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

RingCentral (NYSE:RNG) had its target price dropped by equities researchers at Raymond James from $45.00 to $40.00 in a report issued on Friday,Benzinga reports. The firm currently has an “outperform” rating on the software maker’s stock. Raymond James’ price target would indicate a potential upside of 38.40% from the stock’s previous close.

Several other brokerages also recently commented on RNG. Wedbush upped their price objective on RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. StockNews.com raised RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Thursday. Morgan Stanley upped their price objective on RingCentral from $38.00 to $40.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 18th. Barclays cut their price objective on RingCentral from $37.00 to $31.00 and set an “equal weight” rating on the stock in a research report on Friday. Finally, Piper Sandler dropped their price target on RingCentral from $38.00 to $31.00 and set a “neutral” rating on the stock in a research report on Friday. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $38.15.

RingCentral Stock Performance

NYSE RNG opened at $28.90 on Friday. The company has a market cap of $2.61 billion, a P/E ratio of -45.16, a P/E/G ratio of 1.27 and a beta of 1.01. The business’s 50 day moving average price is $34.82 and its 200-day moving average price is $34.25. RingCentral has a fifty-two week low of $26.98 and a fifty-two week high of $42.19.

RingCentral (NYSE:RNG) last announced its quarterly earnings data on Thursday, February 20th. The software maker reported $0.23 EPS 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 the consensus estimate of $612.37 million. RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. As a group, equities analysts predict that RingCentral will post 1.29 EPS for the current year.

Insider Buying and Selling

In related news, Director Robert I. Theis sold 1,457 shares of the company’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 completion of the sale, the director now directly owns 28,690 shares in the company, valued at $1,084,195.10. This represents a 4.83 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, SVP John H. Marlow sold 8,720 shares of the company’s stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $42.05, for a total value of $366,676.00. Following the sale, the senior vice president now owns 334,869 shares of the company’s stock, valued at $14,081,241.45. This trade represents a 2.54 % 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 in the last three months. 6.97% of the stock is owned by insiders.

Institutional Investors Weigh In On RingCentral

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RNG. Kayne Anderson Rudnick Investment Management LLC purchased a new stake in RingCentral in the fourth quarter valued at about $49,000. Venturi Wealth Management LLC raised its stake in RingCentral by 150.4% in the third quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock valued at $59,000 after buying an additional 1,119 shares during the last quarter. Quarry LP raised its stake 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 buying an additional 982 shares during the last quarter. KBC Group NV raised its stake in 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 during the last quarter. Finally, CWM LLC raised 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 last quarter. 98.61% of the stock is currently owned by hedge funds and other institutional investors.

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.