Raymond James Lowers RingCentral (NYSE:RNG) Price Target to $50.00

RingCentral (NYSE:RNG) had its target price lowered by Raymond James from $52.00 to $50.00 in a report released on Friday,Benzinga reports. The brokerage currently has a “strong-buy” rating on the software maker’s stock. Raymond James’ price target would suggest a potential upside of 35.24% from the stock’s previous close.

A number of other research analysts have also recently commented on RNG. Northland Securities raised their price target on RingCentral from $43.00 to $50.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Wells Fargo & Company boosted their price target on RingCentral from $28.00 to $35.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Wedbush lifted their target price on RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a research report on Friday. Robert W. Baird increased their target price on shares of RingCentral from $35.00 to $36.00 and gave the stock a “neutral” rating in a report on Monday, August 5th. Finally, Piper Sandler upped their price objective on shares of RingCentral from $31.00 to $38.00 and gave the stock a “neutral” rating in a research report on Friday. Eight analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $40.60.

RingCentral Trading Down 4.7 %

RNG stock traded down $1.83 during trading hours on Friday, hitting $36.97. 1,261,784 shares of the stock were exchanged, compared to its average volume of 1,212,578. The company has a 50-day simple moving average of $32.04 and a two-hundred day simple moving average of $32.18. The firm has a market capitalization of $3.39 billion, a P/E ratio of -26.07, a P/E/G ratio of 2.92 and a beta of 0.99. RingCentral has a 12 month low of $26.23 and a 12 month high of $40.96.

RingCentral (NYSE:RNG) last issued its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.10. The business had revenue of $608.77 million during the quarter, compared to analyst estimates of $601.91 million. On average, equities research analysts predict that RingCentral will post 0.63 earnings per share for the current year.

Insider Transactions at RingCentral

In related news, CAO John H. Marlow sold 19,498 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $32.52, for a total value of $634,074.96. Following the transaction, the chief accounting officer now owns 391,542 shares in the company, valued at $12,732,945.84. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other RingCentral news, CEO Vladimir Shmunis sold 62,244 shares of RingCentral stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $32.51, for a total value of $2,023,552.44. Following the completion of the sale, the chief executive officer now directly owns 573,725 shares of the company’s stock, valued at approximately $18,651,799.75. The trade was a 0.00 % 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, CAO John H. Marlow sold 19,498 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $32.52, for a total value of $634,074.96. Following the completion of the sale, the chief accounting officer now owns 391,542 shares of the company’s stock, valued at approximately $12,732,945.84. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 103,824 shares of company stock worth $3,386,396 over the last ninety days. 6.76% of the stock is owned by insiders.

Institutional Investors Weigh In On RingCentral

Hedge funds have recently added to or reduced their stakes in the company. Capital World Investors raised its holdings in shares of RingCentral by 7.3% in the 1st quarter. Capital World Investors now owns 12,139,394 shares of the software maker’s stock worth $421,723,000 after acquiring an additional 825,156 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of RingCentral by 5.2% during the first quarter. Vanguard Group Inc. now owns 10,909,549 shares of the software maker’s stock valued at $378,998,000 after buying an additional 538,325 shares during the last quarter. Pacer Advisors Inc. grew its holdings in RingCentral by 25.2% during the second quarter. Pacer Advisors Inc. now owns 1,816,464 shares of the software maker’s stock worth $51,224,000 after buying an additional 365,738 shares in the last quarter. Cubist Systematic Strategies LLC lifted its stake in RingCentral by 130.1% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 414,347 shares of the software maker’s stock valued at $11,685,000 after acquiring an additional 234,238 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. boosted its holdings in RingCentral by 163.1% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 310,991 shares of the software maker’s stock worth $10,804,000 after acquiring an additional 192,766 shares during the last quarter. Institutional investors and hedge funds 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.