RingCentral (NYSE:RNG) PT Lowered to $90.00 at Raymond James

RingCentral (NYSE:RNGGet Rating) had its price target trimmed by Raymond James from $135.00 to $90.00 in a report issued on Wednesday morning, Benzinga reports. They currently have a strong-buy rating on the software maker’s stock.

A number of other research analysts have also commented on the company. Wells Fargo & Company cut their target price on RingCentral from $115.00 to $100.00 and set an overweight rating for the company in a research note on Wednesday. Barclays lowered their price target on RingCentral from $140.00 to $90.00 and set an overweight rating on the stock in a research report on Monday, July 25th. Robert W. Baird cut RingCentral from an outperform rating to a neutral rating and lowered their price target for the company from $95.00 to $80.00 in a research report on Monday, May 16th. StockNews.com upgraded RingCentral from a sell rating to a hold rating in a report on Wednesday, May 11th. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on RingCentral from $110.00 to $70.00 and set a buy rating on the stock in a report on Wednesday. Five investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and an average target price of $140.73.

RingCentral Stock Down 2.6 %

Shares of RNG stock opened at $47.75 on Wednesday. RingCentral has a 12 month low of $47.28 and a 12 month high of $315.00. The firm has a market cap of $4.40 billion, a PE ratio of -7.76 and a beta of 0.94. The stock has a 50 day moving average of $55.05 and a 200-day moving average of $95.31. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 33.52.

RingCentral (NYSE:RNGGet Rating) last issued its earnings results on Monday, May 9th. The software maker reported ($0.63) EPS for the quarter, missing analysts’ consensus estimates of ($0.54) by ($0.09). The firm had revenue of $467.66 million during the quarter, compared to analyst estimates of $458.36 million. RingCentral had a negative net margin of 31.67% and a negative return on equity of 160.19%. The business’s revenue for the quarter was up 32.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.41) earnings per share. On average, equities analysts predict that RingCentral will post -1.66 EPS for the current year.

Insider Buying and Selling at RingCentral

In other RingCentral news, COO Mohammed Katibeh sold 1,846 shares of the stock in a transaction dated Wednesday, May 11th. The stock was sold at an average price of $67.60, for a total value of $124,789.60. Following the transaction, the chief operating officer now owns 110,098 shares of the company’s stock, valued at $7,442,624.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, COO Mohammed Katibeh sold 1,846 shares of the firm’s stock in a transaction dated Wednesday, May 11th. The stock was sold at an average price of $67.60, for a total transaction of $124,789.60. Following the sale, the chief operating officer now owns 110,098 shares of the company’s stock, valued at $7,442,624.80. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO John H. Marlow sold 7,320 shares of the firm’s stock in a transaction dated Friday, May 27th. The stock was sold at an average price of $65.34, for a total value of $478,288.80. Following the sale, the chief accounting officer now directly owns 210,774 shares in the company, valued at approximately $13,771,973.16. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 44,029 shares of company stock valued at $2,841,132. 7.35% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Cornerstone Wealth Advisors Inc. acquired a new stake in shares of RingCentral in the first quarter valued at approximately $26,000. Richelieu Gestion PLC bought a new stake in shares of RingCentral in the first quarter worth $37,000. Newbridge Financial Services Group Inc. lifted its position in shares of RingCentral by 177.9% in the first quarter. Newbridge Financial Services Group Inc. now owns 314 shares of the software maker’s stock worth $37,000 after purchasing an additional 201 shares in the last quarter. Covestor Ltd bought a new stake in shares of RingCentral in the fourth quarter worth $38,000. Finally, Standard Family Office LLC bought a new stake in shares of RingCentral in the fourth quarter worth $43,000. 85.96% of the stock is currently owned by institutional investors.

About RingCentral

(Get Rating)

RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect in North America. The company offers business cloud communications and contact center solutions based on its Message Video Phone? platform. Its products include RingCentral Office that provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers omni-channel; and RingCentral Engage Digital, a digital customer engagement platform that allows enterprises to interact with their customers.

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