RingCentral (NYSE:RNG – Get Free Report) was downgraded by Barclays from an “overweight” rating to an “equal weight” rating in a note issued to investors on Monday, MarketBeat reports. They presently have a $37.00 price target on the software maker’s stock, down from their previous price target of $45.00. Barclays‘s price target indicates a potential upside of 1.92% from the stock’s current price.
RNG has been the subject of a number of other research reports. Robert W. Baird lifted their target price on shares of RingCentral from $36.00 to $38.00 and gave the stock a “neutral” rating in a report on Monday, November 11th. Mizuho reissued a “neutral” rating and set a $42.00 target price on shares of RingCentral in a research note on Friday, December 13th. Raymond James reaffirmed an “outperform” rating and issued a $45.00 price target (down previously from $50.00) on shares of RingCentral in a research note on Friday, January 3rd. Needham & Company LLC reaffirmed a “buy” rating and issued a $42.00 target price on shares of RingCentral in a research note on Monday, November 11th. Finally, Wells Fargo & Company reissued an “underweight” rating and issued a $30.00 price target (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, eight have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $41.00.
Check Out Our Latest Research Report on RNG
RingCentral Stock Up 4.2 %
RingCentral (NYSE:RNG – Get Free Report) last released its quarterly earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.10. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. The business had revenue of $608.77 million during the quarter, compared to analysts’ expectations of $601.91 million. On average, research analysts expect that RingCentral will post 0.84 EPS for the current year.
Insider Buying and Selling
In related news, CEO Vladimir Shmunis sold 66,451 shares of RingCentral stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $34.96, for a total transaction of $2,323,126.96. Following the completion of the transaction, the chief executive officer now owns 479,468 shares in the company, valued at approximately $16,762,201.28. This trade represents a 12.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP John H. Marlow sold 23,284 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $34.96, for a total value of $814,008.64. Following the transaction, the senior vice president now directly owns 357,818 shares in the company, valued at approximately $12,509,317.28. This trade represents a 6.11 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 115,188 shares of company stock worth $4,113,047. Insiders own 6.97% of the company’s stock.
Hedge Funds Weigh In On RingCentral
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RNG. Sovereign Financial Group Inc. raised its position in shares of RingCentral by 4.0% in the fourth quarter. Sovereign Financial Group Inc. now owns 10,079 shares of the software maker’s stock valued at $353,000 after purchasing an additional 386 shares during the period. Gagnon Securities LLC raised its holdings in RingCentral by 5.6% in the 4th quarter. Gagnon Securities LLC now owns 7,703 shares of the software maker’s stock valued at $270,000 after acquiring an additional 407 shares during the period. Xponance Inc. lifted its position in RingCentral by 6.8% during the second quarter. Xponance Inc. now owns 11,122 shares of the software maker’s stock worth $314,000 after acquiring an additional 704 shares during the last quarter. KBC Group NV boosted its holdings in shares of RingCentral by 38.9% during the third quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock worth $84,000 after acquiring an additional 744 shares during the period. Finally, Private Advisor Group LLC grew its position in shares of RingCentral by 13.6% in the third quarter. Private Advisor Group LLC now owns 8,119 shares of the software maker’s stock valued at $257,000 after purchasing an additional 971 shares during the last quarter. 98.61% of the stock is owned by 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.
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