RingCentral (NYSE:RNG) Price Target Cut to $31.00 by Analysts at Barclays

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

A number of other analysts also recently issued reports on RNG. Robert W. Baird lifted their price objective on shares of RingCentral from $36.00 to $38.00 and gave the stock a “neutral” rating in a report on Monday, November 11th. StockNews.com raised shares of RingCentral from a “buy” rating to a “strong-buy” rating in a report on Thursday. Wells Fargo & Company reaffirmed an “underweight” rating and set a $30.00 price objective (down from $38.00) on shares of RingCentral in a report on Tuesday, January 7th. Morgan Stanley lifted their price objective on shares of RingCentral from $38.00 to $40.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 18th. Finally, Wedbush boosted their price target on shares of RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, RingCentral presently has a consensus rating of “Hold” and an average price target of $38.15.

RingCentral Price Performance

RNG opened at $28.90 on Friday. The company has a fifty day moving average price of $34.82 and a 200-day moving average price of $34.25. The firm has a market capitalization of $2.61 billion, a P/E ratio of -27.27, a price-to-earnings-growth ratio of 1.31 and a beta of 1.01. RingCentral has a one year low of $26.98 and a one year high of $42.19.

RingCentral (NYSE:RNG) last released its quarterly earnings results on Thursday, February 20th. The software maker reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.73). The firm had revenue of $614.51 million for the quarter, compared to analysts’ expectations of $612.37 million. RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. On average, analysts expect that RingCentral will post 0.84 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Ned D. Segal sold 2,914 shares of the 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP John H. Marlow sold 8,720 shares of the stock in a transaction dated Tuesday, December 10th. The stock was 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 over the last three months. Corporate 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 made changes to their positions in the business. Capital World Investors increased its stake in shares of RingCentral by 5.9% during the fourth quarter. Capital World Investors now owns 10,663,441 shares of the software maker’s stock valued at $373,327,000 after purchasing an additional 591,398 shares in the last quarter. Ameriprise Financial Inc. increased its stake in shares of RingCentral by 2.2% during the fourth quarter. Ameriprise Financial Inc. now owns 6,513,731 shares of the software maker’s stock valued at $228,050,000 after purchasing an additional 142,538 shares in the last quarter. Pacer Advisors Inc. increased its stake in shares of RingCentral by 45.3% during the third quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker’s stock valued at $83,483,000 after purchasing an additional 822,892 shares in the last quarter. First Trust Advisors LP increased its stake in shares of RingCentral by 35.6% during the fourth quarter. First Trust Advisors LP now owns 2,009,286 shares of the software maker’s stock valued at $70,345,000 after purchasing an additional 527,901 shares in the last quarter. Finally, Renaissance Technologies LLC increased its stake in shares of RingCentral by 11.1% during the fourth quarter. Renaissance Technologies LLC now owns 1,795,300 shares of the software maker’s stock valued at $62,853,000 after purchasing an additional 180,000 shares in the last quarter. Institutional investors own 98.61% of the company’s stock.

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.