Rosenblatt Securities Issues Pessimistic Forecast for RingCentral (NYSE:RNG) Stock Price

RingCentral (NYSE:RNG) had its price target decreased by equities research analysts at Rosenblatt Securities from $45.00 to $40.00 in a report issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the software maker’s stock. Rosenblatt Securities’ price objective would indicate a potential upside of 29.96% from the stock’s current price.

A number of other brokerages have also recently weighed in on RNG. Barclays cut shares of RingCentral from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $45.00 to $37.00 in a research report on Monday, January 27th. Raymond James reaffirmed an “outperform” rating and issued a $45.00 target price (down previously from $50.00) on shares of RingCentral in a research report on Friday, January 3rd. Mizuho dropped their target price on RingCentral from $42.00 to $36.00 and set a “neutral” rating on the stock in a report on Monday, February 10th. Piper Sandler boosted their price target on RingCentral from $31.00 to $38.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Finally, Morgan Stanley increased their price objective on shares of RingCentral from $38.00 to $40.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 18th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, RingCentral presently has a consensus rating of “Hold” and an average target price of $39.87.

RingCentral Trading Down 3.0 %

RNG stock opened at $30.78 on Friday. The stock has a 50-day moving average price of $35.02 and a two-hundred day moving average price of $34.29. The company has a market cap of $2.78 billion, a PE ratio of -29.04, a price-to-earnings-growth ratio of 1.31 and a beta of 1.01. RingCentral has a 12-month low of $26.98 and a 12-month high of $42.19.

RingCentral (NYSE:RNG) last announced its quarterly earnings results on Thursday, February 20th. The software maker reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.73). RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. Equities analysts forecast that RingCentral will post 0.84 EPS for the current fiscal year.

Insider Transactions at RingCentral

In other RingCentral news, Director Ned D. Segal sold 2,914 shares of the stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $41.60, for a total transaction of $121,222.40. Following the transaction, the director now owns 10,633 shares of the company’s stock, valued at $442,332.80. This trade represents a 21.51 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Robert I. Theis sold 1,457 shares of the business’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $37.79, for a total value of $55,060.03. Following the completion of the sale, the director now owns 28,690 shares of the company’s stock, valued at $1,084,195.10. This trade represents a 4.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 13,091 shares of company stock valued at $542,958. Insiders own 6.97% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Fort Washington Investment Advisors Inc. OH grew its position in shares of RingCentral by 32.5% during 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 acquiring an additional 134,928 shares during the last quarter. Hennessy Advisors Inc. bought a new position in RingCentral during the 4th quarter valued at $59,055,000. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of RingCentral by 65.9% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 381,178 shares of the software maker’s stock valued at $12,057,000 after purchasing an additional 151,433 shares during the period. Olympiad Research LP acquired a new position in shares of RingCentral during the 3rd quarter valued at $483,000. Finally, Beaumont Financial Advisors LLC bought a new stake in shares of RingCentral in the 4th quarter worth $262,000. 98.61% of the stock is currently owned by institutional investors.

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.