RingCentral (NYSE:RNG) Price Target Cut to $38.00 by Analysts at UBS Group

RingCentral (NYSE:RNG) had its target price cut by UBS Group from $40.00 to $38.00 in a research note released on Friday,Benzinga reports. They currently have a neutral rating on the software maker’s stock.

A number of other analysts have also issued reports on the company. Raymond James lowered their price target on RingCentral from $45.00 to $40.00 and set an “outperform” rating for the company in a report on Friday. Morgan Stanley boosted their price objective on shares of RingCentral from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 18th. Mizuho reduced their price objective on shares of RingCentral from $42.00 to $36.00 and set a “neutral” rating for the company in a research note on Monday, February 10th. Wells Fargo & Company reissued an “underweight” rating and issued a $30.00 price objective (down previously from $38.00) on shares of RingCentral in a research note on Tuesday, January 7th. Finally, Barclays decreased their price target 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 analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, RingCentral currently has a consensus rating of “Hold” and a consensus price target of $38.15.

RingCentral Stock Performance

Shares of NYSE RNG opened at $28.90 on Friday. The firm has a market capitalization of $2.61 billion, a price-to-earnings ratio of -27.27, a PEG ratio of 1.31 and a beta of 1.01. The stock has a 50 day moving average price of $34.82 and a 200 day moving average price of $34.25. RingCentral has a 52-week low of $26.98 and a 52-week 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 during 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%. Analysts forecast that RingCentral will post 0.84 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Ned D. Segal sold 2,914 shares of the company’s stock in a transaction 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 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robert I. Theis sold 1,457 shares of the company’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $37.79, for a total value of $55,060.03. Following the completion of the transaction, the director now directly owns 28,690 shares in the company, valued at approximately $1,084,195.10. The trade was a 4.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 13,091 shares of company stock valued at $542,958. Insiders own 6.97% of the company’s stock.

Hedge Funds Weigh In On RingCentral

Hedge funds have recently made changes to their positions in the company. Kayne Anderson Rudnick Investment Management LLC acquired a new position in shares of RingCentral in the 4th quarter valued at $49,000. Venturi Wealth Management LLC boosted its holdings in RingCentral by 150.4% in 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 during the last quarter. Quarry LP boosted its holdings in RingCentral by 106.7% in the third quarter. Quarry LP now owns 1,902 shares of the software maker’s stock valued at $60,000 after purchasing an additional 982 shares during the last quarter. KBC Group NV boosted its holdings in RingCentral by 38.9% in the third quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock valued at $84,000 after purchasing an additional 744 shares during the last quarter. Finally, CWM LLC boosted its holdings in RingCentral by 595.9% in the third quarter. CWM LLC now owns 4,746 shares of the software maker’s stock valued at $150,000 after purchasing an additional 4,064 shares during the last quarter. 98.61% of the stock is owned by institutional investors and hedge funds.

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.