RingCentral (NYSE:RNG) Rating Reiterated by Oppenheimer

Posted by Defense World Staff on Mar 19th, 2023

RingCentral (NYSE:RNG – Get Rating)‘s stock had its “market perform” rating restated by equities research analysts at Oppenheimer in a report issued on Friday, MarketBeat reports. Oppenheimer also issued estimates for RingCentral’s Q3 2023 earnings at ($0.01) EPS and Q4 2023 earnings at $0.04 EPS.

A number of other research firms have also commented on RNG. Wolfe Research lowered RingCentral from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, December 21st. Wedbush began coverage on RingCentral in a research note on Wednesday, December 14th. They issued a “neutral” rating and a $40.00 price target on the stock. Mizuho decreased their price target on RingCentral from $50.00 to $45.00 and set a “buy” rating on the stock in a research note on Tuesday, February 21st. Raymond James decreased their price target on RingCentral from $75.00 to $62.00 and set a “strong-buy” rating on the stock in a research note on Thursday, February 16th. Finally, Wells Fargo & Company decreased their price target on RingCentral from $80.00 to $60.00 and set an “overweight” rating on the stock in a research note on Friday, January 6th. Ten equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, RingCentral has a consensus rating of “Moderate Buy” and an average target price of $60.82.

RingCentral Stock Performance

RingCentral stock opened at $30.07 on Friday. The firm has a market capitalization of $2.87 billion, a price-to-earnings ratio of -3.26 and a beta of 0.95. RingCentral has a fifty-two week low of $28.00 and a fifty-two week high of $129.72. The stock’s fifty day moving average is $37.36 and its two-hundred day moving average is $37.45.

RingCentral (NYSE:RNG – Get Rating) last posted its quarterly earnings data on Wednesday, February 15th. The software maker reported ($0.32) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.13). The company had revenue of $524.75 million for the quarter, compared to analyst estimates of $528.41 million. RingCentral had a negative net margin of 44.22% and a negative return on equity of 765.97%. As a group, sell-side analysts forecast that RingCentral will post -0.1 EPS for the current fiscal year.

Insider Activity at RingCentral

In related news, CAO John H. Marlow sold 835 shares of the firm’s stock in a transaction dated 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 approximately $6,770,388.56. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other RingCentral news, CAO Vaibhav Agarwal sold 2,614 shares of RingCentral stock in a transaction that occurred on Thursday, February 16th. The stock was sold at an average price of $39.36, for a total transaction of $102,887.04. Following the sale, the chief accounting officer now directly owns 99,065 shares in the company, valued at approximately $3,899,198.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO John H. Marlow sold 835 shares of RingCentral stock in a transaction that occurred on Tuesday, January 10th. The stock was 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. In the last ninety days, insiders have sold 13,140 shares of company stock worth $487,445. 6.49% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On RingCentral

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Amalgamated Bank increased its holdings in RingCentral by 1.3% during the 4th quarter. Amalgamated Bank now owns 19,604 shares of the software maker’s stock worth $694,000 after purchasing an additional 253 shares during the last quarter. Ensign Peak Advisors Inc grew its position in shares of RingCentral by 1.0% in the 3rd quarter. Ensign Peak Advisors Inc now owns 25,820 shares of the software maker’s stock worth $1,032,000 after acquiring an additional 260 shares in the last quarter. Advisors Asset Management Inc. grew its position in shares of RingCentral by 51.5% in the 1st quarter. Advisors Asset Management Inc. now owns 886 shares of the software maker’s stock worth $104,000 after acquiring an additional 301 shares in the last quarter. Ronald Blue Trust Inc. acquired a new position in shares of RingCentral in the 2nd quarter worth approximately $41,000. Finally, Banque Cantonale Vaudoise grew its position in shares of RingCentral by 26.1% in the 3rd quarter. Banque Cantonale Vaudoise now owns 1,933 shares of the software maker’s stock worth $77,000 after acquiring an additional 400 shares in the last quarter. 88.09% of the stock is currently owned by hedge funds and other institutional investors.

RingCentral Company Profile

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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.