Barclays Cuts RingCentral (NYSE:RNG) Price Target to $31.00

RingCentral (NYSE:RNG) had its price target decreased by Barclays from $37.00 to $31.00 in a research report report published on Friday,Benzinga reports. Barclays currently has an equal weight rating on the software maker’s stock.

A number of other brokerages have also issued reports on RNG. StockNews.com raised shares of RingCentral from a “buy” rating to a “strong-buy” rating in a report on Thursday. Morgan Stanley lifted their price target on shares of RingCentral from $38.00 to $40.00 and gave the company an “equal weight” rating in a report on Wednesday, December 18th. Raymond James restated an “outperform” rating and set a $45.00 price objective (down previously from $50.00) on shares of RingCentral in a research report on Friday, January 3rd. Rosenblatt Securities decreased their target price on RingCentral from $45.00 to $40.00 and set a “buy” rating on the stock in a research report on Friday. Finally, Mizuho cut their price target on RingCentral from $42.00 to $36.00 and set a “neutral” rating for the company in a report on Monday, February 10th. One equities 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 assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $38.15.

RingCentral Price Performance

Shares of NYSE RNG opened at $28.90 on Friday. The stock has a market cap of $2.61 billion, a PE ratio of -45.16, a price-to-earnings-growth ratio of 1.27 and a beta of 1.01. RingCentral has a 1 year low of $26.98 and a 1 year high of $42.19. The firm has a fifty day moving average price of $34.82 and a 200-day moving average price of $34.26.

RingCentral (NYSE:RNG) last issued its quarterly 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 12.34% and a negative net margin of 2.43%. The business had revenue of $614.51 million during the quarter, compared to analysts’ expectations of $612.37 million. On average, research analysts expect that RingCentral will post 1.29 EPS for the current year.

Insider Buying and Selling at RingCentral

In other news, SVP John H. Marlow sold 8,720 shares of the company’s stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $42.05, for a total transaction of $366,676.00. Following the transaction, the senior vice president now owns 334,869 shares of the company’s stock, valued at approximately $14,081,241.45. This represents a 2.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Ned D. Segal sold 2,914 shares of the business’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $41.60, for a total value of $121,222.40. Following the transaction, the director now owns 10,633 shares of the company’s stock, valued at approximately $442,332.80. The trade was a 21.51 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 13,091 shares of company stock worth $542,958 over the last quarter. Insiders own 6.97% of the company’s stock.

Institutional Investors Weigh In On RingCentral

Several large investors have recently added to or reduced their stakes in RNG. CWM LLC increased its holdings in 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 purchasing an additional 4,064 shares during the period. Creative Planning bought a new stake in shares of RingCentral in the 3rd quarter valued at about $211,000. Private Advisor Group LLC lifted its position in shares of RingCentral by 13.6% in the 3rd quarter. Private Advisor Group LLC now owns 8,119 shares of the software maker’s stock worth $257,000 after purchasing an additional 971 shares during the period. Robeco Institutional Asset Management B.V. bought a new position in shares of RingCentral during the third quarter valued at approximately $386,000. Finally, Heritage Investors Management Corp boosted its position in RingCentral by 0.9% during the 3rd quarter. Heritage Investors Management Corp now owns 159,462 shares of the software maker’s stock valued at $5,044,000 after acquiring an additional 1,484 shares in the last quarter. 98.61% of the stock is 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.