RingCentral (NYSE:RNG) Price Target Lowered to $50.00 at Raymond James

RingCentral (NYSE:RNG) had its price objective lowered by equities research analysts at Raymond James from $52.00 to $50.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a “strong-buy” rating on the software maker’s stock. Raymond James’ price objective would indicate a potential upside of 35.24% from the stock’s previous close.

A number of other brokerages also recently issued reports on RNG. Robert W. Baird increased their price objective on RingCentral from $35.00 to $36.00 and gave the stock a “neutral” rating in a research report on Monday, August 5th. Wells Fargo & Company raised their price objective on RingCentral from $28.00 to $35.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Northland Securities increased their price target on shares of RingCentral from $43.00 to $50.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Needham & Company LLC reaffirmed a “buy” rating and issued a $42.00 price objective on shares of RingCentral in a research note on Monday, August 5th. Finally, Piper Sandler lifted 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. Eight research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $40.60.

RingCentral Price Performance

Shares of NYSE RNG traded down $1.83 during trading on Friday, reaching $36.97. 1,261,784 shares of the stock traded hands, compared to its average volume of 1,212,578. The company has a 50-day moving average of $32.04 and a 200-day moving average of $32.18. RingCentral has a 52-week low of $26.23 and a 52-week high of $40.96. The stock has a market capitalization of $3.39 billion, a P/E ratio of -26.07, a price-to-earnings-growth ratio of 2.92 and a beta of 0.99.

RingCentral (NYSE:RNG) last posted its earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.10. The company had revenue of $608.77 million for the quarter, compared to analysts’ expectations of $601.91 million. Analysts expect that RingCentral will post 0.63 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CAO John H. Marlow sold 19,498 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $32.52, for a total value of $634,074.96. Following the sale, the chief accounting officer now owns 391,542 shares in the company, valued at $12,732,945.84. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CAO John H. Marlow sold 19,498 shares of the business’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $32.52, for a total value of $634,074.96. Following the completion of the transaction, the chief accounting officer now owns 391,542 shares in the company, valued at $12,732,945.84. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Vladimir Shmunis sold 62,244 shares of RingCentral stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $32.51, for a total transaction of $2,023,552.44. Following the completion of the sale, the chief executive officer now directly owns 573,725 shares of the company’s stock, valued at approximately $18,651,799.75. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 103,824 shares of company stock valued at $3,386,396 over the last ninety days. Company insiders own 6.76% of the company’s stock.

Institutional Trading of RingCentral

A number of hedge funds and other institutional investors have recently bought and sold shares of RNG. Intellectus Partners LLC increased its stake in shares of RingCentral by 21.9% in the third quarter. Intellectus Partners LLC now owns 23,900 shares of the software maker’s stock worth $756,000 after purchasing an additional 4,300 shares in the last quarter. KBC Group NV increased 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 in the last quarter. Victory Capital Management Inc. raised its holdings in RingCentral by 14.8% during the third quarter. Victory Capital Management Inc. now owns 133,515 shares of the software maker’s stock valued at $4,223,000 after acquiring an additional 17,215 shares during the period. Venturi Wealth Management LLC boosted its stake in shares of RingCentral by 150.4% in the third quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock worth $59,000 after acquiring an additional 1,119 shares during the period. Finally, State of New Jersey Common Pension Fund D raised its stake in RingCentral by 9.4% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 58,947 shares of the software maker’s stock valued at $1,864,000 after purchasing an additional 5,085 shares during the period. Hedge funds and other institutional investors own 98.61% of the company’s stock.

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.