UBS Group Has Lowered Expectations for RingCentral (NYSE:RNG) Stock Price

RingCentral (NYSE:RNG) had its price target reduced by equities researchers at UBS Group from $38.00 to $33.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the software maker’s stock. UBS Group’s target price would indicate a potential upside of 18.83% from the stock’s previous close.

Several other equities analysts have also recently commented on the company. Barclays cut their price target on RingCentral from $37.00 to $31.00 and set an “equal weight” rating for the company in a report on Friday, February 21st. Needham & Company LLC started coverage on RingCentral in a research report on Friday. They issued a “buy” rating and a $36.00 target price for the company. Raymond James decreased their price target on shares of RingCentral from $40.00 to $35.00 and set an “outperform” rating on the stock in a research note on Friday. StockNews.com upgraded shares of RingCentral from a “buy” rating to a “strong-buy” rating in a research note on Monday, May 5th. Finally, Robert W. Baird decreased 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. One analyst has rated the stock with a sell rating, seven have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $32.62.

RingCentral Trading Up 4.1 %

RNG opened at $27.77 on Friday. The business has a 50 day moving average of $25.27 and a 200-day moving average of $31.85. The stock has a market capitalization of $2.52 billion, a price-to-earnings ratio of -43.39, a P/E/G ratio of 1.27 and a beta of 1.33. RingCentral has a 1-year low of $20.59 and a 1-year high of $42.19.

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

Insiders Place Their Bets

In other news, SVP John H. Marlow sold 22,979 shares of the business’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $28.82, for a total value of $662,254.78. Following the transaction, the senior vice president now directly owns 348,599 shares of the company’s stock, valued at $10,046,623.18. The trade was a 6.18 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Vladimir Shmunis sold 123,560 shares of the firm’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $28.56, for a total value of $3,528,873.60. Following the sale, the chief executive officer now directly owns 444,740 shares of the company’s stock, valued at $12,701,774.40. This represents a 21.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 247,740 shares of company stock valued at $7,099,279. 6.97% of the stock is currently owned by insiders.

Institutional Investors Weigh In On RingCentral

Hedge funds have recently added to or reduced their stakes in the stock. Kayne Anderson Rudnick Investment Management LLC bought a new position in shares of RingCentral in the fourth quarter worth about $49,000. New Age Alpha Advisors LLC bought a new position in RingCentral in the 1st quarter worth approximately $49,000. PNC Financial Services Group Inc. lifted its holdings in RingCentral by 26.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,925 shares of the software maker’s stock worth $72,000 after buying an additional 615 shares in the last quarter. Venturi Wealth Management LLC boosted its position in RingCentral by 55.2% in the 4th quarter. Venturi Wealth Management LLC now owns 2,891 shares of the software maker’s stock valued at $101,000 after buying an additional 1,028 shares during the last quarter. Finally, KBC Group NV increased its stake in shares of RingCentral by 30.8% in the 4th quarter. KBC Group NV now owns 3,478 shares of the software maker’s stock valued at $122,000 after buying an additional 819 shares during the period. Institutional investors own 98.61% of the company’s stock.

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.