UBS Group Cuts RingCentral (NYSE:RNG) Price Target to $38.00

by · The Cerbat Gem

RingCentral (NYSE:RNG – Get Free Report) had its price objective decreased by stock analysts at UBS Group from $40.00 to $38.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a “neutral” rating on the software maker’s stock. UBS Group’s target price suggests a potential upside of 31.80% from the company’s current price.

Several other equities research analysts have also weighed in on the stock. Morgan Stanley increased their price objective on shares of RingCentral from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 18th. Barclays dropped their price target on shares of RingCentral from $37.00 to $31.00 and set an “equal weight” rating on the stock in a research note on Friday. Robert W. Baird raised their price target on shares of RingCentral from $36.00 to $38.00 and gave the company a “neutral” rating in a research note on Monday, November 11th. Mizuho dropped their price target on shares of RingCentral from $42.00 to $36.00 and set a “neutral” rating on the stock in a research note on Monday, February 10th. Finally, Piper Sandler dropped their price target on shares of RingCentral from $38.00 to $31.00 and set a “neutral” rating on the stock in a research note on Friday. One analyst has rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, RingCentral presently has an average rating of “Hold” and a consensus price target of $38.53.

Get Our Latest Report on RNG

RingCentral Trading Down 6.3 %

RNG traded down $1.94 on Friday, hitting $28.83. 1,799,959 shares of the company’s stock were exchanged, compared to its average volume of 1,149,402. The firm has a market cap of $2.61 billion, a PE ratio of -27.17, a P/E/G ratio of 1.31 and a beta of 1.01. RingCentral has a twelve month low of $26.98 and a twelve month high of $42.19. The stock has a fifty day moving average of $35.02 and a two-hundred day moving average of $34.29.

RingCentral (NYSE:RNG – Get Free Report) last released its quarterly earnings data 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). The business had revenue of $614.51 million for the quarter, compared to analyst estimates of $612.37 million. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. On average, analysts predict that RingCentral will post 0.84 EPS 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 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 in the company, valued at approximately $14,081,241.45. This trade represents a 2.54 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Robert I. Theis sold 1,457 shares of the firm’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $37.79, for a total transaction of $55,060.03. Following the sale, the director now 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. Over the last ninety days, insiders sold 13,091 shares of company stock worth $542,958. Corporate insiders own 6.97% of the company’s stock.

Institutional Investors Weigh In On RingCentral

Several hedge funds have recently made changes to their positions in the company. Capital World Investors lifted its position in shares of RingCentral by 5.9% in the 4th quarter. Capital World Investors now owns 10,663,441 shares of the software maker’s stock valued at $373,327,000 after acquiring an additional 591,398 shares in the last quarter. Ameriprise Financial Inc. lifted its position in shares of RingCentral by 2.2% in the 4th quarter. Ameriprise Financial Inc. now owns 6,513,731 shares of the software maker’s stock valued at $228,050,000 after acquiring an additional 142,538 shares in the last quarter. Pacer Advisors Inc. lifted its position in shares of RingCentral by 45.3% in the 3rd quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker’s stock valued at $83,483,000 after acquiring an additional 822,892 shares in the last quarter. First Trust Advisors LP lifted its position in shares of RingCentral by 35.6% in the 4th quarter. First Trust Advisors LP now owns 2,009,286 shares of the software maker’s stock valued at $70,345,000 after acquiring an additional 527,901 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its position in shares of RingCentral by 11.1% in the 4th quarter. Renaissance Technologies LLC now owns 1,795,300 shares of the software maker’s stock valued at $62,853,000 after acquiring an additional 180,000 shares in the last quarter. Hedge funds and other institutional investors own 98.61% of the company’s stock.

RingCentral Company Profile

(Get Free Report)

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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