Rosenblatt Securities Lowers RingCentral (NYSE:RNG) Price Target to $40.00

RingCentral (NYSE:RNG) had its price objective dropped by analysts at Rosenblatt Securities from $45.00 to $40.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the software maker’s stock. Rosenblatt Securities’ price objective would suggest a potential upside of 38.40% from the stock’s previous close.

Several other brokerages also recently issued reports on RNG. Needham & Company LLC restated a “buy” rating and issued a $42.00 price objective on shares of RingCentral in a research note on Monday, November 11th. StockNews.com raised RingCentral from a “buy” rating to a “strong-buy” rating in a report on Thursday. Wedbush lifted their price target on RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Barclays cut RingCentral from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $45.00 to $37.00 in a report on Monday, January 27th. Finally, Piper Sandler boosted their price objective on RingCentral from $31.00 to $38.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $38.15.

RingCentral Price Performance

NYSE RNG opened at $28.90 on Friday. The firm has a market capitalization of $2.61 billion, a price-to-earnings ratio of -45.16, a price-to-earnings-growth ratio of 1.27 and a beta of 1.01. The company has a 50 day simple moving average of $34.82 and a 200-day simple moving average of $34.25. RingCentral has a 52-week low of $26.98 and a 52-week high of $42.19.

RingCentral (NYSE:RNG) last released 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). RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. The firm had revenue of $614.51 million during the quarter, compared to the consensus estimate of $612.37 million. On average, analysts predict that RingCentral will post 1.29 EPS for the current year.

Insider Transactions at RingCentral

In other RingCentral news, Director Robert I. Theis sold 1,457 shares of the company’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $37.79, for a total value of $55,060.03. Following the transaction, the director now directly owns 28,690 shares of the company’s stock, valued at $1,084,195.10. This represents a 4.83 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Ned D. Segal sold 2,914 shares of the company’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $41.60, for a total value of $121,222.40. Following the completion of the transaction, the director now directly owns 10,633 shares in the company, valued at approximately $442,332.80. This represents a 21.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 13,091 shares of company stock worth $542,958 in the last 90 days. Corporate insiders own 6.97% of the company’s stock.

Institutional Trading of RingCentral

Several large investors have recently modified their holdings of RNG. CWM LLC grew its holdings in shares of RingCentral by 595.9% during the 3rd quarter. CWM LLC now owns 4,746 shares of the software maker’s stock worth $150,000 after purchasing an additional 4,064 shares in the last quarter. Creative Planning acquired a new stake in RingCentral in the third quarter valued at about $211,000. Private Advisor Group LLC boosted its stake in RingCentral by 13.6% in the third quarter. Private Advisor Group LLC now owns 8,119 shares of the software maker’s stock valued at $257,000 after buying an additional 971 shares in the last quarter. Robeco Institutional Asset Management B.V. acquired a new stake in RingCentral in the third quarter valued at about $386,000. Finally, Heritage Investors Management Corp boosted its stake in RingCentral by 0.9% in the third quarter. Heritage Investors Management Corp now owns 159,462 shares of the software maker’s stock valued at $5,044,000 after buying an additional 1,484 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.