the software maker’s stock valued at $543,000 after acquiring an additional 5,449 shares during the period. Xponance Inc. lifted its stake in shares of RingCentral by 5.4% during the third quarter. Xponance Inc. now owns 10,253 shares of the software maker’s stock valued at $410,000 after acquiring an additional 522 shares during the period. Richelieu Gestion PLC lifted its stake in RingCentral by 348.7% in the third quarter. Richelieu Gestion PLC now owns 1,400 shares of the software maker’s stock valued at $56,000 after buying an additional 1,088 shares during the period. Finally, Neo Ivy Capital Management acquired a new position in RingCentral in the second quarter valued at about $80,000. 88.09% of the stock is currently owned by institutional investors.

About RingCentral

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RingCentral, Inc engages in the provision of global enterprise cloud communications and collaboration solutions. The firm’s solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, PCs and desk phones, and allows for communication across multiple modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings and fax.