Needham & Company LLC Cuts RingCentral (NYSE:RNG) Price Target to $36.00

RingCentral (NYSE:RNG) had its price target reduced by Needham & Company LLC from $42.00 to $36.00 in a report published on Friday,Benzinga reports. Needham & Company LLC currently has a buy rating on the software maker’s stock.

Several other equities analysts have also weighed in on RNG. Robert W. Baird lifted their price target on RingCentral from $36.00 to $38.00 and gave the company a “neutral” rating in a research note on Monday, November 11th. Mizuho cut their price objective on RingCentral from $42.00 to $36.00 and set a “neutral” rating for the company in a research report on Monday, February 10th. 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. Raymond James reissued an “outperform” rating and issued a $45.00 price target (down previously from $50.00) on shares of RingCentral in a report on Friday, January 3rd. Finally, StockNews.com raised shares of RingCentral from a “buy” rating to a “strong-buy” rating in a report on Thursday. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $38.15.

RingCentral Trading Down 6.1 %

RingCentral stock opened at $28.90 on Friday. The firm has a market cap of $2.61 billion, a PE ratio of -45.16, a P/E/G ratio of 1.27 and a beta of 1.01. RingCentral has a 12 month low of $26.98 and a 12 month high of $42.19. The stock’s 50 day simple moving average is $34.82 and its two-hundred day simple moving average is $34.26.

RingCentral (NYSE:RNG) last announced 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 firm had revenue of $614.51 million for the quarter, compared to analysts’ expectations of $612.37 million. On average, equities research analysts forecast that RingCentral will post 1.29 EPS for the current year.

Insiders Place Their Bets

In related news, SVP John H. Marlow sold 8,720 shares of RingCentral 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 in the company, valued at approximately $14,081,241.45. This trade represents a 2.54 % decrease in their ownership of the stock. The sale 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 company’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 completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 13,091 shares of company stock valued at $542,958 in the last ninety days. 6.97% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On RingCentral

Institutional investors have recently bought and sold shares of the company. Rafferty Asset Management LLC lifted its holdings in RingCentral by 1.7% in the fourth quarter. Rafferty Asset Management LLC now owns 19,685 shares of the software maker’s stock valued at $689,000 after acquiring an additional 325 shares during the last quarter. Sovereign Financial Group Inc. lifted 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 during the last quarter. Gagnon Securities LLC grew its holdings in shares of RingCentral by 5.6% during the 4th quarter. Gagnon Securities LLC now owns 7,703 shares of the software maker’s stock worth $270,000 after purchasing an additional 407 shares during the period. Xponance Inc. grew its holdings in shares of RingCentral by 4.2% during the 4th quarter. Xponance Inc. now owns 10,664 shares of the software maker’s stock worth $373,000 after purchasing an additional 426 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of RingCentral by 10.4% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,983 shares of the software maker’s stock worth $176,000 after purchasing an additional 468 shares during 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.