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

RingCentral (NYSE:RNG) had its price target cut by Morgan Stanley from $35.00 to $32.00 in a research note released on Wednesday, Benzinga reports. They currently have an equal weight rating on the software maker’s stock.

A number of other equities research analysts have also recently issued reports on the company. Wells Fargo & Company lowered their price objective on RingCentral from $36.00 to $31.00 and set an equal weight rating on the stock in a research note on Wednesday, February 21st. Wedbush reiterated a neutral rating and set a $40.00 price target on shares of RingCentral in a research report on Friday, February 16th. Mizuho decreased their price target on RingCentral from $40.00 to $36.00 and set a buy rating on the stock in a research report on Wednesday, February 21st. Piper Sandler decreased their price target on RingCentral from $34.00 to $31.00 and set a neutral rating on the stock in a research report 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 report on Wednesday, February 21st. Eight analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average target price of $38.56.

RingCentral Stock Performance

Shares of NYSE:RNG opened at $29.36 on Wednesday. The company’s 50-day moving average is $33.10 and its 200 day moving average is $31.80. The company has a market capitalization of $2.71 billion, a P/E ratio of -16.77, a price-to-earnings-growth ratio of 3.10 and a beta of 0.92. RingCentral has a fifty-two week low of $25.08 and a fifty-two week high of $43.28.

RingCentral (NYSE:RNG) last issued its quarterly earnings results on Tuesday, February 20th. The software maker reported ($0.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.31). The company had revenue of $571.27 million for the quarter, compared to the consensus estimate of $569.65 million. As a group, research analysts predict that RingCentral will post 0.45 earnings per share for the current year.

Insiders Place Their Bets

In other RingCentral news, 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 value 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 $4,125,257.15. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other RingCentral news, Director Kenneth A. Goldman sold 1,287 shares of the 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 of the company’s stock, valued at approximately $816,525.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, 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 directly owns 130,753 shares in the company, valued at approximately $4,125,257.15. The disclosure for this sale can be found here. Insiders sold a total of 23,608 shares of company stock valued at $800,974 over the last quarter. 6.76% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On RingCentral

Several hedge funds and other institutional investors have recently modified their holdings of RNG. Advisors Asset Management Inc. increased its holdings in RingCentral by 51.5% during the 1st quarter. Advisors Asset Management Inc. now owns 886 shares of the software maker’s stock valued at $104,000 after purchasing an additional 301 shares during the period. Cresset Asset Management LLC grew its position in shares of RingCentral by 3.0% in the 4th quarter. Cresset Asset Management LLC now owns 11,398 shares of the software maker’s stock worth $387,000 after buying an additional 333 shares during the last quarter. Intellectus Partners LLC increased its stake 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 period. Treasurer of the State of North Carolina increased its stake in shares of RingCentral by 1.0% during the fourth 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 buying an additional 360 shares during the period. Finally, 1492 Capital Management LLC increased its stake in shares of RingCentral by 1.0% during the fourth quarter. 1492 Capital Management LLC now owns 36,751 shares of the software maker’s stock valued at $1,248,000 after buying an additional 363 shares during the period. 98.61% of the stock is owned by 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.