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

RingCentral (NYSE:RNG) had its target price reduced by Raymond James from $52.00 to $50.00 in a report published on Friday morning,Benzinga reports. Raymond James currently has a strong-buy rating on the software maker’s stock.

RNG has been the subject of a number of other reports. Deutsche Bank Aktiengesellschaft raised their price objective on RingCentral from $42.00 to $45.00 and gave the stock a “buy” rating in a research report on Tuesday, August 6th. Piper Sandler lifted their target price on RingCentral from $31.00 to $38.00 and gave the stock a “neutral” rating in a report on Friday. Rosenblatt Securities reiterated a “buy” rating and issued a $45.00 target price on shares of RingCentral in a report on Friday, November 1st. Northland Securities lifted their target price on RingCentral from $43.00 to $50.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Finally, StockNews.com downgraded RingCentral from a “strong-buy” rating to a “buy” rating in a report on Saturday, October 19th. Eight analysts have rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, RingCentral has a consensus rating of “Moderate Buy” and a consensus price target of $40.73.

RingCentral Price Performance

Shares of RNG opened at $36.21 on Friday. RingCentral has a 1 year low of $26.27 and a 1 year high of $40.98. The company has a market capitalization of $3.32 billion, a price-to-earnings ratio of -34.16, a price-to-earnings-growth ratio of 2.96 and a beta of 0.99. The business has a 50-day moving average of $32.19 and a 200-day moving average of $32.31.

RingCentral (NYSE:RNG) last issued its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.10. RingCentral had a negative return on equity of 2.58% and a negative net margin of 4.17%. The company had revenue of $608.77 million during the quarter, compared to the consensus estimate of $601.91 million. As a group, sell-side analysts anticipate that RingCentral will post 0.63 EPS for the current year.

Insider Transactions at RingCentral

In other RingCentral news, CFO Vaibhav Agarwal sold 1,985 shares of RingCentral stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $31.40, for a total transaction of $62,329.00. Following the transaction, the chief financial officer now directly owns 135,560 shares of the company’s stock, valued at $4,256,584. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO Sonalee Elizabeth Parekh sold 9,913 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $33.45, for a total transaction of $331,589.85. Following the transaction, the chief financial officer now directly owns 358,622 shares of the company’s stock, valued at $11,995,905.90. This trade represents 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 at this link. Also, CFO Vaibhav Agarwal sold 1,985 shares of the business’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $31.40, for a total transaction of $62,329.00. Following the completion of the transaction, the chief financial officer now directly owns 135,560 shares in the company, valued at $4,256,584. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 103,824 shares of company stock valued at $3,386,396 over the last ninety days. 6.76% of the stock is currently owned by insiders.

Institutional Trading of RingCentral

Several hedge funds have recently added to or reduced their stakes in the stock. Foundry Partners LLC purchased a new stake in shares of RingCentral during the 3rd quarter worth approximately $8,886,000. Landscape Capital Management L.L.C. purchased a new stake in shares of RingCentral during the 3rd quarter worth approximately $684,000. Primecap Management Co. CA boosted its holdings in RingCentral by 15.7% in the 3rd quarter. Primecap Management Co. CA now owns 62,500 shares of the software maker’s stock worth $1,977,000 after buying an additional 8,500 shares during the period. Intech Investment Management LLC bought a new position in RingCentral in the 3rd quarter worth approximately $1,152,000. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its holdings in RingCentral by 65.9% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 381,178 shares of the software maker’s stock worth $12,057,000 after buying an additional 151,433 shares during the period. 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.