Raymond James Lowers RingCentral (NYSE:RNG) Price Target to $40.00

RingCentral (NYSE:RNG) had its target price lowered by Raymond James from $45.00 to $40.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the software maker’s stock. Raymond James’ price target would suggest a potential upside of 38.40% from the stock’s current price.

RNG has been the subject of a number of other reports. Mizuho decreased their price objective on shares of RingCentral from $42.00 to $36.00 and set a “neutral” rating for the company in a report on Monday, February 10th. Rosenblatt Securities dropped their target price on shares of RingCentral from $45.00 to $40.00 and set a “buy” rating on the stock in a report on Friday. Barclays dropped their target price on RingCentral from $37.00 to $31.00 and set an “equal weight” rating on the stock in a research report on Friday. StockNews.com raised shares of RingCentral from a “buy” rating to a “strong-buy” rating in a report on Thursday. Finally, Robert W. Baird upped their price target on RingCentral from $36.00 to $38.00 and gave the stock a “neutral” rating in a research report on Monday, November 11th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, RingCentral presently has a consensus rating of “Hold” and an average price target of $38.15.

RingCentral Stock Performance

Shares of RNG stock opened at $28.90 on Friday. RingCentral has a fifty-two week low of $26.98 and a fifty-two week high of $42.19. The firm has a market cap of $2.61 billion, a P/E ratio of -45.16, a P/E/G ratio of 1.27 and a beta of 1.01. The business’s 50 day moving average price is $34.82 and its 200-day moving average price is $34.25.

RingCentral (NYSE:RNG) last announced its 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 business had revenue of $614.51 million for the quarter, compared to the consensus estimate of $612.37 million. As a group, equities analysts predict that RingCentral will post 1.29 EPS for the current year.

Insider Activity at RingCentral

In other news, SVP John H. Marlow sold 8,720 shares of the company’s 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 sale, the senior vice president now directly owns 334,869 shares of the company’s stock, valued at $14,081,241.45. This represents a 2.54 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert I. Theis sold 1,457 shares of the company’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 value of $55,060.03. Following the sale, the director now directly owns 28,690 shares in the company, valued at $1,084,195.10. This trade represents a 4.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 13,091 shares of company stock valued at $542,958. Insiders own 6.97% of the company’s stock.

Institutional Trading of RingCentral

Hedge funds have recently modified their holdings of the company. Kayne Anderson Rudnick Investment Management LLC purchased a new stake in shares of RingCentral during the 4th quarter worth approximately $49,000. Venturi Wealth Management LLC raised its holdings in shares of RingCentral by 150.4% during the 3rd quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock worth $59,000 after acquiring an additional 1,119 shares in the last quarter. Quarry LP raised its holdings in shares of RingCentral by 106.7% during the 3rd quarter. Quarry LP now owns 1,902 shares of the software maker’s stock worth $60,000 after acquiring an additional 982 shares in the last quarter. KBC Group NV increased its position in shares of RingCentral by 38.9% during the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock valued at $84,000 after purchasing an additional 744 shares during the last quarter. Finally, CWM LLC increased its position in shares of RingCentral by 595.9% during the 3rd quarter. CWM LLC now owns 4,746 shares of the software maker’s stock valued at $150,000 after purchasing an additional 4,064 shares during the last quarter. 98.61% of the stock is owned by hedge funds and other institutional investors.

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.