RingCentral (NYSE:RNG) Price Target Cut to $36.00 by Analysts at Needham & Company LLC

RingCentral (NYSE:RNG) had its price target reduced by Needham & Company LLC from $42.00 to $36.00 in a research report report published on Friday,Benzinga reports. They currently have a buy rating on the software maker’s stock.

A number of other analysts also recently issued reports on RNG. Mizuho reduced their price target on shares of RingCentral from $42.00 to $36.00 and set a “neutral” rating on the stock in a report on Monday, February 10th. Raymond James reiterated an “outperform” rating and issued a $45.00 price target (down from $50.00) on shares of RingCentral in a report on Friday, January 3rd. Piper Sandler lifted their price target on shares of RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Morgan Stanley lifted their price target on shares of RingCentral from $38.00 to $40.00 and gave the company an “equal weight” rating in a report on Wednesday, December 18th. Finally, Wedbush boosted their target price on shares of RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. One analyst has rated the stock with a sell rating, seven have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $38.15.

RingCentral Stock Performance

RNG opened at $28.90 on Friday. RingCentral has a fifty-two week low of $26.98 and a fifty-two week high of $42.19. The firm’s fifty day moving average is $34.82 and its 200 day moving average is $34.25. The stock has a market cap of $2.61 billion, a price-to-earnings ratio of -27.27, a price-to-earnings-growth ratio of 1.31 and a beta of 1.01.

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 company had revenue of $614.51 million during the quarter, compared to the consensus estimate of $612.37 million. RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. On average, equities research analysts predict that RingCentral will post 0.84 earnings per share for the current year.

Insider Buying and Selling

In other RingCentral news, Director Ned D. Segal sold 2,914 shares of the business’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $41.60, for a total value of $121,222.40. Following the completion of the sale, the director now directly owns 10,633 shares of the company’s stock, valued at $442,332.80. The trade was a 21.51 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP John H. Marlow sold 8,720 shares of the business’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 sale, the senior vice president now directly owns 334,869 shares of the company’s stock, 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. 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.

Institutional Investors Weigh In On RingCentral

Large investors have recently added to or reduced their stakes in the stock. Kayne Anderson Rudnick Investment Management LLC purchased a new stake in RingCentral in the 4th quarter valued at about $49,000. Venturi Wealth Management LLC boosted its position in RingCentral by 150.4% in the 3rd quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock valued at $59,000 after buying an additional 1,119 shares during the period. Quarry LP lifted its position in shares of RingCentral by 106.7% in the 3rd quarter. Quarry LP now owns 1,902 shares of the software maker’s stock worth $60,000 after purchasing an additional 982 shares during the period. KBC Group NV lifted its position in shares of 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 purchasing an additional 744 shares during the period. Finally, CWM LLC lifted its position in shares of RingCentral by 595.9% in the 3rd quarter. CWM LLC now owns 4,746 shares of the software maker’s stock worth $150,000 after purchasing an additional 4,064 shares during the period. 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.