RingCentral (NYSE:RNG) Price Target Lowered to $40.00 at Rosenblatt Securities

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

A number of other research analysts have also recently weighed in on RNG. Wedbush raised their price objective 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. Wells Fargo & Company reissued an “underweight” rating and set a $30.00 price objective (down from $38.00) on shares of RingCentral in a research note on Tuesday, January 7th. Needham & Company LLC restated a “buy” rating and set a $42.00 target price on shares of RingCentral in a report on Monday, November 11th. Robert W. Baird lifted their target price on shares of RingCentral from $36.00 to $38.00 and gave the company a “neutral” rating in a report on Monday, November 11th. Finally, 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 report on Wednesday, December 18th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $38.15.

RingCentral Price Performance

Shares of NYSE:RNG opened at $28.90 on Friday. The company’s fifty day moving average price is $34.82 and its 200 day moving average price is $34.25. RingCentral has a 12 month low of $26.98 and a 12 month high of $42.19. The firm 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 (NYSE:RNG) last issued its 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 business had revenue of $614.51 million for the quarter, compared to analysts’ expectations of $612.37 million. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. On average, sell-side analysts anticipate that RingCentral will post 0.84 EPS for the current year.

Insider Activity

In related news, Director Robert I. Theis sold 1,457 shares of the company’s stock in a transaction dated 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 owns 28,690 shares in the company, valued at approximately $1,084,195.10. This represents a 4.83 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Ned D. Segal sold 2,914 shares of the business’s 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 transaction, 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 position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 13,091 shares of company stock valued at $542,958. Company insiders own 6.97% of the company’s stock.

Hedge Funds Weigh In On RingCentral

Institutional investors and hedge funds have recently made changes to their positions in the company. Fort Washington Investment Advisors Inc. OH grew its position in shares of RingCentral by 32.5% in the fourth quarter. Fort Washington Investment Advisors Inc. OH now owns 550,304 shares of the software maker’s stock valued at $19,266,000 after purchasing an additional 134,928 shares during the last quarter. Hennessy Advisors Inc. acquired a new position in shares of RingCentral in the fourth quarter valued at approximately $59,055,000. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of RingCentral by 65.9% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 381,178 shares of the software maker’s stock valued at $12,057,000 after purchasing an additional 151,433 shares during the last quarter. Olympiad Research LP bought a new stake in shares of RingCentral in the third quarter valued at approximately $483,000. Finally, Beaumont Financial Advisors LLC bought a new stake in shares of RingCentral in the fourth quarter valued at approximately $262,000. Institutional investors and hedge funds own 98.61% of the company’s stock.

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.