RingCentral’s (RNG) “Underweight” Rating Reiterated at Wells Fargo & Company

RingCentral (NYSE:RNG)‘s stock had its “underweight” rating reiterated by analysts at Wells Fargo & Company in a report released on Tuesday, MarketBeat Ratings reports. They presently have a $30.00 target price on the software maker’s stock, down from their previous target price of $38.00. Wells Fargo & Company‘s price target points to a potential downside of 10.74% from the company’s current price.

Several other equities research analysts have also recently issued reports on the stock. Mizuho reissued a “neutral” rating and issued a $42.00 target price on shares of RingCentral in a research report on Friday, December 13th. Rosenblatt Securities restated a “buy” rating and set a $45.00 price objective on shares of RingCentral in a report on Friday, November 8th. Wedbush increased their target price on RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Robert W. Baird lifted their target price on RingCentral from $36.00 to $38.00 and gave the company a “neutral” rating in a report on Monday, November 11th. Finally, Morgan Stanley raised their price objective on RingCentral from $38.00 to $40.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 18th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $41.29.

RingCentral Stock Performance

Shares of NYSE RNG opened at $33.61 on Tuesday. The firm has a market cap of $3.04 billion, a P/E ratio of -31.71, a price-to-earnings-growth ratio of 2.48 and a beta of 0.99. RingCentral has a 1 year low of $26.98 and a 1 year high of $42.19. The firm’s 50 day moving average price is $37.34 and its 200 day moving average price is $33.62.

RingCentral (NYSE:RNG) last issued its quarterly earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.10. The company had revenue of $608.77 million for the quarter, compared to analyst estimates of $601.91 million. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. As a group, equities analysts predict that RingCentral will post 0.84 EPS for the current year.

Insider Transactions at RingCentral

In related news, SVP John H. Marlow sold 8,720 shares of the business’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $42.05, for a total value of $366,676.00. Following the transaction, the senior vice president now owns 334,869 shares in the company, valued at approximately $14,081,241.45. The trade was a 2.54 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Ned D. Segal sold 2,914 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $41.60, for a total value of $121,222.40. Following the sale, the director now owns 10,633 shares of the company’s stock, valued at approximately $442,332.80. This trade represents a 21.51 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 115,188 shares of company stock valued at $4,113,047. Corporate insiders own 6.97% of the company’s stock.

Institutional Trading of RingCentral

A number of hedge funds and other institutional investors have recently made changes to their positions in RNG. Victory Capital Management Inc. grew its holdings in RingCentral by 35.0% during the 2nd quarter. Victory Capital Management Inc. now owns 116,300 shares of the software maker’s stock worth $3,280,000 after acquiring an additional 30,138 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its stake in RingCentral by 65.9% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 381,178 shares of the software maker’s stock worth $12,057,000 after purchasing an additional 151,433 shares in the last quarter. Olympiad Research LP bought a new stake in RingCentral in the third quarter valued at about $483,000. Scientech Research LLC acquired a new stake in RingCentral during the second quarter valued at approximately $957,000. Finally, AQR Capital Management LLC lifted its holdings in RingCentral by 2.4% during the 2nd quarter. AQR Capital Management LLC now owns 881,109 shares of the software maker’s stock worth $24,706,000 after buying an additional 20,666 shares during the last quarter. 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.