RingCentral (NYSE:RNG) Price Target Cut to $40.00 by Analysts at Rosenblatt Securities

RingCentral (NYSE:RNG) had its price objective decreased by Rosenblatt Securities from $45.00 to $40.00 in a report published on Friday morning,Benzinga reports. Rosenblatt Securities currently has a buy rating on the software maker’s stock.

A number of other research firms have also recently weighed in on RNG. Barclays cut shares of RingCentral from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $45.00 to $37.00 in a research report on Monday, January 27th. Wells Fargo & Company reaffirmed an “underweight” rating and set a $30.00 price objective (down previously from $38.00) on shares of RingCentral in a research report on Tuesday, January 7th. Needham & Company LLC reaffirmed a “buy” rating and set a $42.00 price objective on shares of RingCentral in a research report on Monday, November 11th. StockNews.com raised shares of RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Thursday. Finally, Piper Sandler increased their price objective on shares of RingCentral from $31.00 to $38.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $38.15.

RingCentral Price Performance

Shares of NYSE RNG opened at $28.90 on Friday. The company has a 50 day simple moving average of $34.82 and a 200-day simple moving average of $34.25. The company has a market capitalization of $2.61 billion, a P/E ratio of -27.27, a P/E/G ratio of 1.31 and a beta of 1.01. RingCentral has a 1 year low of $26.98 and a 1 year high of $42.19.

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). The firm had revenue of $614.51 million for the quarter, compared to analyst estimates of $612.37 million. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. As a group, research analysts expect that RingCentral will post 0.84 EPS for the current year.

Insider Buying and Selling at RingCentral

In other news, Director Ned D. Segal sold 2,914 shares of RingCentral stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $41.60, for a total transaction of $121,222.40. Following the completion of the sale, the director now directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Robert I. Theis sold 1,457 shares of RingCentral 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 sale, the director now directly owns 28,690 shares of the company’s stock, valued at approximately $1,084,195.10. This trade represents a 4.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 13,091 shares of company stock valued at $542,958 in the last 90 days. Company insiders own 6.97% of the company’s stock.

Institutional Investors Weigh In On RingCentral

Several institutional investors have recently modified their holdings of the company. Capital World Investors lifted its position in shares of RingCentral by 5.9% during the 4th quarter. Capital World Investors now owns 10,663,441 shares of the software maker’s stock worth $373,327,000 after purchasing an additional 591,398 shares during the last quarter. Ameriprise Financial Inc. lifted its position in shares of RingCentral by 2.2% during the 4th quarter. Ameriprise Financial Inc. now owns 6,513,731 shares of the software maker’s stock worth $228,050,000 after purchasing an additional 142,538 shares during the last quarter. Pacer Advisors Inc. lifted its position in shares of RingCentral by 45.3% during the 3rd quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker’s stock worth $83,483,000 after purchasing an additional 822,892 shares during the last quarter. First Trust Advisors LP lifted its position in shares of RingCentral by 35.6% during the 4th quarter. First Trust Advisors LP now owns 2,009,286 shares of the software maker’s stock worth $70,345,000 after purchasing an additional 527,901 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its position in shares of RingCentral by 11.1% during the 4th quarter. Renaissance Technologies LLC now owns 1,795,300 shares of the software maker’s stock worth $62,853,000 after purchasing an additional 180,000 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.