Rosenblatt Securities Has Lowered Expectations for RingCentral (NYSE:RNG) Stock Price

RingCentral (NYSE:RNG) had its target price lowered by research analysts at Rosenblatt Securities from $45.00 to $40.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the software maker’s stock. Rosenblatt Securities’ price objective points to a potential upside of 29.96% from the company’s previous close.

RNG has been the topic of several other reports. Piper Sandler boosted their target price on shares of RingCentral from $31.00 to $38.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Robert W. Baird boosted their price objective on shares of RingCentral from $36.00 to $38.00 and gave the stock a “neutral” rating in a report on Monday, November 11th. StockNews.com raised shares of RingCentral from a “buy” rating to a “strong-buy” rating in a report on Thursday. Wells Fargo & Company reissued an “underweight” rating and set a $30.00 price target (down previously from $38.00) on shares of RingCentral in a research note on Tuesday, January 7th. Finally, Raymond James restated an “outperform” rating and issued a $45.00 price target (down previously from $50.00) on shares of RingCentral in a report on Friday, January 3rd. One analyst has rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, RingCentral presently has an average rating of “Hold” and a consensus price target of $39.87.

RingCentral Stock Down 3.0 %

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

RingCentral (NYSE:RNG) last posted 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 net margin of 4.17% and a negative return on equity of 2.55%. On average, equities research analysts expect that RingCentral will post 0.84 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Robert I. Theis sold 1,457 shares of the business’s stock in a transaction dated 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 owns 28,690 shares of the company’s stock, valued at approximately $1,084,195.10. The trade was a 4.83 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP John H. Marlow sold 8,720 shares of the company’s stock in a transaction dated 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 transaction, the senior vice president now owns 334,869 shares in the company, valued at approximately $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 worth $542,958 over the last three months. 6.97% of the stock is currently owned by corporate insiders.

Institutional Trading of RingCentral

A number of hedge funds have recently bought and sold shares of RNG. Kayne Anderson Rudnick Investment Management LLC purchased a new position in shares of RingCentral during the 4th quarter worth $49,000. Venturi Wealth Management LLC increased its stake 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 lifted its position in RingCentral by 106.7% during the third quarter. Quarry LP now owns 1,902 shares of the software maker’s stock worth $60,000 after buying an additional 982 shares during the period. KBC Group NV boosted its stake in RingCentral by 38.9% in the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock worth $84,000 after buying an additional 744 shares during the last quarter. Finally, CWM LLC grew its holdings in RingCentral by 595.9% in the 3rd 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 period. 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.