Raymond James Cuts RingCentral (NYSE:RNG) Price Target to $50.00

RingCentral (NYSE:RNG) had its price target reduced by stock analysts at Raymond James from $52.00 to $50.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a “strong-buy” rating on the software maker’s stock. Raymond James’ price objective indicates a potential upside of 31.68% from the company’s previous close.

A number of other equities analysts have also recently issued reports on RNG. Robert W. Baird lifted their target price on shares of RingCentral from $35.00 to $36.00 and gave the stock a “neutral” rating in a research report on Monday, August 5th. Deutsche Bank Aktiengesellschaft boosted their price target on RingCentral from $42.00 to $45.00 and gave the stock a “buy” rating in a report on Tuesday, August 6th. Wells Fargo & Company increased their price objective on RingCentral from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Rosenblatt Securities reiterated a “buy” rating and set a $45.00 price objective on shares of RingCentral in a research report on Friday, November 1st. Finally, Needham & Company LLC restated a “buy” rating and issued a $42.00 target price on shares of RingCentral in a report on Monday, August 5th. Eight investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $40.60.

RingCentral Trading Down 2.1 %

Shares of RingCentral stock opened at $37.97 on Friday. The company has a 50-day moving average of $32.13 and a two-hundred day moving average of $32.25. The stock has a market cap of $3.49 billion, a PE ratio of -35.82, a price-to-earnings-growth ratio of 2.92 and a beta of 0.99. RingCentral has a 12-month low of $26.23 and a 12-month high of $40.98.

RingCentral (NYSE:RNG) last posted its earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.10. The firm had revenue of $608.77 million during the quarter, compared to analyst estimates of $601.91 million. On average, sell-side analysts forecast that RingCentral will post 0.63 EPS for the current fiscal year.

Insider Buying and Selling at RingCentral

In other news, CEO Vladimir Shmunis sold 62,244 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $32.51, for a total value of $2,023,552.44. Following the transaction, the chief executive officer now directly owns 573,725 shares in the company, valued at $18,651,799.75. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CFO Vaibhav Agarwal sold 1,985 shares of the stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $31.40, for a total value of $62,329.00. Following the completion of the sale, the chief financial officer now owns 135,560 shares of the company’s stock, valued at $4,256,584. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Vladimir Shmunis sold 62,244 shares of the firm’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $32.51, for a total transaction of $2,023,552.44. Following the completion of the transaction, the chief executive officer now directly owns 573,725 shares in the company, valued at approximately $18,651,799.75. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 103,824 shares of company stock valued at $3,386,396. Company insiders own 6.76% of the company’s stock.

Institutional Trading of RingCentral

Several large investors have recently added to or reduced their stakes in RNG. Capital World Investors lifted its stake in shares of RingCentral by 7.3% during the first quarter. Capital World Investors now owns 12,139,394 shares of the software maker’s stock worth $421,723,000 after purchasing an additional 825,156 shares in the last quarter. Vanguard Group Inc. lifted its position in RingCentral by 5.2% during the 1st quarter. Vanguard Group Inc. now owns 10,909,549 shares of the software maker’s stock worth $378,998,000 after acquiring an additional 538,325 shares in the last quarter. Pacer Advisors Inc. lifted its position in RingCentral by 25.2% during the 2nd quarter. Pacer Advisors Inc. now owns 1,816,464 shares of the software maker’s stock worth $51,224,000 after acquiring an additional 365,738 shares in the last quarter. Foundry Partners LLC purchased a new position in RingCentral in the 3rd quarter worth approximately $8,886,000. Finally, Cubist Systematic Strategies LLC grew its position in RingCentral by 130.1% in the second quarter. Cubist Systematic Strategies LLC now owns 414,347 shares of the software maker’s stock valued at $11,685,000 after acquiring an additional 234,238 shares in the last quarter. 98.61% of the stock is currently 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.