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

RingCentral (NYSE:RNG) had its price objective decreased by Raymond James from $45.00 to $40.00 in a research note issued to investors on Friday,Benzinga reports. Raymond James currently has an outperform rating on the software maker’s stock.

A number of other brokerages have also recently commented on RNG. Rosenblatt Securities reduced their price objective on RingCentral from $45.00 to $40.00 and set a “buy” rating for the company in a research note on Friday. Wedbush lifted their target price on RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Piper Sandler cut their target price on RingCentral from $38.00 to $31.00 and set a “neutral” rating on the stock in a research report on Friday. Barclays cut their target price on RingCentral from $37.00 to $31.00 and set an “equal weight” rating on the stock in a research report on Friday. Finally, Mizuho cut their target price on RingCentral from $42.00 to $36.00 and set a “neutral” rating on the stock in a research report on Monday, February 10th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, RingCentral has a consensus rating of “Hold” and an average target price of $38.15.

RingCentral Price Performance

NYSE RNG opened at $28.90 on Friday. The business has a 50 day simple moving average of $34.82 and a 200 day simple moving average of $34.25. RingCentral has a one year low of $26.98 and a one year high of $42.19. The stock has a market capitalization of $2.61 billion, a P/E ratio of -27.27, a P/E/G ratio of 1.31 and a beta of 1.01.

RingCentral (NYSE:RNG) last released its earnings results on Thursday, February 20th. The software maker reported $0.23 EPS for the quarter, missing the consensus estimate of $0.96 by ($0.73). RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. The business had revenue of $614.51 million for the quarter, compared to analyst estimates of $612.37 million. Equities analysts expect that RingCentral will post 0.84 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Ned D. Segal sold 2,914 shares of the company’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $41.60, for a total transaction of $121,222.40. Following the transaction, the director now owns 10,633 shares of the company’s stock, valued at $442,332.80. This represents a 21.51 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP John H. Marlow sold 8,720 shares of the company’s stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $42.05, for a total value of $366,676.00. Following the transaction, the senior vice president now directly owns 334,869 shares in the company, valued at $14,081,241.45. This represents a 2.54 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 13,091 shares of company stock valued at $542,958. Insiders own 6.97% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Fort Washington Investment Advisors Inc. OH lifted its position in shares of RingCentral by 32.5% during the 4th quarter. Fort Washington Investment Advisors Inc. OH now owns 550,304 shares of the software maker’s stock valued at $19,266,000 after buying an additional 134,928 shares during the last quarter. Hennessy Advisors Inc. purchased a new position in shares of RingCentral during the 4th quarter valued at $59,055,000. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of RingCentral by 65.9% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 381,178 shares of the software maker’s stock valued at $12,057,000 after buying an additional 151,433 shares during the last quarter. Olympiad Research LP purchased a new position in shares of RingCentral during the 3rd quarter valued at $483,000. Finally, Beaumont Financial Advisors LLC purchased a new position in shares of RingCentral during the 4th quarter valued at $262,000. 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.