Needham & Company LLC Lowers RingCentral (NYSE:RNG) Price Target to $36.00

RingCentral (NYSE:RNG) had its price target dropped by investment analysts at Needham & Company LLC from $42.00 to $36.00 in a report released on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the software maker’s stock. Needham & Company LLC’s price objective points to a potential upside of 24.56% from the stock’s current price.

Several other analysts also recently issued reports on the company. Wells Fargo & Company reissued 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. Raymond James reiterated an “outperform” rating and issued a $45.00 target price (down from $50.00) on shares of RingCentral in a research note on Friday, January 3rd. Wedbush upped their price target on shares of RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Rosenblatt Securities cut their price objective on shares of RingCentral from $45.00 to $40.00 and set a “buy” rating on the stock in a research report on Friday. Finally, Morgan Stanley upped their target price on shares of RingCentral from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 18th. One research 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 stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $38.15.

RingCentral Price Performance

Shares of RNG opened at $28.90 on Friday. The stock has a market capitalization 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. The business’s fifty day moving average price is $34.82 and its 200 day moving average price is $34.25. RingCentral has a 12-month low of $26.98 and a 12-month high of $42.19.

RingCentral (NYSE:RNG) last posted 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). The business had revenue of $614.51 million during the quarter, compared to analyst estimates of $612.37 million. RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. As a group, research analysts anticipate that RingCentral will post 1.29 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Ned D. Segal sold 2,914 shares of the business’s 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 sale, the director now directly owns 10,633 shares in the company, valued at $442,332.80. The trade was a 21.51 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Robert I. Theis sold 1,457 shares of the firm’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $37.79, for a total transaction of $55,060.03. Following the sale, the director now owns 28,690 shares of the company’s stock, valued at $1,084,195.10. The trade was a 4.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 13,091 shares of company stock worth $542,958 over the last 90 days. 6.97% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. CWM LLC raised its position in shares of RingCentral by 595.9% during the third quarter. CWM LLC now owns 4,746 shares of the software maker’s stock worth $150,000 after purchasing an additional 4,064 shares during the period. Creative Planning acquired a new stake in RingCentral during the 3rd quarter worth about $211,000. Private Advisor Group LLC lifted its stake in RingCentral by 13.6% during 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 position in shares of RingCentral in the third quarter worth about $386,000. Finally, Heritage Investors Management Corp increased its position in shares of RingCentral by 0.9% in the third quarter. Heritage Investors Management Corp now owns 159,462 shares of the software maker’s stock worth $5,044,000 after acquiring an additional 1,484 shares in the last quarter. Institutional investors own 98.61% of the company’s stock.

RingCentral Company Profile

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.