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

RingCentral (NYSE:RNG) had its price objective cut by analysts at Needham & Company LLC from $42.00 to $36.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the software maker’s stock. Needham & Company LLC’s price target suggests a potential upside of 16.96% from the stock’s previous close.

RNG has been the topic of a number of other research reports. Raymond James reissued an “outperform” rating and set a $45.00 price target (down previously from $50.00) on shares of RingCentral in a research report on Friday, January 3rd. StockNews.com upgraded RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Thursday. Wells Fargo & Company reaffirmed an “underweight” rating and issued a $30.00 price target (down from $38.00) on shares of RingCentral in a research note on Tuesday, January 7th. Barclays lowered their price target on RingCentral from $37.00 to $31.00 and set an “equal weight” rating on the stock in a research note on Friday. Finally, Rosenblatt Securities lowered their price objective on RingCentral from $45.00 to $40.00 and set a “buy” rating on the stock in a research note on Friday. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, RingCentral currently has a consensus rating of “Hold” and a consensus price target of $39.47.

RingCentral Trading Down 3.0 %

NYSE:RNG opened at $30.78 on Friday. RingCentral has a 12 month low of $26.98 and a 12 month high of $42.19. The company has a 50 day simple moving average of $35.02 and a two-hundred day simple moving average of $34.29. The company has a market cap of $2.78 billion, a PE ratio of -29.04, a price-to-earnings-growth ratio of 1.31 and a beta of 1.01.

RingCentral (NYSE:RNG) last announced its quarterly earnings results on Thursday, February 20th. The software maker reported $0.23 EPS for the quarter, missing the consensus estimate of $0.96 by ($0.73). RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. Research analysts forecast that RingCentral will post 0.84 earnings per share for the current year.

Insider Buying and Selling at RingCentral

In other RingCentral news, SVP John H. Marlow sold 8,720 shares of the business’s stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $42.05, for a total transaction of $366,676.00. Following the sale, the senior vice president now directly owns 334,869 shares of the company’s stock, valued at $14,081,241.45. The trade was a 2.54 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 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 transaction of $121,222.40. Following the sale, the director now directly owns 10,633 shares in the company, valued at approximately $442,332.80. This trade represents a 21.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 13,091 shares of company stock valued at $542,958. Corporate insiders own 6.97% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Mackenzie Financial Corp increased its holdings in shares of RingCentral by 56.2% during the 4th quarter. Mackenzie Financial Corp now owns 127,406 shares of the software maker’s stock worth $4,460,000 after purchasing an additional 45,848 shares during the period. PharVision Advisers LLC bought a new position in shares of RingCentral in the fourth quarter worth about $246,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of RingCentral by 14.4% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 255,792 shares of the software maker’s stock worth $8,955,000 after acquiring an additional 32,175 shares during the last quarter. Woodline Partners LP raised its stake in shares of RingCentral by 17.6% during the fourth quarter. Woodline Partners LP now owns 138,956 shares of the software maker’s stock worth $4,865,000 after buying an additional 20,799 shares during the last quarter. Finally, Two Sigma Advisers LP raised its stake in shares of RingCentral by 79.5% during the fourth quarter. Two Sigma Advisers LP now owns 412,700 shares of the software maker’s stock worth $14,449,000 after buying an additional 182,800 shares during the last quarter. 98.61% of the stock is owned by 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.