Raymond James Lowers RingCentral (NYSE:RNG) Price Target to $40.00

RingCentral (NYSE:RNG) had its target price lowered by research analysts at Raymond James from $45.00 to $40.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the software maker’s stock. Raymond James’ target price would suggest a potential upside of 40.11% from the stock’s previous close.

Several other analysts also recently weighed in on RNG. Piper Sandler lowered their target price on RingCentral from $38.00 to $31.00 and set a “neutral” rating for the company in a research note on Friday. StockNews.com upgraded RingCentral from a “buy” rating to a “strong-buy” rating in a research note on Thursday. Mizuho reduced their target price on RingCentral from $42.00 to $36.00 and set a “neutral” rating for the company in a research note on Monday, February 10th. Wells Fargo & Company restated an “underweight” rating and issued a $30.00 price target (down previously from $38.00) on shares of RingCentral in a research note on Tuesday, January 7th. Finally, Robert W. Baird increased their price objective on shares of RingCentral from $36.00 to $38.00 and gave the company a “neutral” rating in a research note on Monday, November 11th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $38.67.

RingCentral Stock Down 7.2 %

Shares of RNG traded down $2.22 during trading hours on Friday, reaching $28.55. 1,325,444 shares of the company traded hands, compared to its average volume of 1,133,782. The stock has a fifty day simple moving average of $35.02 and a 200 day simple moving average of $34.29. RingCentral has a fifty-two week low of $26.98 and a fifty-two week high of $42.19. The stock has a market capitalization of $2.58 billion, a PE ratio of -26.96, a price-to-earnings-growth ratio of 1.31 and a beta of 1.01.

RingCentral (NYSE:RNG) last issued its quarterly earnings results on Thursday, February 20th. The software maker reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.73). The firm had revenue of $614.51 million for the quarter, compared to analysts’ expectations of $612.37 million. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. Research analysts predict that RingCentral will post 0.84 EPS for the current fiscal year.

Insider Transactions at RingCentral

In other news, Director Ned D. Segal sold 2,914 shares of the business’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $41.60, for a total transaction of $121,222.40. Following the sale, the director now directly owns 10,633 shares in the company, valued at approximately $442,332.80. The trade was a 21.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP John H. Marlow sold 8,720 shares of the firm’s stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $42.05, for a total transaction of $366,676.00. Following the completion of the transaction, the senior vice president now owns 334,869 shares of the company’s stock, valued at approximately $14,081,241.45. This trade represents a 2.54 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 13,091 shares of company stock worth $542,958 in the last three months. Insiders own 6.97% of the company’s stock.

Hedge Funds Weigh In On RingCentral

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Capital World Investors lifted its holdings in shares of RingCentral by 5.9% in the 4th quarter. Capital World Investors now owns 10,663,441 shares of the software maker’s stock worth $373,327,000 after purchasing an additional 591,398 shares in the last quarter. Ameriprise Financial Inc. raised its holdings in shares of RingCentral by 2.2% in the 4th quarter. Ameriprise Financial Inc. now owns 6,513,731 shares of the software maker’s stock valued at $228,050,000 after acquiring an additional 142,538 shares in the last quarter. Pacer Advisors Inc. grew its holdings in shares of RingCentral by 45.3% during the 3rd quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker’s stock valued at $83,483,000 after purchasing an additional 822,892 shares during the last quarter. First Trust Advisors LP raised its position in RingCentral by 35.6% during the 4th quarter. First Trust Advisors LP now owns 2,009,286 shares of the software maker’s stock valued at $70,345,000 after purchasing an additional 527,901 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in shares of RingCentral by 11.1% during the 4th quarter. Renaissance Technologies LLC now owns 1,795,300 shares of the software maker’s stock valued at $62,853,000 after buying an additional 180,000 shares during the period. 98.61% of the stock is currently owned by institutional investors and hedge funds.

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.