Deutsche Bank Aktiengesellschaft Lowers RingCentral (NYSE:RNG) Price Target to $110.00

RingCentral (NYSE:RNGGet Rating) had its price target decreased by Deutsche Bank Aktiengesellschaft from $210.00 to $110.00 in a report released on Tuesday, The Fly reports.

RNG has been the subject of a number of other reports. Wells Fargo & Company lowered their target price on RingCentral from $250.00 to $185.00 and set an overweight rating for the company in a report on Tuesday, March 15th. StockNews.com initiated coverage on shares of RingCentral in a research report on Thursday, March 31st. They set a sell rating on the stock. Northland Securities cut their target price on shares of RingCentral from $410.00 to $275.00 and set an outperform rating on the stock in a research note on Wednesday, February 23rd. Oppenheimer upgraded shares of RingCentral from a market perform rating to an outperform rating and set a $100.00 price objective on the stock in a report on Tuesday. Finally, Truist Financial reduced their target price on RingCentral from $450.00 to $295.00 and set a buy rating for the company in a research note on Wednesday, February 23rd. Four equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, RingCentral currently has a consensus rating of Buy and a consensus price target of $192.68.

Shares of RNG stock opened at $69.30 on Tuesday. The stock has a market capitalization of $6.39 billion, a PE ratio of -12.18 and a beta of 0.93. RingCentral has a one year low of $59.04 and a one year high of $315.00. The company has a debt-to-equity ratio of 4.13, a current ratio of 1.24 and a quick ratio of 1.24. The business’s 50 day simple moving average is $102.80 and its 200 day simple moving average is $159.30.

RingCentral (NYSE:RNGGet Rating) last announced its earnings results on Monday, May 9th. The software maker reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.05. The business had revenue of $467.66 million during the quarter, compared to the consensus estimate of $458.36 million. RingCentral had a negative net margin of 30.82% and a negative return on equity of 151.72%. RingCentral’s quarterly revenue was up 32.7% on a year-over-year basis. During the same quarter last year, the firm earned ($0.41) earnings per share. As a group, research analysts expect that RingCentral will post -1.99 earnings per share for the current year.

In other news, COO Mohammed Katibeh sold 1,846 shares of the firm’s stock in a transaction on Wednesday, May 11th. The stock was sold at an average price of $67.60, for a total transaction of $124,789.60. Following the completion of the sale, the chief operating officer now directly owns 110,098 shares of the company’s stock, valued at approximately $7,442,624.80. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Vaibhav Agarwal sold 10,443 shares of the business’s stock in a transaction dated Wednesday, May 11th. The stock was sold at an average price of $67.59, for a total transaction of $705,842.37. Following the completion of the transaction, the chief financial officer now directly owns 85,357 shares in the company, valued at $5,769,279.63. The disclosure for this sale can be found here. Corporate insiders own 7.35% of the company’s stock.

Large investors have recently bought and sold shares of the stock. Cornerstone Wealth Advisors Inc. bought a new position in RingCentral during the first quarter valued at $26,000. Spire Wealth Management lifted its position in shares of RingCentral by 843.8% during the 4th quarter. Spire Wealth Management now owns 151 shares of the software maker’s stock valued at $28,000 after buying an additional 135 shares during the last quarter. Jackson Wealth Management LLC grew its stake in shares of RingCentral by 117.9% during the 3rd quarter. Jackson Wealth Management LLC now owns 21,427 shares of the software maker’s stock worth $30,000 after acquiring an additional 11,593 shares during the period. FourThought Financial LLC increased its holdings in RingCentral by 60.6% in the 3rd quarter. FourThought Financial LLC now owns 159 shares of the software maker’s stock worth $34,000 after acquiring an additional 60 shares during the last quarter. Finally, Neo Ivy Capital Management raised its stake in RingCentral by 185.1% in the 4th quarter. Neo Ivy Capital Management now owns 191 shares of the software maker’s stock valued at $36,000 after acquiring an additional 124 shares during the period. 85.96% of the stock is currently owned by institutional investors.

RingCentral Company Profile (Get Rating)

RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect in North America. The company offers business cloud communications and contact center solutions based on its Message Video Phone? platform. Its products include RingCentral Office that provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers omni-channel; and RingCentral Engage Digital, a digital customer engagement platform that allows enterprises to interact with their customers.

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