RingCentral (NYSE:RNG) Stock Rating Lowered by Barclays

RingCentral (NYSE:RNG) was downgraded by investment analysts at Barclays from an “overweight” rating to an “equal weight” rating in a research note issued on Monday, Marketbeat reports. They currently have a $37.00 price target on the software maker’s stock, down from their previous price target of $45.00. Barclays‘s price target would indicate a potential upside of 1.92% from the stock’s previous close.

Several other equities analysts also recently issued reports on RNG. Needham & Company LLC reiterated a “buy” rating and set a $42.00 price objective on shares of RingCentral in a research report on Monday, November 11th. Robert W. Baird raised their price target on RingCentral from $36.00 to $38.00 and gave the company a “neutral” rating in a report on Monday, November 11th. Mizuho reaffirmed a “neutral” rating and issued a $42.00 price objective on shares of RingCentral in a report on Friday, December 13th. Wells Fargo & Company reissued an “underweight” rating and set a $30.00 target price (down previously from $38.00) on shares of RingCentral in a research note on Tuesday, January 7th. Finally, Raymond James reiterated an “outperform” rating and issued a $45.00 price objective (down from $50.00) on shares of RingCentral in a report on Friday, January 3rd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $41.00.

RingCentral Stock Performance

Shares of NYSE:RNG opened at $36.30 on Monday. The stock has a market capitalization of $3.28 billion, a price-to-earnings ratio of -34.25, a price-to-earnings-growth ratio of 1.40 and a beta of 0.99. RingCentral has a 1-year low of $26.98 and a 1-year high of $42.19. The company’s fifty day moving average is $36.57 and its two-hundred day moving average is $34.21.

RingCentral (NYSE:RNG) last posted its 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. The company had revenue of $608.77 million for the quarter, compared to analysts’ expectations of $601.91 million. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. Sell-side analysts expect that RingCentral will post 0.84 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Vladimir Shmunis sold 66,451 shares of RingCentral stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $34.96, for a total transaction of $2,323,126.96. Following the transaction, the chief executive officer now owns 479,468 shares in the company, valued at approximately $16,762,201.28. The trade was a 12.17 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Vaibhav Agarwal sold 2,178 shares of the company’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $35.27, for a total value of $76,818.06. Following the transaction, the chief financial officer now directly owns 135,560 shares in the company, valued at $4,781,201.20. The trade was a 1.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 115,188 shares of company stock worth $4,113,047 over the last ninety days. 6.97% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Point72 DIFC Ltd acquired a new stake in shares of RingCentral during the 2nd quarter valued at $39,000. Venturi Wealth Management LLC grew its stake in RingCentral by 150.4% in the third quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock valued at $59,000 after purchasing an additional 1,119 shares in the last quarter. Quarry LP increased its position in RingCentral by 106.7% in the 3rd quarter. Quarry LP now owns 1,902 shares of the software maker’s stock worth $60,000 after purchasing an additional 982 shares during the last quarter. KBC Group NV increased its position in RingCentral by 38.9% in the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock worth $84,000 after purchasing an additional 744 shares during the last quarter. Finally, Central Pacific Bank Trust Division acquired a new stake in shares of RingCentral during the 3rd quarter valued at about $121,000. 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.