RingCentral (NYSE:RNG) Price Target Cut to $28.00

RingCentral (NYSE:RNGGet Free Report) had its price objective dropped by equities researchers at Wells Fargo & Company from $33.00 to $28.00 in a report issued on Friday, Benzinga reports. The firm currently has an “equal weight” rating on the software maker’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 0.11% from the stock’s current price.

A number of other equities research analysts also recently weighed in on the company. Morgan Stanley decreased their target price on RingCentral from $35.00 to $32.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 17th. Deutsche Bank Aktiengesellschaft lifted their target price on RingCentral from $38.00 to $42.00 and gave the stock a “buy” rating in a research report on Thursday, May 9th. Mizuho lifted their target price on RingCentral from $36.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, May 8th. Wedbush reaffirmed a “neutral” rating and set a $40.00 price objective on shares of RingCentral in a report on Thursday, May 9th. Finally, Piper Sandler lifted their price objective on RingCentral from $31.00 to $32.00 and gave the company a “neutral” rating in a report on Wednesday, May 8th. Ten equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $39.00.

Get Our Latest Stock Report on RingCentral

RingCentral Stock Performance

RingCentral stock opened at $27.97 on Friday. The business’s 50-day simple moving average is $32.43 and its 200-day simple moving average is $33.14. The firm has a market capitalization of $2.58 billion, a PE ratio of -18.77, a PEG ratio of 2.39 and a beta of 1.02. RingCentral has a 52 week low of $25.08 and a 52 week high of $43.28.

RingCentral (NYSE:RNGGet Free Report) last posted its quarterly earnings data on Tuesday, May 7th. The software maker reported $0.06 EPS for the quarter, topping analysts’ consensus estimates of $0.01 by $0.05. The business had revenue of $584.21 million during the quarter, compared to the consensus estimate of $577.81 million. Research analysts forecast that RingCentral will post 0.54 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Vaibhav Agarwal sold 11,406 shares of the business’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $36.01, for a total value of $410,730.06. Following the completion of the transaction, the chief financial officer now owns 158,784 shares in the company, valued at approximately $5,717,811.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO Vaibhav Agarwal sold 11,406 shares of the business’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $36.01, for a total value of $410,730.06. Following the completion of the transaction, the chief financial officer now owns 158,784 shares in the company, valued at approximately $5,717,811.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Sonalee Elizabeth Parekh sold 8,478 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $34.85, for a total transaction of $295,458.30. Following the completion of the transaction, the chief financial officer now owns 388,919 shares of the company’s stock, valued at approximately $13,553,827.15. The disclosure for this sale can be found here. Insiders sold 21,868 shares of company stock worth $774,736 in the last quarter. Insiders own 6.76% of the company’s stock.

Institutional Trading of RingCentral

Several institutional investors and hedge funds have recently made changes to their positions in RNG. Charles Schwab Investment Management Inc. raised its position in shares of RingCentral by 10.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 730,242 shares of the software maker’s stock valued at $21,637,000 after acquiring an additional 67,229 shares during the last quarter. DekaBank Deutsche Girozentrale bought a new stake in shares of RingCentral during the 3rd quarter valued at $92,000. PNC Financial Services Group Inc. grew its holdings in shares of RingCentral by 60.4% in the 3rd quarter. PNC Financial Services Group Inc. now owns 3,982 shares of the software maker’s stock valued at $118,000 after buying an additional 1,500 shares during the period. Rafferty Asset Management LLC grew its holdings in shares of RingCentral by 6.9% in the 3rd quarter. Rafferty Asset Management LLC now owns 24,040 shares of the software maker’s stock valued at $712,000 after buying an additional 1,562 shares during the period. Finally, Aigen Investment Management LP acquired a new position in shares of RingCentral in the 3rd quarter valued at $311,000. Institutional investors own 98.61% of the company’s stock.

About RingCentral

(Get Free Report)

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.

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