Barclays Has Lowered Expectations for RingCentral (NYSE:RNG) Stock Price

RingCentral (NYSE:RNG) had its price objective cut by equities research analysts at Barclays from $37.00 to $31.00 in a research note issued on Friday,Benzinga reports. The firm presently has an “equal weight” rating on the software maker’s stock. Barclays‘s price objective would suggest a potential upside of 7.26% from the stock’s previous close.

A number of other research firms also recently commented on RNG. Robert W. Baird lifted their target price on RingCentral from $36.00 to $38.00 and gave the company a “neutral” rating in a research report on Monday, November 11th. Piper Sandler lifted their target price on RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Needham & Company LLC restated a “buy” rating and issued a $42.00 target price on shares of RingCentral in a research report on Monday, November 11th. Raymond James restated an “outperform” rating and issued a $45.00 target price (down previously from $50.00) on shares of RingCentral in a research report on Friday, January 3rd. Finally, StockNews.com upgraded RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $38.15.

RingCentral Stock Performance

Shares of RingCentral stock opened at $28.90 on Friday. RingCentral has a one year low of $26.98 and a one year high of $42.19. The company has a market cap of $2.61 billion, a price-to-earnings ratio of -45.16, a PEG 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 quarterly earnings data 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 return on equity of 12.34% and a negative net margin of 2.43%. The company had revenue of $614.51 million for the quarter, compared to analysts’ expectations of $612.37 million. On average, analysts predict that RingCentral will post 1.29 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Robert I. Theis sold 1,457 shares of the business’s stock in a transaction 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 completion of the transaction, the director now directly owns 28,690 shares of the company’s stock, valued at $1,084,195.10. The trade was a 4.83 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP John H. Marlow sold 8,720 shares of the business’s stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $42.05, for a total value of $366,676.00. Following the transaction, the senior vice president now directly owns 334,869 shares of the company’s stock, valued at $14,081,241.45. The trade was a 2.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 13,091 shares of company stock valued at $542,958 in the last three months. 6.97% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Kayne Anderson Rudnick Investment Management LLC acquired a new position in shares of RingCentral during the 4th quarter worth about $49,000. Venturi Wealth Management LLC boosted its position 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 boosted its position 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 boosted 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 worth $84,000 after acquiring an additional 744 shares in the last quarter. Finally, CWM LLC boosted 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 worth $150,000 after acquiring an additional 4,064 shares in the last quarter. 98.61% of the stock is owned by institutional investors and hedge funds.

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.