RingCentral (NYSE:RNG) Cut to Equal Weight at Barclays

Barclays lowered shares of RingCentral (NYSE:RNG) from an overweight rating to an equal weight rating in a research report report published on Monday, Marketbeat.com reports. They currently have $37.00 price target on the software maker’s stock, down from their previous price target of $45.00.

Other analysts have also recently issued research reports about the stock. Raymond James reiterated an “outperform” rating and issued a $45.00 price target (down previously from $50.00) on shares of RingCentral in a research note on Friday, January 3rd. Rosenblatt Securities reiterated a “buy” rating and issued a $45.00 price target on shares of RingCentral in a research note on Friday, November 8th. Morgan Stanley boosted their price target on shares of RingCentral from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 18th. Needham & Company LLC reiterated a “buy” rating and issued a $42.00 price target on shares of RingCentral in a research note on Monday, November 11th. Finally, Wedbush boosted their price target on shares of RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. 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 MarketBeat, RingCentral currently has an average rating of “Hold” and an average price target of $41.00.

RingCentral Stock Performance

RNG opened at $34.83 on Monday. RingCentral has a fifty-two week low of $26.98 and a fifty-two week high of $42.19. The firm’s fifty day moving average is $36.56 and its 200 day moving average is $34.17. The stock has a market cap of $3.15 billion, a price-to-earnings ratio of -32.85, a price-to-earnings-growth ratio of 1.40 and a beta of 0.99.

RingCentral (NYSE:RNG) last released its earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share 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 net margin of 4.17% and a negative return on equity of 2.55%. On average, equities research analysts predict that RingCentral will post 0.84 earnings per share for the current year.

Insider Activity at RingCentral

In related news, CFO Vaibhav Agarwal sold 2,178 shares of the company’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $35.27, for a total transaction of $76,818.06. Following the transaction, the chief financial officer now directly owns 135,560 shares in the company, valued at approximately $4,781,201.20. This represents a 1.58 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP John H. Marlow sold 23,284 shares of the company’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $34.96, for a total transaction of $814,008.64. Following the transaction, the senior vice president now owns 357,818 shares in the company, valued at $12,509,317.28. The trade was a 6.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 115,188 shares of company stock worth $4,113,047. Insiders own 6.97% of the company’s stock.

Hedge Funds Weigh In On RingCentral

Hedge funds have recently added to or reduced their stakes in the stock. Fort Washington Investment Advisors Inc. OH grew its stake in RingCentral by 32.5% in the 4th 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 in the last quarter. Hennessy Advisors Inc. bought a new position in shares of RingCentral during the fourth quarter valued at approximately $59,055,000. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of RingCentral by 65.9% during the third 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 in the last quarter. Olympiad Research LP bought a new position in shares of RingCentral during the third quarter valued at approximately $483,000. Finally, AQR Capital Management LLC boosted its stake in shares of RingCentral by 2.4% during the second 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 in the last quarter. 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.