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

RingCentral (NYSE:RNG) had its price target cut by investment analysts at Raymond James from $45.00 to $40.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the software maker’s stock. Raymond James’ target price indicates a potential upside of 40.11% from the stock’s current price.

Other equities analysts have also recently issued research reports about the company. Morgan Stanley lifted their price objective on RingCentral from $38.00 to $40.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 18th. Needham & Company LLC lowered their price target on shares of RingCentral from $42.00 to $36.00 and set a “buy” rating for the company in a report on Friday. StockNews.com raised shares of RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Thursday. Rosenblatt Securities dropped their target price on RingCentral from $45.00 to $40.00 and set a “buy” rating on the stock in a report on Friday. Finally, Mizuho dropped their price target on shares of RingCentral from $42.00 to $36.00 and set a “neutral” rating on the stock in a research note on Monday, February 10th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $38.67.

RingCentral Stock Down 7.2 %

NYSE:RNG traded down $2.22 on Friday, reaching $28.55. 1,325,444 shares of the company’s stock were exchanged, compared to its average volume of 1,133,782. The firm has a market capitalization of $2.58 billion, a price-to-earnings ratio of -26.96, a price-to-earnings-growth ratio of 1.31 and a beta of 1.01. RingCentral has a 52-week low of $26.98 and a 52-week high of $42.19. The business has a fifty day moving average of $35.02 and a 200-day moving average of $34.29.

RingCentral (NYSE:RNG) last released its earnings results on Thursday, February 20th. The software maker reported $0.23 earnings per share (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%. The business had revenue of $614.51 million for the quarter, compared to analyst estimates of $612.37 million. As a group, equities analysts anticipate that RingCentral will post 0.84 earnings per share for the current year.

Insider Buying and Selling at RingCentral

In other RingCentral news, Director Ned D. Segal sold 2,914 shares of the stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $41.60, for a total value of $121,222.40. Following the completion of the transaction, the director now owns 10,633 shares in the company, valued at approximately $442,332.80. This represents a 21.51 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, 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 sale, the director now owns 28,690 shares in the company, 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. In the last ninety days, insiders have sold 13,091 shares of company stock worth $542,958. 6.97% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. 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 boosted its position 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 in the last quarter. Quarry LP grew its holdings in RingCentral by 106.7% in the third quarter. Quarry LP now owns 1,902 shares of the software maker’s stock valued at $60,000 after purchasing an additional 982 shares during the last quarter. KBC Group NV increased its position in shares of RingCentral by 38.9% in the third quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock valued at $84,000 after buying an additional 744 shares in the last quarter. Finally, CWM LLC raised its stake 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 buying an additional 4,064 shares during the last quarter. 98.61% of the stock is currently owned by institutional investors and hedge funds.

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.