RingCentral (NYSE:RNG) PT Lowered to $31.00 at Piper Sandler

RingCentral (NYSE:RNG) had its target price decreased by analysts at Piper Sandler from $32.00 to $31.00 in a report issued on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the software maker’s stock. Piper Sandler’s price objective points to a potential upside of 10.87% from the stock’s previous close.

RNG has been the subject of several other research reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $42.00 target price on shares of RingCentral in a research note on Monday, May 20th. Wedbush reaffirmed a “neutral” rating and set a $40.00 target price on shares of RingCentral in a report on Thursday, May 9th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of RingCentral from $38.00 to $42.00 and gave the stock a “buy” rating in a research note on Thursday, May 9th. Rosenblatt Securities restated a “neutral” rating and set a $35.00 price target on shares of RingCentral in a research report on Wednesday, May 1st. Finally, StockNews.com upgraded RingCentral from a “buy” rating to a “strong-buy” rating in a report on Thursday, May 9th. Ten analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $38.94.

RingCentral Stock Up 0.5 %

Shares of NYSE RNG traded up $0.15 during mid-day trading on Wednesday, reaching $27.96. 153,559 shares of the company were exchanged, compared to its average volume of 1,169,642. RingCentral has a 52 week low of $25.08 and a 52 week high of $43.28. The company’s 50 day moving average price is $31.95 and its 200 day moving average price is $32.71. The stock has a market capitalization of $2.58 billion, a PE ratio of -18.76, a PEG ratio of 2.44 and a beta of 1.03.

RingCentral (NYSE:RNG) last released its quarterly earnings results on Tuesday, May 7th. The software maker reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.05. The firm had revenue of $584.21 million for the quarter, compared to analysts’ expectations of $577.81 million. On average, sell-side analysts predict that RingCentral will post 0.54 earnings per share for the current year.

Insider Activity

In related news, CFO Vaibhav Agarwal sold 11,406 shares of the company’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $36.01, for a total value of $410,730.06. Following the transaction, the chief financial officer now owns 158,784 shares in the company, valued at approximately $5,717,811.84. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other RingCentral news, CFO Vaibhav Agarwal sold 11,406 shares of RingCentral stock in a transaction dated 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 directly owns 158,784 shares of the company’s stock, valued at $5,717,811.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Sonalee Elizabeth Parekh sold 8,478 shares of the stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $34.85, for a total transaction of $295,458.30. Following the sale, the chief financial officer now owns 388,919 shares in the company, valued at approximately $13,553,827.15. The disclosure for this sale can be found here. Insiders sold 21,869 shares of company stock worth $762,165 over the last three months. 6.76% of the stock is currently owned by corporate insiders.

Institutional Trading of RingCentral

Institutional investors and hedge funds have recently modified their holdings of the business. Intellectus Partners LLC boosted its position in shares of RingCentral by 4.3% during the fourth quarter. Intellectus Partners LLC now owns 8,550 shares of the software maker’s stock valued at $290,000 after buying an additional 350 shares during the last quarter. Treasurer of the State of North Carolina boosted its holdings in shares of RingCentral by 1.0% during the 4th quarter. Treasurer of the State of North Carolina now owns 37,832 shares of the software maker’s stock valued at $1,284,000 after acquiring an additional 360 shares during the last quarter. 1492 Capital Management LLC grew its stake in shares of RingCentral by 1.0% in the fourth quarter. 1492 Capital Management LLC now owns 36,751 shares of the software maker’s stock worth $1,248,000 after acquiring an additional 363 shares during the period. Hexagon Capital Partners LLC raised its holdings in shares of RingCentral by 44.1% during the first quarter. Hexagon Capital Partners LLC now owns 1,340 shares of the software maker’s stock valued at $47,000 after purchasing an additional 410 shares during the last quarter. Finally, Simplicity Solutions LLC lifted its position in RingCentral by 4.5% during the fourth quarter. Simplicity Solutions LLC now owns 10,761 shares of the software maker’s stock valued at $365,000 after purchasing an additional 467 shares during the period. Institutional investors own 98.61% of the company’s stock.

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.