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

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

Other research analysts have also issued reports about the stock. Mizuho reduced their target price on shares of RingCentral from $42.00 to $36.00 and set a “neutral” rating on the stock in a report on Monday, February 10th. Robert W. Baird upped their price objective on shares of RingCentral from $36.00 to $38.00 and gave the company a “neutral” rating in a research note on Monday, November 11th. Raymond James reissued an “outperform” rating and set a $45.00 target price (down previously from $50.00) on shares of RingCentral in a research report on Friday, January 3rd. Wedbush increased their target price on shares of RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Finally, Barclays lowered their price objective on shares of RingCentral from $37.00 to $31.00 and set an “equal weight” rating for the company in a research report on Friday. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, RingCentral presently has a consensus rating of “Hold” and an average target price of $39.47.

RingCentral Stock Down 3.0 %

RingCentral stock opened at $30.78 on Friday. RingCentral has a 52 week low of $26.98 and a 52 week high of $42.19. The firm’s 50-day simple moving average is $35.02 and its 200 day simple moving average is $34.29. The firm has a market capitalization of $2.78 billion, a PE ratio of -29.04, a P/E/G ratio of 1.31 and a beta of 1.01.

RingCentral (NYSE:RNG) last released its quarterly earnings data 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%. On average, research analysts expect that RingCentral will post 0.84 EPS for the current fiscal year.

Insider Buying and Selling at RingCentral

In related news, Director Robert I. Theis sold 1,457 shares of the company’s stock in a transaction that occurred 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 transaction, the director now directly owns 28,690 shares of the company’s stock, valued at approximately $1,084,195.10. This represents a 4.83 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ned D. Segal sold 2,914 shares of the stock in a transaction that occurred on Thursday, December 12th. The stock was 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 directly owns 10,633 shares of the company’s stock, 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. In the last quarter, insiders have sold 13,091 shares of company stock worth $542,958. Insiders own 6.97% of the company’s stock.

Hedge Funds Weigh In On RingCentral

Several institutional investors and hedge funds have recently bought and sold shares of the company. Kayne Anderson Rudnick Investment Management LLC purchased a new stake in shares of RingCentral in the fourth quarter worth $49,000. Venturi Wealth Management LLC raised its position in RingCentral by 150.4% during the third quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock valued at $59,000 after purchasing an additional 1,119 shares in the last quarter. Quarry LP grew its stake in shares of RingCentral by 106.7% during the third quarter. Quarry LP now owns 1,902 shares of the software maker’s stock valued at $60,000 after buying an additional 982 shares during the last quarter. KBC Group NV grew its stake in shares of RingCentral by 38.9% during the third quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock valued at $84,000 after buying an additional 744 shares during the last quarter. Finally, CWM LLC grew its stake in shares of RingCentral by 595.9% during the third quarter. CWM LLC now owns 4,746 shares of the software maker’s stock valued at $150,000 after buying an additional 4,064 shares during the last quarter. 98.61% of the stock is owned by 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.