RingCentral (NYSE:RNG) Lowered to Equal Weight Rating by Barclays

RingCentral (NYSE:RNG) was downgraded by equities researchers at Barclays from an “overweight” rating to an “equal weight” rating in a research report issued to clients and investors on Monday, Marketbeat Ratings reports. They presently have a $37.00 target price on the software maker’s stock, down from their prior target price of $45.00. Barclays‘s price objective indicates a potential upside of 6.72% from the company’s current price.

Several other research analysts have also recently weighed in on the stock. Robert W. Baird boosted their price objective on shares of RingCentral from $36.00 to $38.00 and gave the company a “neutral” rating in a report on Monday, November 11th. Morgan Stanley increased their price target on RingCentral from $38.00 to $40.00 and gave the company an “equal weight” rating in a report on Wednesday, December 18th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $45.00 price objective on shares of RingCentral in a report on Friday, November 8th. Piper Sandler increased their price objective on shares of RingCentral from $31.00 to $38.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Finally, Wedbush upped their target price on shares of RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a report on Friday, November 8th. One research 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’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $41.00.

RingCentral Stock Up 0.8 %

Shares of NYSE RNG opened at $34.67 on Monday. The firm has a market cap of $3.14 billion, a P/E ratio of -32.71, a PEG ratio of 1.40 and a beta of 0.99. RingCentral has a twelve month low of $26.98 and a twelve month high of $42.19. The company has a 50 day moving average of $36.56 and a 200 day moving average of $34.13.

RingCentral (NYSE:RNG) last announced its quarterly earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.10. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. The firm had revenue of $608.77 million for the quarter, compared to the consensus estimate of $601.91 million. As a group, equities analysts expect that RingCentral will post 0.84 earnings per share for the current fiscal year.

Insider Transactions at RingCentral

In related news, SVP John H. Marlow sold 8,720 shares of the stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $42.05, for a total transaction of $366,676.00. Following the completion of the transaction, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Vaibhav Agarwal sold 2,178 shares of RingCentral stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $35.27, for a total value of $76,818.06. Following the completion of the sale, the chief financial officer now directly owns 135,560 shares in the company, valued at approximately $4,781,201.20. The trade was a 1.58 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 115,188 shares of company stock valued at $4,113,047. 6.97% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On RingCentral

A number of institutional investors and hedge funds have recently made changes to their positions in RNG. Pacer Advisors Inc. grew its position in RingCentral by 45.3% in the third quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker’s stock worth $83,483,000 after acquiring an additional 822,892 shares in the last quarter. Hennessy Advisors Inc. purchased a new position in shares of RingCentral in the 4th quarter worth approximately $59,055,000. AQR Capital Management LLC increased its position in shares of RingCentral by 2.4% during the 2nd quarter. AQR Capital Management LLC now owns 881,109 shares of the software maker’s stock valued at $24,706,000 after purchasing an additional 20,666 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in RingCentral by 7.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 822,087 shares of the software maker’s stock valued at $26,003,000 after buying an additional 59,570 shares during the period. Finally, Fort Washington Investment Advisors Inc. OH lifted its position in RingCentral by 32.5% in the fourth quarter. Fort Washington Investment Advisors Inc. OH now owns 550,304 shares of the software maker’s stock worth $19,266,000 after buying an additional 134,928 shares during the last quarter. 98.61% of the stock is owned by hedge funds and other institutional investors.

RingCentral Company Profile

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.