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

RingCentral (NYSE:RNG) had its target price trimmed by Needham & Company LLC from $42.00 to $36.00 in a report issued on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the software maker’s stock.

Several other research analysts have also commented on RNG. Piper Sandler boosted their price objective on shares of RingCentral from $31.00 to $38.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. 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. Wedbush boosted 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. Rosenblatt Securities reduced their price objective on shares of RingCentral from $45.00 to $40.00 and set a “buy” rating for the company in a research note on Friday. Finally, Wells Fargo & Company reiterated an “underweight” rating and set a $30.00 price objective (down previously from $38.00) on shares of RingCentral in a research note on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, RingCentral has an average rating of “Hold” and an average target price of $38.15.

RingCentral Stock Performance

Shares of RNG opened at $28.90 on Friday. The company has a 50 day moving average price of $34.82 and a 200-day moving average price of $34.25. RingCentral has a fifty-two week low of $26.98 and a fifty-two week high of $42.19. The stock has a market capitalization of $2.61 billion, a PE ratio of -27.27, a PEG ratio of 1.31 and a beta of 1.01.

RingCentral (NYSE:RNG) last posted 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). The firm had revenue of $614.51 million for the quarter, compared to the consensus estimate of $612.37 million. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. Equities research analysts forecast that RingCentral will post 0.84 EPS for the current year.

Insider Activity

In other news, 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 sale, the director now directly owns 28,690 shares of the company’s stock, valued at $1,084,195.10. This represents a 4.83 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP John H. Marlow sold 8,720 shares of the company’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 completion of the sale, the senior vice president now directly owns 334,869 shares in the company, valued at $14,081,241.45. This trade represents a 2.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 13,091 shares of company stock valued at $542,958 in the last ninety days. Insiders own 6.97% of the company’s stock.

Institutional Trading of RingCentral

Several large investors have recently made changes to their positions in the business. Mackenzie Financial Corp boosted its holdings in shares of RingCentral by 56.2% in the 4th quarter. Mackenzie Financial Corp now owns 127,406 shares of the software maker’s stock valued at $4,460,000 after acquiring an additional 45,848 shares during the last quarter. PharVision Advisers LLC purchased a new stake in RingCentral during the fourth quarter worth $246,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in RingCentral by 14.4% during 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 buying an additional 32,175 shares in the last quarter. Woodline Partners LP boosted its holdings in 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 in the last quarter. Finally, Two Sigma Advisers LP boosted its holdings in 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 in 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.