Northland Securities Trims RingCentral (NYSE:RNG) Target Price to $175.00

RingCentral (NYSE:RNGGet Rating) had its price target decreased by analysts at Northland Securities from $275.00 to $175.00 in a research note issued on Tuesday, The Fly reports. Northland Securities’ price objective would suggest a potential upside of 134.99% from the company’s previous close.

Several other analysts also recently commented on the company. BTIG Research lowered their price objective on RingCentral from $250.00 to $120.00 in a research note on Tuesday. KeyCorp dropped their price objective on RingCentral from $295.00 to $252.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 23rd. Piper Sandler cut their price objective on shares of RingCentral from $228.00 to $118.00 in a report on Tuesday. StockNews.com assumed coverage on shares of RingCentral in a report on Thursday, March 31st. They issued a “sell” rating for the company. Finally, Deutsche Bank Aktiengesellschaft cut their price target on shares of RingCentral from $210.00 to $110.00 in a report on Tuesday. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $192.68.

Shares of RingCentral stock opened at $74.47 on Tuesday. The stock has a market capitalization of $6.86 billion, a PE ratio of -18.21 and a beta of 0.93. RingCentral has a 52 week low of $68.38 and a 52 week high of $315.00. The stock has a 50 day moving average price of $107.03 and a two-hundred day moving average price of $163.13. The company has a debt-to-equity ratio of 4.13, a quick ratio of 1.24 and a current ratio of 1.24.

RingCentral (NYSE:RNGGet Rating) last posted its quarterly earnings results on Monday, May 9th. The software maker reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.05. RingCentral had a negative net margin of 23.59% and a negative return on equity of 126.80%. The business had revenue of $467.66 million during the quarter, compared to the consensus estimate of $458.36 million. During the same quarter last year, the firm posted ($0.41) EPS. RingCentral’s revenue was up 32.7% compared to the same quarter last year. Research analysts forecast that RingCentral will post -1.99 EPS for the current year.

A number of hedge funds have recently modified their holdings of the business. Cornerstone Wealth Advisors Inc. purchased a new position in RingCentral during the 1st quarter valued at about $26,000. Spire Wealth Management boosted its position in shares of RingCentral by 843.8% in the fourth quarter. Spire Wealth Management now owns 151 shares of the software maker’s stock valued at $28,000 after acquiring an additional 135 shares during the period. Jackson Wealth Management LLC grew its stake in RingCentral by 117.9% during the third quarter. Jackson Wealth Management LLC now owns 21,427 shares of the software maker’s stock valued at $30,000 after acquiring an additional 11,593 shares in the last quarter. FourThought Financial LLC increased its holdings in RingCentral by 60.6% during 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 period. Finally, Neo Ivy Capital Management lifted 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 worth $36,000 after purchasing an additional 124 shares in the last quarter. 85.96% of the stock is currently owned by institutional investors and hedge funds.

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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