RingCentral (NYSE:RNG) Cut to “Equal Weight” at Barclays

Barclays downgraded shares of RingCentral (NYSE:RNG) from an overweight rating to an equal weight rating in a report published on Monday morning, Marketbeat Ratings reports. They currently have $37.00 target price on the software maker’s stock, down from their prior target price of $45.00.

Other analysts also recently issued reports about the company. Rosenblatt Securities reaffirmed a “buy” rating and issued a $45.00 target price on shares of RingCentral in a research note on Friday, November 8th. Raymond James restated an “outperform” rating and set a $45.00 price objective (down from $50.00) on shares of RingCentral in a research report on Friday, January 3rd. Morgan Stanley boosted their target price on shares of RingCentral from $38.00 to $40.00 and gave the company an “equal weight” rating in a report on Wednesday, December 18th. StockNews.com raised shares of RingCentral from a “buy” rating to a “strong-buy” rating in a research note on Monday, November 11th. Finally, Piper Sandler lifted their price target on shares of RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. One investment 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’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $41.00.

RingCentral Stock Performance

NYSE RNG opened at $35.38 on Monday. RingCentral has a one year low of $26.98 and a one year high of $42.19. The business has a fifty day moving average price of $36.58 and a 200 day moving average price of $34.21. The company has a market cap of $3.20 billion, a P/E ratio of -33.37, a P/E/G ratio of 1.40 and a beta of 0.99.

RingCentral (NYSE:RNG) last issued its earnings results on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.10. The business had revenue of $608.77 million during the quarter, compared to analysts’ expectations of $601.91 million. RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. As a group, sell-side analysts predict that RingCentral will post 0.84 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Ned D. Segal sold 2,914 shares of the stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $41.60, for a total transaction of $121,222.40. Following the completion of the sale, the director now owns 10,633 shares in the company, valued at approximately $442,332.80. This represents a 21.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP John H. Marlow sold 8,720 shares of the company’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 value of $366,676.00. Following the sale, the senior vice president now directly owns 334,869 shares of the company’s stock, valued at approximately $14,081,241.45. This represents a 2.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 115,188 shares of company stock worth $4,113,047 in the last quarter. 6.97% of the stock is owned by insiders.

Institutional Investors Weigh In On RingCentral

Institutional investors have recently added to or reduced their stakes in the business. Sovereign Financial Group Inc. boosted its stake 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 buying an additional 386 shares in the last quarter. Gagnon Securities LLC grew its stake in shares of RingCentral by 5.6% during the 4th quarter. Gagnon Securities LLC now owns 7,703 shares of the software maker’s stock worth $270,000 after purchasing an additional 407 shares during the period. Xponance Inc. increased its holdings in shares of RingCentral by 6.8% in the 2nd quarter. Xponance Inc. now owns 11,122 shares of the software maker’s stock valued at $314,000 after purchasing an additional 704 shares in the last quarter. KBC Group NV boosted its holdings in 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 buying an additional 744 shares in the last quarter. Finally, Private Advisor Group LLC grew its position in RingCentral by 13.6% during the third quarter. Private Advisor Group LLC now owns 8,119 shares of the software maker’s stock worth $257,000 after buying an additional 971 shares during the period. Hedge funds and other 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.