UBS Group Lowers RingCentral (NYSE:RNG) Price Target to $33.00

RingCentral (NYSE:RNG) had its price objective cut by UBS Group from $38.00 to $33.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the software maker’s stock. UBS Group’s target price would suggest a potential upside of 18.83% from the company’s current price.

A number of other equities analysts have also recently weighed in on RNG. Morgan Stanley dropped their price target on RingCentral from $40.00 to $29.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 16th. Robert W. Baird dropped their target price on shares of RingCentral from $38.00 to $32.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 25th. Barclays reduced their price target on shares of RingCentral from $37.00 to $31.00 and set an “equal weight” rating for the company in a research report on Friday, February 21st. StockNews.com upgraded shares of RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Monday, May 5th. Finally, Raymond James cut their target price on shares of RingCentral from $40.00 to $35.00 and set an “outperform” rating on the stock in a research note on Friday. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $32.62.

RingCentral Price Performance

RNG stock opened at $27.77 on Friday. The firm has a market cap of $2.52 billion, a PE ratio of -43.39, a P/E/G ratio of 1.27 and a beta of 1.33. RingCentral has a 12 month low of $20.59 and a 12 month high of $42.19. The firm has a 50 day simple moving average of $25.27 and a 200 day simple moving average of $31.85.

RingCentral (NYSE:RNG) last posted its quarterly earnings results on Thursday, May 8th. The software maker reported $1.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.04. The company had revenue of $612.06 million for the quarter, compared to analysts’ expectations of $610.53 million. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. The firm’s revenue was up 4.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.87 earnings per share. As a group, sell-side analysts expect that RingCentral will post 1.29 earnings per share for the current year.

Insider Transactions at RingCentral

In other RingCentral news, SVP John H. Marlow sold 35,089 shares of the business’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $28.56, for a total value of $1,002,141.84. Following the completion of the sale, the senior vice president now directly owns 313,510 shares of the company’s stock, valued at $8,953,845.60. The trade was a 10.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Vladimir Shmunis sold 66,112 shares of the stock in a transaction on Friday, February 21st. The stock was sold at an average price of $28.83, for a total transaction of $1,906,008.96. Following the transaction, the chief executive officer now owns 568,300 shares in the company, valued at approximately $16,384,089. This trade represents a 10.42 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 247,740 shares of company stock valued at $7,099,279 in the last three months. Corporate insiders own 6.97% of the company’s stock.

Institutional Investors Weigh In On RingCentral

A number of large investors have recently bought and sold shares of the business. Gagnon Securities LLC lifted its position in shares of RingCentral by 5.9% in the first quarter. Gagnon Securities LLC now owns 8,155 shares of the software maker’s stock worth $202,000 after buying an additional 452 shares during the last quarter. Deutsche Bank AG lifted its holdings in RingCentral by 9.1% in the 1st quarter. Deutsche Bank AG now owns 81,975 shares of the software maker’s stock worth $2,030,000 after purchasing an additional 6,821 shares during the last quarter. Primecap Management Co. CA boosted its position in RingCentral by 475.8% during the first quarter. Primecap Management Co. CA now owns 359,900 shares of the software maker’s stock worth $8,911,000 after purchasing an additional 297,400 shares during the period. New Age Alpha Advisors LLC acquired a new position in RingCentral during the first quarter valued at approximately $49,000. Finally, PNC Financial Services Group Inc. grew its holdings in RingCentral by 26.6% during the first quarter. PNC Financial Services Group Inc. now owns 2,925 shares of the software maker’s stock valued at $72,000 after purchasing an additional 615 shares during the last quarter. 98.61% of the stock is currently owned by 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.