RingCentral (NYSE:RNG) Rating Lowered to Equal Weight at Barclays

Barclays cut shares of RingCentral (NYSE:RNG) from an overweight rating to an equal weight rating in a research report report published on Monday, MarketBeat.com reports. The firm currently has $37.00 target price on the software maker’s stock, down from their previous target price of $45.00.

RNG has been the subject of several other reports. Morgan Stanley upped their target price on RingCentral from $38.00 to $40.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 18th. Mizuho restated a “neutral” rating and issued a $42.00 target price on shares of RingCentral in a report on Friday, December 13th. Wells Fargo & Company reiterated an “underweight” rating and issued a $30.00 price target (down previously from $38.00) on shares of RingCentral in a report on Tuesday, January 7th. StockNews.com raised RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Monday, November 11th. Finally, Piper Sandler upped their price target on RingCentral from $31.00 to $38.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, RingCentral presently has an average rating of “Hold” and an average price target of $41.00.

RingCentral Trading Down 2.5 %

RingCentral stock opened at $35.38 on Monday. The stock has a market cap of $3.20 billion, a PE ratio of -33.37, a P/E/G ratio of 1.40 and a beta of 0.99. The stock has a 50-day moving average price of $36.58 and a 200 day moving average price of $34.21. RingCentral has a 52 week low of $26.98 and a 52 week high of $42.19.

RingCentral (NYSE:RNG) last announced its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate 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. RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. On average, equities analysts predict that RingCentral will post 0.84 EPS for the current year.

Insider Activity at RingCentral

In other news, SVP John H. Marlow sold 23,284 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $34.96, for a total transaction of $814,008.64. Following the completion of the sale, the senior vice president now owns 357,818 shares of the company’s stock, valued at approximately $12,509,317.28. This trade represents a 6.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Vladimir Shmunis sold 66,451 shares of RingCentral stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $34.96, for a total transaction of $2,323,126.96. Following the completion of the sale, the chief executive officer now owns 479,468 shares of the company’s stock, valued at approximately $16,762,201.28. This trade represents a 12.17 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 115,188 shares of company stock valued at $4,113,047. Corporate insiders own 6.97% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in RNG. Fort Washington Investment Advisors Inc. OH grew its stake in RingCentral by 32.5% in the fourth quarter. Fort Washington Investment Advisors Inc. OH now owns 550,304 shares of the software maker’s stock worth $19,266,000 after purchasing an additional 134,928 shares in the last quarter. Hennessy Advisors Inc. bought a new position in RingCentral during the 4th quarter worth approximately $59,055,000. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of RingCentral by 65.9% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 381,178 shares of the software maker’s stock worth $12,057,000 after acquiring an additional 151,433 shares in the last quarter. Olympiad Research LP bought a new stake in shares of RingCentral in the 3rd quarter valued at approximately $483,000. Finally, AQR Capital Management LLC raised its position in shares of RingCentral by 2.4% during the 2nd quarter. AQR Capital Management LLC now owns 881,109 shares of the software maker’s stock valued at $24,706,000 after acquiring an additional 20,666 shares in the last quarter. 98.61% of the stock is 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.