Piper Sandler Issues Pessimistic Forecast for RingCentral (NYSE:RNG) Stock Price

RingCentral (NYSE:RNG) had its price objective dropped by analysts at Piper Sandler from $38.00 to $31.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the software maker’s stock. Piper Sandler’s price target points to a potential upside of 5.80% from the company’s previous close.

Several other equities analysts have also weighed in on RNG. StockNews.com upgraded shares of RingCentral from a “buy” rating to a “strong-buy” rating in a report on Thursday. Barclays decreased their price objective on shares of RingCentral from $37.00 to $31.00 and set an “equal weight” rating on the stock in a report on Friday. Mizuho decreased their price objective on shares of RingCentral from $42.00 to $36.00 and set a “neutral” rating on the stock in a report on Monday, February 10th. Needham & Company LLC decreased their price objective on shares of RingCentral from $42.00 to $36.00 and set a “buy” rating on the stock in a report on Friday. Finally, Wedbush upped their price objective on shares of RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. One analyst has rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, RingCentral has an average rating of “Hold” and a consensus target price of $39.00.

RingCentral Price Performance

NYSE:RNG opened at $29.30 on Friday. The firm has a market capitalization of $2.65 billion, a price-to-earnings ratio of -27.71, a PEG ratio of 1.31 and a beta of 1.01. The company’s 50-day moving average is $35.02 and its two-hundred day moving average is $34.29. RingCentral has a 1-year low of $26.98 and a 1-year high of $42.19.

RingCentral (NYSE:RNG) last posted its earnings results on Thursday, February 20th. The software maker reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.73). The firm had revenue of $614.51 million during the quarter, compared to analyst estimates of $612.37 million. RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. As a group, equities analysts anticipate that RingCentral will post 0.84 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other RingCentral news, SVP John H. Marlow sold 8,720 shares of the stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $42.05, for a total value of $366,676.00. Following the sale, 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 position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Ned D. Segal sold 2,914 shares of the stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $41.60, for a total transaction of $121,222.40. Following the completion of the sale, the director now directly owns 10,633 shares in the company, valued at approximately $442,332.80. This represents a 21.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 13,091 shares of company stock worth $542,958 in the last ninety days. 6.97% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On RingCentral

Large investors have recently modified their holdings of the company. Kayne Anderson Rudnick Investment Management LLC purchased a new stake in shares of RingCentral in the 4th quarter valued at approximately $49,000. Venturi Wealth Management LLC grew its position in shares of RingCentral by 150.4% in the 3rd quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock valued at $59,000 after buying an additional 1,119 shares during the last quarter. Quarry LP grew its position in shares of RingCentral by 106.7% in the 3rd quarter. Quarry LP now owns 1,902 shares of the software maker’s stock valued at $60,000 after buying an additional 982 shares during the last quarter. KBC Group NV grew its position in shares of 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 buying an additional 744 shares during the last quarter. Finally, CWM LLC grew its position in shares of RingCentral by 595.9% in the 3rd quarter. CWM LLC now owns 4,746 shares of the software maker’s stock valued at $150,000 after buying an additional 4,064 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.