Wells Fargo & Company Increases RingCentral (NYSE:RNG) Price Target to $33.00

RingCentral (NYSE:RNG) had its price objective raised by stock analysts at Wells Fargo & Company from $31.00 to $33.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has an “equal weight” rating on the software maker’s stock. Wells Fargo & Company‘s target price indicates a potential downside of 4.46% from the stock’s previous close.

Several other research analysts also recently issued reports on RNG. KeyCorp dropped their price objective 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. Morgan Stanley cut their target price on RingCentral from $35.00 to $32.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 17th. Mizuho lifted their target price on shares of RingCentral from $36.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday. Piper Sandler cut their price target on shares of RingCentral from $34.00 to $31.00 and set a “neutral” rating for the company in a research note on Wednesday, February 21st. Finally, The Goldman Sachs Group decreased their price target on RingCentral from $38.00 to $34.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 21st. Nine 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’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $39.22.

RingCentral Price Performance

RingCentral stock traded up $4.55 during mid-day trading on Wednesday, hitting $34.54. The company’s stock had a trading volume of 1,576,093 shares, compared to its average volume of 1,122,427. The company has a market cap of $3.19 billion, a PE ratio of -19.87, a price-to-earnings-growth ratio of 3.24 and a beta of 0.94. The firm’s 50 day moving average is $32.80 and its 200 day moving average is $31.90. RingCentral has a 52-week low of $25.08 and a 52-week high of $43.28.

RingCentral (NYSE:RNG) last posted 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 business had revenue of $571.27 million for the quarter, compared to the consensus estimate of $569.65 million. As a group, analysts forecast that RingCentral will post 0.45 EPS for the current year.

Insiders Place Their Bets

In other RingCentral news, CFO Vaibhav Agarwal sold 6,224 shares of the firm’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $31.55, for a total transaction of $196,367.20. Following the completion of the sale, the chief financial officer now owns 130,753 shares of the company’s stock, valued at approximately $4,125,257.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other RingCentral news, Director Kenneth A. Goldman sold 1,287 shares of the business’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $34.47, for a total transaction of $44,362.89. Following the completion of the transaction, the director now owns 23,688 shares of the company’s stock, valued at $816,525.36. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Vaibhav Agarwal sold 6,224 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $31.55, for a total transaction of $196,367.20. Following the transaction, the chief financial officer now owns 130,753 shares of the company’s stock, valued at $4,125,257.15. 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. 6.76% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On RingCentral

Several large investors have recently modified their holdings of the business. GAMMA Investing LLC bought a new position in RingCentral during the 4th quarter worth $26,000. Hexagon Capital Partners LLC increased its position in RingCentral by 116.8% during the 4th quarter. Hexagon Capital Partners LLC now owns 930 shares of the software maker’s stock valued at $32,000 after purchasing an additional 501 shares during the period. Tennessee Valley Asset Management Partners acquired a new position in shares of RingCentral in the 4th quarter worth approximately $33,000. Nisa Investment Advisors LLC increased its position in shares of RingCentral by 100.0% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,000 shares of the software maker’s stock worth $34,000 after buying an additional 500 shares during the period. Finally, Newbridge Financial Services Group Inc. raised its stake in RingCentral by 438.1% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 1,200 shares of the software maker’s stock worth $41,000 after buying an additional 977 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.