RingCentral (NYSE:RNG) Price Target Cut to $32.00

RingCentral (NYSE:RNG) had its target price lowered by analysts at Morgan Stanley from $35.00 to $32.00 in a report released on Wednesday, Benzinga reports. The firm currently has an “equal weight” rating on the software maker’s stock. Morgan Stanley’s price target suggests a potential upside of 9.44% from the stock’s previous close.

Several other analysts have also recently commented on RNG. Wedbush reiterated a “neutral” rating and issued a $40.00 price target on shares of RingCentral in a research note on Friday, February 16th. Wells Fargo & Company reduced their target price on shares of RingCentral from $36.00 to $31.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 21st. Mizuho reduced their target price on shares of RingCentral from $40.00 to $36.00 and set a “buy” rating on the stock in a report on Wednesday, February 21st. KeyCorp cut their price target on shares of RingCentral from $50.00 to $48.00 and set an “overweight” rating on the stock in a report on Wednesday, February 21st. Finally, Needham & Company LLC cut their price target on shares of RingCentral from $46.00 to $42.00 and set a “buy” rating on the stock in a report on Wednesday, February 21st. Eight analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, RingCentral has a consensus rating of “Moderate Buy” and an average price target of $38.56.

RingCentral Stock Down 1.6 %

Shares of RNG stock opened at $29.24 on Wednesday. The stock has a market cap of $2.70 billion, a P/E ratio of -16.71, a PEG ratio of 3.22 and a beta of 0.92. RingCentral has a 52 week low of $25.08 and a 52 week high of $43.28. The company’s fifty day simple moving average is $33.19 and its two-hundred day simple moving average is $31.80.

RingCentral (NYSE:RNG) last announced its quarterly earnings results on Tuesday, February 20th. The software maker reported ($0.33) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.31). The business had revenue of $571.27 million for the quarter, compared to analyst estimates of $569.65 million. On average, analysts anticipate that RingCentral will post 0.45 EPS for the current fiscal year.

Insider Activity

In other news, CFO Vaibhav Agarwal sold 6,224 shares of the stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $31.55, for a total value of $196,367.20. Following the transaction, the chief financial officer now directly owns 130,753 shares of the company’s stock, valued at $4,125,257.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Vaibhav Agarwal sold 6,224 shares of the company’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $31.55, for a total value of $196,367.20. Following the sale, the chief financial officer now owns 130,753 shares in the company, valued at $4,125,257.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kenneth A. Goldman sold 1,287 shares of the company’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $34.47, for a total value of $44,362.89. Following the completion of the sale, the director now owns 23,688 shares in the company, valued at approximately $816,525.36. The disclosure for this sale can be found here. Over the last three months, insiders have sold 23,608 shares of company stock valued at $800,974. Company insiders own 6.76% of the company’s stock.

Institutional Trading of RingCentral

A number of hedge funds have recently modified their holdings of RNG. Sylebra Capital LLC purchased a new position in RingCentral during the third quarter worth approximately $242,462,000. Ameriprise Financial Inc. boosted its position in RingCentral by 515.7% during the third quarter. Ameriprise Financial Inc. now owns 2,716,470 shares of the software maker’s stock worth $80,489,000 after purchasing an additional 2,275,245 shares in the last quarter. Norges Bank purchased a new position in RingCentral during the fourth quarter worth approximately $30,471,000. Sylebra Capital Ltd purchased a new position in RingCentral during the first quarter worth approximately $24,952,000. Finally, Renaissance Technologies LLC purchased a new position in RingCentral during the first quarter worth approximately $83,500,000. Hedge funds and other institutional investors own 98.61% of the company’s stock.

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.