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

RingCentral (NYSE:RNG) had its price target reduced by Raymond James from $52.00 to $50.00 in a research note released on Friday,Benzinga reports. Raymond James currently has a strong-buy rating on the software maker’s stock.

Several other research firms have also recently weighed in on RNG. StockNews.com cut shares of RingCentral from a “strong-buy” rating to a “buy” rating in a research report on Saturday, October 19th. Rosenblatt Securities reissued a “buy” rating and set a $45.00 price target on shares of RingCentral in a research report on Friday, November 1st. Piper Sandler raised their price objective on RingCentral from $31.00 to $38.00 and gave the stock a “neutral” rating in a research report on Friday. Wedbush increased their target price on shares of RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a research report on Friday. Finally, Northland Securities boosted their price target on shares of RingCentral from $43.00 to $50.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Eight equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $40.60.

RingCentral Stock Down 2.1 %

RingCentral stock traded down $0.83 during midday trading on Friday, hitting $37.97. The company’s stock had a trading volume of 2,624,389 shares, compared to its average volume of 1,218,857. RingCentral has a 12 month low of $26.23 and a 12 month high of $40.98. The stock’s 50-day moving average price is $32.13 and its 200-day moving average price is $32.24. The company has a market capitalization of $3.49 billion, a PE ratio of -35.77, a price-to-earnings-growth ratio of 2.92 and a beta of 0.99.

RingCentral (NYSE:RNG) last posted its quarterly earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share (EPS) 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. As a group, equities analysts anticipate that RingCentral will post 0.63 EPS for the current year.

Insider Activity at RingCentral

In other RingCentral news, CFO Vaibhav Agarwal sold 10,184 shares of RingCentral stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $32.88, for a total value of $334,849.92. Following the transaction, the chief financial officer now directly owns 137,545 shares of the company’s stock, valued at $4,522,479.60. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CAO John H. Marlow sold 19,498 shares of RingCentral stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $32.52, for a total transaction of $634,074.96. Following the completion of the transaction, the chief accounting officer now directly owns 391,542 shares of the company’s stock, valued at $12,732,945.84. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Vaibhav Agarwal sold 10,184 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $32.88, for a total transaction of $334,849.92. Following the sale, the chief financial officer now directly owns 137,545 shares of the company’s stock, valued at approximately $4,522,479.60. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 103,824 shares of company stock worth $3,386,396 in the last 90 days. 6.76% of the stock is owned by company insiders.

Hedge Funds Weigh In On RingCentral

Large investors have recently modified their holdings of the stock. Sei Investments Co. grew its stake in shares of RingCentral by 2.3% in the first quarter. Sei Investments Co. now owns 23,485 shares of the software maker’s stock valued at $816,000 after buying an additional 539 shares in the last quarter. Sovereign Financial Group Inc. lifted its stake in shares of RingCentral by 6.9% during the 3rd quarter. Sovereign Financial Group Inc. now owns 9,693 shares of the software maker’s stock worth $307,000 after buying an additional 625 shares during the last quarter. Versant Capital Management Inc boosted its holdings in shares of RingCentral by 138.3% during the 2nd quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker’s stock worth $32,000 after buying an additional 664 shares during the period. Xponance Inc. grew its stake in 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 buying an additional 704 shares during the last quarter. Finally, KBC Group NV boosted its stake in RingCentral by 38.9% in the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock valued at $84,000 after purchasing an additional 744 shares during the period. 98.61% of the stock is currently owned by institutional investors and hedge funds.

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.