RingCentral (NYSE:RNG) Price Target Lowered to $50.00 at Raymond James

RingCentral (NYSE:RNG) had its price target trimmed by Raymond James from $52.00 to $50.00 in a research note published on Friday,Benzinga reports. The brokerage currently has a strong-buy rating on the software maker’s stock.

Several other brokerages have also recently weighed in on RNG. Wedbush upped their price target on RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a research note on Friday. Needham & Company LLC reissued a “buy” rating and issued a $42.00 price target on shares of RingCentral in a research report on Monday, August 5th. Northland Securities raised their price objective on RingCentral from $43.00 to $50.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Deutsche Bank Aktiengesellschaft raised their price target on RingCentral from $42.00 to $45.00 and gave the company a “buy” rating in a report on Tuesday, August 6th. Finally, Wells Fargo & Company increased their price objective on shares of RingCentral from $28.00 to $35.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Eight research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, RingCentral currently has an average rating of “Moderate Buy” and a consensus target price of $40.60.

RingCentral Stock Down 2.1 %

Shares of RingCentral stock traded down $0.83 on Friday, hitting $37.97. The stock had a trading volume of 2,624,389 shares, compared to its average volume of 1,218,857. The stock has a market cap of $3.49 billion, a price-to-earnings ratio of -35.77, a PEG ratio of 2.92 and a beta of 0.99. The stock’s 50-day simple moving average is $32.13 and its two-hundred day simple moving average is $32.24. RingCentral has a one year low of $26.23 and a one year high of $40.98.

RingCentral (NYSE:RNG) last released its quarterly earnings results on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.10. The business had revenue of $608.77 million for the quarter, compared to the consensus estimate of $601.91 million. As a group, equities analysts predict that RingCentral will post 0.63 EPS for the current fiscal year.

Insiders Place Their Bets

In other RingCentral news, CFO Vaibhav Agarwal sold 10,184 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $32.88, for a total value of $334,849.92. Following the completion of the transaction, the chief financial officer now owns 137,545 shares in the company, valued at $4,522,479.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CFO Vaibhav Agarwal sold 10,184 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $32.88, for a total transaction of $334,849.92. Following the completion of the sale, the chief financial officer now owns 137,545 shares in the company, valued at $4,522,479.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Vladimir Shmunis sold 62,244 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $32.51, for a total transaction of $2,023,552.44. Following the sale, the chief executive officer now owns 573,725 shares of the company’s stock, valued at $18,651,799.75. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 103,824 shares of company stock valued at $3,386,396 in the last three months. 6.76% of the stock is currently owned by insiders.

Hedge Funds Weigh In On RingCentral

A number of large investors have recently bought and sold shares of the company. Versant Capital Management Inc raised its position in RingCentral by 138.3% in the second quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker’s stock valued at $32,000 after purchasing an additional 664 shares during the period. Point72 DIFC Ltd acquired a new stake in shares of RingCentral during the second quarter worth $39,000. Venturi Wealth Management LLC grew its holdings in shares of RingCentral by 150.4% during the third quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock valued at $59,000 after purchasing an additional 1,119 shares during the last quarter. KBC Group NV raised its position in shares of RingCentral by 38.9% during the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock worth $84,000 after purchasing an additional 744 shares during the period. Finally, Central Pacific Bank Trust Division bought a new stake in shares of RingCentral in the 3rd quarter worth approximately $121,000. Hedge funds and other institutional investors own 98.61% of the company’s stock.

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.