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

RingCentral (NYSE:RNG) had its target price reduced by analysts at UBS Group from $40.00 to $38.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the software maker’s stock. UBS Group’s price objective suggests a potential upside of 31.80% from the stock’s current price.

Other analysts have also recently issued reports about the stock. Morgan Stanley boosted their price objective on shares of RingCentral from $38.00 to $40.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 18th. Wedbush boosted their price objective on shares of RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Barclays lowered their price objective on shares of RingCentral from $37.00 to $31.00 and set an “equal weight” rating for the company in a research note on Friday. Robert W. Baird boosted their price objective on shares of RingCentral from $36.00 to $38.00 and gave the company a “neutral” rating in a research note on Monday, November 11th. Finally, Mizuho lowered their price objective on shares of RingCentral from $42.00 to $36.00 and set a “neutral” rating for the company in a research note on Monday, February 10th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $38.53.

RingCentral Price Performance

RNG traded down $1.94 during trading on Friday, hitting $28.83. The company’s stock had a trading volume of 1,799,959 shares, compared to its average volume of 1,149,402. The firm’s 50 day moving average price is $35.02 and its 200-day moving average price is $34.29. The stock has a market cap of $2.61 billion, a PE ratio of -27.17, a PEG ratio of 1.31 and a beta of 1.01. RingCentral has a twelve month low of $26.98 and a twelve month high of $42.19.

RingCentral (NYSE:RNG) last issued its quarterly earnings results on Thursday, February 20th. The software maker reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.73). The business had revenue of $614.51 million during the quarter, compared to analyst estimates of $612.37 million. RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. 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 company’s stock in a transaction dated Thursday, December 12th. The shares were 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 directly owns 10,633 shares of the company’s stock, valued at $442,332.80. This represents a 21.51 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP John H. Marlow sold 8,720 shares of the company’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $42.05, for a total transaction of $366,676.00. Following the completion of the transaction, the senior vice president now directly owns 334,869 shares of the company’s stock, valued at approximately $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 a total of 13,091 shares of company stock valued at $542,958 in the last ninety days. Insiders own 6.97% of the company’s stock.

Hedge Funds Weigh In On RingCentral

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RNG. Rafferty Asset Management LLC raised its stake in shares of RingCentral by 1.7% in the 4th quarter. Rafferty Asset Management LLC now owns 19,685 shares of the software maker’s stock valued at $689,000 after purchasing an additional 325 shares in the last quarter. Sovereign Financial Group Inc. raised its stake in shares of RingCentral by 4.0% in the 4th quarter. Sovereign Financial Group Inc. now owns 10,079 shares of the software maker’s stock valued at $353,000 after purchasing an additional 386 shares in the last quarter. Gagnon Securities LLC raised its stake in shares of RingCentral by 5.6% in the 4th quarter. Gagnon Securities LLC now owns 7,703 shares of the software maker’s stock valued at $270,000 after purchasing an additional 407 shares in the last quarter. Xponance Inc. raised its stake in shares of RingCentral by 4.2% in the 4th quarter. Xponance Inc. now owns 10,664 shares of the software maker’s stock valued at $373,000 after purchasing an additional 426 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of RingCentral by 10.4% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,983 shares of the software maker’s stock valued at $176,000 after purchasing an additional 468 shares in 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.