RingCentral (NYSE:RNG) Price Target Lowered to $32.00 at Morgan Stanley

RingCentral (NYSE:RNG) had its price objective decreased by equities researchers at Morgan Stanley from $35.00 to $32.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage presently has an “equal weight” rating on the software maker’s stock. Morgan Stanley’s price target would indicate a potential upside of 7.67% from the company’s previous close.

A number of other equities analysts have also recently issued reports on the company. The Goldman Sachs Group lowered their target price on RingCentral from $38.00 to $34.00 and set a “neutral” rating for the company in a report on Wednesday, February 21st. Wells Fargo & Company lowered their target price on RingCentral from $36.00 to $31.00 and set an “equal weight” rating for the company in a report on Wednesday, February 21st. Needham & Company LLC lowered their target price on RingCentral from $46.00 to $42.00 and set a “buy” rating for the company in a report on Wednesday, February 21st. KeyCorp lowered their target price on RingCentral from $50.00 to $48.00 and set an “overweight” rating for the company in a report on Wednesday, February 21st. Finally, Piper Sandler lowered their target price on RingCentral from $34.00 to $31.00 and set a “neutral” rating for the company in a report on Wednesday, February 21st. Eight equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $38.56.

RingCentral Price Performance

Shares of NYSE RNG opened at $29.72 on Wednesday. The stock has a market capitalization of $2.74 billion, a PE ratio of -16.98, a P/E/G ratio of 3.22 and a beta of 0.92. The business has a fifty day moving average price of $33.27 and a two-hundred day moving average price of $31.82. RingCentral has a fifty-two week low of $25.08 and a fifty-two week high of $43.28.

RingCentral (NYSE:RNG) last posted its quarterly earnings results 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 firm had revenue of $571.27 million during the quarter, compared to the consensus estimate of $569.65 million. On average, equities analysts expect that RingCentral will post 0.45 EPS for the current year.

Insider Activity at RingCentral

In related 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 transaction of $196,367.20. Following the sale, the chief financial officer now owns 130,753 shares in the company, valued at approximately $4,125,257.15. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other RingCentral news, Director Kenneth A. Goldman sold 1,287 shares of the stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $34.47, for a total value of $44,362.89. Following the transaction, the director now owns 23,688 shares in the company, valued at $816,525.36. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Vaibhav Agarwal sold 6,224 shares of the stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $31.55, for a total value of $196,367.20. Following the completion of the sale, the chief financial officer now directly owns 130,753 shares of the company’s stock, valued at $4,125,257.15. The disclosure for this sale can be found here. Insiders have sold a total of 23,608 shares of company stock worth $800,974 in the last 90 days. Corporate insiders own 6.76% of the company’s stock.

Institutional Trading of RingCentral

A number of institutional investors and hedge funds have recently modified their holdings of RNG. MetLife Investment Management LLC purchased a new stake in shares of RingCentral during the first quarter valued at approximately $620,000. Panagora Asset Management Inc. increased its position in shares of RingCentral by 52.6% during the first quarter. Panagora Asset Management Inc. now owns 4,837 shares of the software maker’s stock valued at $567,000 after acquiring an additional 1,667 shares during the last quarter. Vontobel Holding Ltd. increased its position in shares of RingCentral by 30.6% during the first quarter. Vontobel Holding Ltd. now owns 16,763 shares of the software maker’s stock valued at $2,040,000 after acquiring an additional 3,924 shares during the last quarter. Vanguard Group Inc. increased its position in shares of RingCentral by 1.9% during the first quarter. Vanguard Group Inc. now owns 7,584,298 shares of the software maker’s stock valued at $888,955,000 after acquiring an additional 144,060 shares during the last quarter. Finally, Ergoteles LLC increased its position in shares of RingCentral by 96.1% during the first quarter. Ergoteles LLC now owns 49,718 shares of the software maker’s stock valued at $5,827,000 after acquiring an additional 24,371 shares during the last quarter. 98.61% of the stock is owned by hedge funds and other institutional investors.

About RingCentral

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.