UBS Group Issues Pessimistic Forecast for RingCentral (NYSE:RNG) Stock Price

RingCentral (NYSE:RNG) had its target price reduced by UBS Group from $40.00 to $38.00 in a report released on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the software maker’s stock. UBS Group’s target price points to a potential upside of 31.48% from the stock’s current price.

Other equities research analysts have also recently issued reports about the stock. Needham & Company LLC dropped their price target on shares of RingCentral from $42.00 to $36.00 and set a “buy” rating on the stock in a research report on Friday. Robert W. Baird boosted their price target on shares of RingCentral from $36.00 to $38.00 and gave the stock a “neutral” rating in a research report on Monday, November 11th. Wells Fargo & Company restated an “underweight” rating and set a $30.00 price objective (down previously from $38.00) on shares of RingCentral in a report on Tuesday, January 7th. Wedbush boosted their price objective on RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Finally, Barclays cut their price objective on RingCentral from $37.00 to $31.00 and set an “equal weight” rating on the stock in a report on Friday. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $38.15.

RingCentral Trading Down 6.1 %

Shares of RingCentral stock opened at $28.90 on Friday. The company’s 50-day moving average price is $34.82 and its two-hundred day moving average price is $34.25. RingCentral has a 52 week low of $26.98 and a 52 week high of $42.19. The stock has a market cap of $2.61 billion, a PE ratio of -45.16, a price-to-earnings-growth ratio of 1.27 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 the consensus estimate of $0.96 by ($0.73). RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. The business had revenue of $614.51 million during the quarter, compared to the consensus estimate of $612.37 million. On average, equities analysts predict that RingCentral will post 1.29 EPS for the current fiscal year.

Insider Activity

In other news, Director Robert I. Theis sold 1,457 shares of the company’s stock in a transaction dated 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 owns 28,690 shares in the company, valued at $1,084,195.10. This represents a 4.83 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP John H. Marlow sold 8,720 shares of the company’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $42.05, for a total value of $366,676.00. Following the completion of the transaction, the senior vice president now 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. Insiders have sold 13,091 shares of company stock worth $542,958 in the last 90 days. Company insiders own 6.97% of the company’s stock.

Institutional Investors Weigh In On RingCentral

Several large investors have recently made changes to their positions in the company. Capital World Investors grew its stake 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 valued at $373,327,000 after buying an additional 591,398 shares in the last quarter. Ameriprise Financial Inc. grew its stake 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 buying an additional 142,538 shares in the last quarter. Pacer Advisors Inc. grew its stake in shares of RingCentral by 45.3% in the 3rd quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker’s stock valued at $83,483,000 after buying an additional 822,892 shares in the last quarter. First Trust Advisors LP grew its stake in shares of RingCentral by 35.6% in 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 buying an additional 527,901 shares in the last quarter. Finally, Renaissance Technologies LLC grew its stake in shares of RingCentral by 11.1% in 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 in the last quarter. 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.