RingCentral (NYSE:RNG) Given New $32.00 Price Target at Piper Sandler

RingCentral (NYSE:RNG) had its target price hoisted by investment analysts at Piper Sandler from $31.00 to $32.00 in a report released on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the software maker’s stock. Piper Sandler’s price objective indicates a potential downside of 6.13% from the company’s current price.

Several other analysts have also recently weighed in on the company. Wells Fargo & Company lifted their price target on RingCentral from $31.00 to $33.00 and gave the stock an “equal weight” rating in a report on Wednesday. UBS Group lifted their price target on RingCentral from $37.00 to $40.00 and gave the stock a “neutral” rating in a report on Wednesday. The Goldman Sachs Group dropped 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. Morgan Stanley dropped their price target on RingCentral from $35.00 to $32.00 and set an “equal weight” rating for the company in a report on Wednesday, April 17th. Finally, KeyCorp dropped their price objective on RingCentral from $50.00 to $48.00 and set an “overweight” rating for the company in a report on Wednesday, February 21st. Nine analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $39.28.

RingCentral Stock Up 13.7 %

Shares of NYSE RNG traded up $4.10 during midday trading on Wednesday, hitting $34.09. 1,834,261 shares of the company’s stock were exchanged, compared to its average volume of 1,125,853. RingCentral has a 12 month low of $25.08 and a 12 month high of $43.28. The company’s 50 day moving average price is $32.80 and its 200 day moving average price is $31.90. The firm has a market capitalization of $3.15 billion, a PE ratio of -19.59, a price-to-earnings-growth ratio of 3.24 and a beta of 0.94.

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

Insider Activity

In related news, CFO Vaibhav Agarwal sold 14,113 shares of the business’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $34.84, for a total transaction of $491,696.92. Following the transaction, the chief financial officer now owns 116,640 shares in the company, valued at approximately $4,063,737.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other RingCentral news, Director Kenneth A. Goldman sold 1,287 shares of the business’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $34.47, for a total transaction 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Vaibhav Agarwal sold 14,113 shares of the business’s stock in a transaction on 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 disclosure for this sale can be found here. Insiders sold 23,608 shares of company stock worth $800,974 in the last quarter. 6.76% of the stock is owned by corporate insiders.

Institutional Trading of RingCentral

A number of hedge funds and other institutional investors have recently bought and sold shares of RNG. Sylebra Capital LLC bought a new stake in RingCentral during the 3rd quarter valued at $242,462,000. Ameriprise Financial Inc. grew its stake in shares of RingCentral by 515.7% in the 3rd quarter. Ameriprise Financial Inc. now owns 2,716,470 shares of the software maker’s stock worth $80,489,000 after acquiring an additional 2,275,245 shares in the last quarter. Norges Bank bought a new stake in shares of RingCentral in the 4th quarter worth $30,471,000. Maple Rock Capital Partners Inc. bought a new stake in shares of RingCentral in the 3rd quarter worth $15,510,000. Finally, Vanguard Group Inc. grew its stake in shares of RingCentral by 4.9% in the 3rd quarter. Vanguard Group Inc. now owns 9,988,881 shares of the software maker’s stock worth $295,971,000 after acquiring an additional 469,280 shares in 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.