RingCentral (NYSE:RNG – Get Rating) had its target price decreased by research analysts at Jefferies Financial Group from $50.00 to $45.00 in a note issued to investors on Friday, The Fly reports. Jefferies Financial Group’s target price would indicate a potential upside of 29.53% from the company’s previous close.
Several other research firms have also weighed in on RNG. Craig Hallum reduced their price objective on RingCentral from $110.00 to $60.00 in a research note on Thursday, November 10th. Wells Fargo & Company cut their price objective on RingCentral from $80.00 to $60.00 and set an “overweight” rating for the company in a report on Friday, January 6th. Credit Suisse Group cut their target price on RingCentral from $60.00 to $55.00 and set a “buy” rating on the stock in a report on Thursday, February 16th. Raymond James cut their target price on RingCentral from $75.00 to $62.00 and set a “strong-buy” rating on the stock in a report on Thursday, February 16th. Finally, Wedbush began coverage on RingCentral in a research note on Wednesday, December 14th. They issued a “neutral” rating and a $40.00 price objective on the stock. Nine investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $60.82.
RingCentral Stock Down 1.8 %
NYSE:RNG traded down $0.62 during trading hours on Friday, reaching $34.74. 2,072,869 shares of the stock were exchanged, compared to its average volume of 1,866,759. The firm has a 50 day simple moving average of $37.82 and a 200-day simple moving average of $39.02. RingCentral has a 52 week low of $28.00 and a 52 week high of $133.41. The stock has a market capitalization of $3.33 billion, a P/E ratio of -3.76 and a beta of 0.87.
RingCentral (NYSE:RNG – Get Rating) last released its earnings results on Wednesday, February 15th. The software maker reported ($0.32) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.13). RingCentral had a negative return on equity of 765.97% and a negative net margin of 44.22%. The firm had revenue of $524.75 million for the quarter, compared to the consensus estimate of $528.41 million. As a group, analysts expect that RingCentral will post -0.11 earnings per share for the current year.
Insider Buying and Selling at RingCentral
In other news, CEO Vladimir Shmunis sold 38,017 shares of the business’s stock in a transaction that occurred on Wednesday, December 14th. The shares were sold at an average price of $39.86, for a total value of $1,515,357.62. Following the sale, the chief executive officer now owns 241,175 shares of the company’s stock, valued at $9,613,235.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, COO Mohammed Katibeh sold 4,747 shares of the company’s stock in a transaction on Friday, February 17th. The shares were sold at an average price of $36.43, for a total value of $172,933.21. Following the completion of the sale, the chief operating officer now owns 127,062 shares of the company’s stock, valued at approximately $4,628,868.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Vladimir Shmunis sold 38,017 shares of the company’s stock in a transaction on Wednesday, December 14th. The shares were sold at an average price of $39.86, for a total transaction of $1,515,357.62. Following the completion of the sale, the chief executive officer now directly owns 241,175 shares of the company’s stock, valued at approximately $9,613,235.50. The disclosure for this sale can be found here. Insiders have sold a total of 57,068 shares of company stock worth $2,210,102 over the last three months. 6.49% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
Several institutional investors have recently modified their holdings of the business. Amalgamated Bank increased its stake in shares of RingCentral by 1.3% in the 4th quarter. Amalgamated Bank now owns 19,604 shares of the software maker’s stock worth $694,000 after acquiring an additional 253 shares in the last quarter. Ensign Peak Advisors Inc increased its stake in RingCentral by 1.0% during the 3rd quarter. Ensign Peak Advisors Inc now owns 25,820 shares of the software maker’s stock valued at $1,032,000 after purchasing an additional 260 shares in the last quarter. Advisors Asset Management Inc. increased its stake in RingCentral by 51.5% during the 1st quarter. Advisors Asset Management Inc. now owns 886 shares of the software maker’s stock valued at $104,000 after purchasing an additional 301 shares in the last quarter. Ronald Blue Trust Inc. bought a new stake in RingCentral during the 2nd quarter valued at about $41,000. Finally, Banque Cantonale Vaudoise increased its stake in RingCentral by 26.1% during the 3rd quarter. Banque Cantonale Vaudoise now owns 1,933 shares of the software maker’s stock valued at $77,000 after purchasing an additional 400 shares in the last quarter. 88.09% of the stock is currently owned by institutional investors.
About RingCentral
RingCentral, Inc engages in the provision of global enterprise cloud communications and collaboration solutions. The firm’s solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, PCs and desk phones, and allows for communication across multiple modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings and fax.