RingCentral (NYSE:RNG) Price Target Raised to $32.00 at Piper Sandler

RingCentral (NYSE:RNG) had its price target hoisted by Piper Sandler from $31.00 to $32.00 in a research note issued to investors on Wednesday morning, Benzinga reports. Piper Sandler currently has a neutral rating on the software maker’s stock.

A number of other analysts also recently issued reports on RNG. KeyCorp lowered their target price on RingCentral from $50.00 to $48.00 and set an overweight rating on the stock in a research report on Wednesday, February 21st. The Goldman Sachs Group reduced their price target on RingCentral from $38.00 to $34.00 and set a neutral rating for the company in a report on Wednesday, February 21st. Needham & Company LLC reiterated a buy rating and set a $42.00 price target on shares of RingCentral in a report on Wednesday. Mizuho lifted their price target on RingCentral from $36.00 to $38.00 and gave the stock a buy rating in a report on Wednesday. Finally, Wells Fargo & Company boosted their price objective on RingCentral from $31.00 to $33.00 and gave the stock an equal weight rating in a report on Wednesday. Ten investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus target price of $39.58.

RingCentral Price Performance

RNG traded up $1.07 during mid-day trading on Wednesday, hitting $35.46. The stock had a trading volume of 1,331,706 shares, compared to its average volume of 1,144,865. The stock’s fifty day simple moving average is $32.83 and its 200-day simple moving average is $31.92. The firm has a market capitalization of $3.27 billion, a price-to-earnings ratio of -20.17, a price-to-earnings-growth ratio of 3.24 and a beta of 0.94. RingCentral has a 1-year low of $25.08 and a 1-year high of $43.28.

RingCentral (NYSE:RNG) last issued its quarterly earnings data on Tuesday, February 20th. The software maker reported ($0.33) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.31). The company had revenue of $571.27 million for the quarter, compared to analyst estimates of $569.65 million. As a group, research analysts expect that RingCentral will post 0.45 earnings per share for the current fiscal year.

Insider Activity

In other RingCentral news, CFO Vaibhav Agarwal sold 14,113 shares of the firm’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $34.84, for a total value of $491,696.92. Following the completion of the transaction, the chief financial officer now directly owns 116,640 shares of the company’s stock, valued at approximately $4,063,737.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CFO Vaibhav Agarwal sold 14,113 shares of RingCentral stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $34.84, for a total transaction of $491,696.92. Following the sale, the chief financial officer now owns 116,640 shares of the company’s stock, valued at approximately $4,063,737.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kenneth A. Goldman sold 1,287 shares of RingCentral stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $34.47, for a total transaction of $44,362.89. Following the sale, the director now directly owns 23,688 shares in the company, valued at approximately $816,525.36. The disclosure for this sale can be found here. Insiders sold 23,608 shares of company stock valued at $800,974 in the last three months. Company insiders own 6.76% of the company’s stock.

Institutional Investors Weigh In On RingCentral

Several hedge funds have recently bought and sold shares of the business. SG Americas Securities LLC raised its holdings in shares of RingCentral by 9.3% during the third quarter. SG Americas Securities LLC now owns 14,324 shares of the software maker’s stock valued at $424,000 after purchasing an additional 1,213 shares during the last quarter. Commonwealth Equity Services LLC increased its holdings in RingCentral by 14.6% during the third quarter. Commonwealth Equity Services LLC now owns 15,426 shares of the software maker’s stock valued at $457,000 after buying an additional 1,964 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in RingCentral by 9.2% during the third quarter. Bank of New York Mellon Corp now owns 678,036 shares of the software maker’s stock valued at $20,090,000 after buying an additional 57,358 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in RingCentral by 15.6% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,628 shares of the software maker’s stock valued at $433,000 after buying an additional 1,972 shares during the last quarter. Finally, Mackenzie Financial Corp increased its holdings in RingCentral by 303.2% during the third quarter. Mackenzie Financial Corp now owns 56,623 shares of the software maker’s stock valued at $1,625,000 after buying an additional 42,581 shares during the last quarter. 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.