RingCentral (NYSE:RNG) Downgraded to Equal Weight Rating by Barclays

Barclays cut shares of RingCentral (NYSE:RNGFree Report) from an overweight rating to an equal weight rating in a research note published on Monday, MarketBeat.com reports. Barclays currently has $37.00 price objective on the software maker’s stock, down from their prior price objective of $45.00.

Several other research firms have also issued reports on RNG. Mizuho reiterated a “neutral” rating and set a $42.00 target price on shares of RingCentral in a report on Friday, December 13th. Morgan Stanley lifted their target price on shares of RingCentral from $38.00 to $40.00 and gave the company an “equal weight” rating in a report on Wednesday, December 18th. Piper Sandler lifted their target price on shares of RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Wells Fargo & Company reiterated an “underweight” rating and set a $30.00 target price (down from $38.00) on shares of RingCentral in a report on Tuesday, January 7th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $45.00 target price on shares of RingCentral in a report on Friday, November 8th. One investment 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 company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $41.00.

View Our Latest Analysis on RingCentral

RingCentral Price Performance

Shares of RNG opened at $34.83 on Monday. RingCentral has a one year low of $26.98 and a one year high of $42.19. The company has a 50-day simple moving average of $36.56 and a two-hundred day simple moving average of $34.17. The firm has a market capitalization of $3.15 billion, a PE ratio of -32.85, a price-to-earnings-growth ratio of 1.40 and a beta of 0.99.

RingCentral (NYSE:RNGGet Free Report) last issued its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, topping the consensus estimate of $0.14 by $0.10. RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. The business had revenue of $608.77 million during the quarter, compared to analyst estimates of $601.91 million. Analysts expect that RingCentral will post 0.84 EPS for the current fiscal year.

Insiders Place Their Bets

In other RingCentral news, Director Ned D. Segal sold 2,914 shares of RingCentral stock in a transaction that occurred 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 sale, the director now owns 10,633 shares of the company’s stock, valued at approximately $442,332.80. The trade was a 21.51 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP John H. Marlow sold 8,720 shares of RingCentral stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $42.05, for a total transaction of $366,676.00. Following the completion of the sale, the senior vice president now directly owns 334,869 shares of the company’s stock, valued at approximately $14,081,241.45. This trade represents a 2.54 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 115,188 shares of company stock valued at $4,113,047. Company insiders own 6.97% of the company’s stock.

Institutional Investors Weigh In On RingCentral

A number of hedge funds have recently modified their holdings of RNG. American Century Companies Inc. grew its position in shares of RingCentral by 195.7% during the 2nd quarter. American Century Companies Inc. now owns 38,622 shares of the software maker’s stock valued at $1,089,000 after acquiring an additional 25,561 shares during the period. Dimensional Fund Advisors LP bought a new stake in shares of RingCentral during the 2nd quarter valued at $3,630,000. Amalgamated Bank grew its position in shares of RingCentral by 176.5% during the 2nd quarter. Amalgamated Bank now owns 15,581 shares of the software maker’s stock valued at $439,000 after acquiring an additional 9,946 shares during the period. Hsbc Holdings PLC grew its position in shares of RingCentral by 29.1% during the 2nd quarter. Hsbc Holdings PLC now owns 30,520 shares of the software maker’s stock valued at $860,000 after acquiring an additional 6,875 shares during the period. Finally, Sei Investments Co. grew its position in shares of RingCentral by 46.4% during the 2nd quarter. Sei Investments Co. now owns 34,392 shares of the software maker’s stock valued at $970,000 after acquiring an additional 10,907 shares during the period. Institutional investors own 98.61% of the company’s stock.

About RingCentral

(Get Free Report)

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.

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Analyst Recommendations for RingCentral (NYSE:RNG)

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