Barclays Cuts RingCentral (NYSE:RNG) Price Target to $31.00

RingCentral (NYSE:RNG) had its target price cut by stock analysts at Barclays from $37.00 to $31.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an “equal weight” rating on the software maker’s stock. Barclays‘s target price suggests a potential upside of 7.26% from the stock’s current price.

RNG has been the subject of several other reports. Wedbush boosted their target price on RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Rosenblatt Securities reduced their price objective on RingCentral from $45.00 to $40.00 and set a “buy” rating for the company in a research note on Friday. Mizuho reduced their price objective on RingCentral from $42.00 to $36.00 and set a “neutral” rating for the company in a research note on Monday, February 10th. Morgan Stanley upped their price objective on RingCentral from $38.00 to $40.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 18th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $42.00 price objective on shares of RingCentral in a research note on Monday, November 11th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $38.15.

RingCentral Stock Performance

RingCentral stock 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 company has a market capitalization of $2.61 billion, a P/E ratio of -45.16, a PEG ratio of 1.27 and a beta of 1.01. The stock has a 50-day simple moving average of $34.82 and a 200-day simple moving average of $34.25.

RingCentral (NYSE:RNG) last posted its earnings results on Thursday, February 20th. The software maker reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.73). RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. The firm had revenue of $614.51 million during the quarter, compared to analysts’ expectations of $612.37 million. As a group, analysts forecast that RingCentral will post 1.29 earnings per share for the current year.

Insider Buying and Selling

In related news, SVP John H. Marlow sold 8,720 shares of the firm’s stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $42.05, for a total value of $366,676.00. Following the completion of the transaction, the senior vice president now directly owns 334,869 shares of the company’s stock, valued at $14,081,241.45. This trade represents a 2.54 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Robert I. Theis sold 1,457 shares of the firm’s stock in a transaction that occurred on 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 directly owns 28,690 shares of the company’s stock, valued at $1,084,195.10. The trade was a 4.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 13,091 shares of company stock worth $542,958 in the last quarter. Company insiders own 6.97% of the company’s stock.

Hedge Funds Weigh In On RingCentral

Hedge funds have recently bought and sold shares of the company. Kayne Anderson Rudnick Investment Management LLC purchased a new position in RingCentral in the 4th quarter valued at approximately $49,000. Venturi Wealth Management LLC raised its holdings 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 last quarter. Quarry LP lifted its position in shares of RingCentral by 106.7% in the third quarter. Quarry LP now owns 1,902 shares of the software maker’s stock valued at $60,000 after acquiring an additional 982 shares in the last quarter. KBC Group NV boosted its stake 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 valued at $84,000 after acquiring an additional 744 shares during the last quarter. Finally, CWM LLC increased its position in RingCentral by 595.9% during 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 in the last quarter. 98.61% of the stock is owned by hedge funds and other institutional investors.

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.