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

RingCentral (NYSE:RNG) had its price objective lowered by equities researchers at Barclays from $37.00 to $31.00 in a report released on Friday,Benzinga reports. The brokerage presently has an “equal weight” rating on the software maker’s stock. Barclays‘s target price points to a potential upside of 0.72% from the stock’s current price.

Other research analysts have also recently issued research reports about the stock. Rosenblatt Securities dropped their target price on shares of RingCentral from $45.00 to $40.00 and set a “buy” rating for the company in a report on Friday. Piper Sandler increased their price objective on shares of RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Morgan Stanley boosted their target price on shares of RingCentral from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 18th. Mizuho lowered their price target 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. Finally, Wells Fargo & Company reissued 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. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, RingCentral currently has an average rating of “Hold” and an average price target of $39.87.

RingCentral Price Performance

NYSE RNG opened at $30.78 on Friday. The business has a fifty day moving average price of $35.02 and a two-hundred day moving average price of $34.29. The stock has a market capitalization of $2.78 billion, a PE ratio of -29.04, a PEG ratio of 1.31 and a beta of 1.01. RingCentral has a fifty-two week low of $26.98 and a fifty-two week 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 analysts’ consensus estimates of $0.96 by ($0.73). RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. As a group, sell-side analysts expect that RingCentral will post 0.84 earnings per share for the current year.

Insider Transactions at RingCentral

In other news, Director Ned D. Segal sold 2,914 shares of the company’s stock in a transaction 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 of the company’s stock, valued at approximately $442,332.80. This represents a 21.51 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Robert I. Theis sold 1,457 shares of the 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 sale, the director now owns 28,690 shares of the company’s stock, valued at approximately $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. Insiders sold 13,091 shares of company stock worth $542,958 over the last ninety days. 6.97% of the stock is owned by insiders.

Institutional Trading of RingCentral

A number of institutional investors have recently bought and sold shares of RNG. Kayne Anderson Rudnick Investment Management LLC bought a new position in shares of RingCentral in the 4th quarter worth about $49,000. Venturi Wealth Management LLC grew its stake in RingCentral by 150.4% during the third quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock worth $59,000 after purchasing an additional 1,119 shares during the period. Quarry LP increased its holdings in RingCentral by 106.7% in the third quarter. Quarry LP now owns 1,902 shares of the software maker’s stock worth $60,000 after purchasing an additional 982 shares in the last quarter. KBC Group NV increased its holdings in RingCentral by 38.9% in the third quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock worth $84,000 after purchasing an additional 744 shares in the last quarter. Finally, CWM LLC lifted its stake in RingCentral by 595.9% in the third quarter. CWM LLC now owns 4,746 shares of the software maker’s stock valued at $150,000 after buying an additional 4,064 shares during the period. 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.