RingCentral (NYSE:RNG) PT Raised to $32.00 at Piper Sandler

RingCentral (NYSE:RNG) had its target price raised by research 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 target price points to a potential downside of 9.74% from the company’s current price.

A number of other research firms also recently issued reports on RNG. Wells Fargo & Company upped their target price on shares of RingCentral from $31.00 to $33.00 and gave the company an “equal weight” rating in a research report on Wednesday. Morgan Stanley reduced their price objective on shares of RingCentral from $35.00 to $32.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 17th. Needham & Company LLC restated a “buy” rating and set a $42.00 price objective on shares of RingCentral in a research report on Wednesday. Mizuho raised their target price on RingCentral from $36.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday. Finally, The Goldman Sachs Group lowered 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. Ten equities research 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 company’s stock. According to MarketBeat.com, RingCentral currently has an average rating of “Moderate Buy” and a consensus target price of $39.58.

RingCentral Stock Up 3.1 %

Shares of RNG stock opened at $35.46 on Wednesday. The firm has a market cap of $3.27 billion, a PE ratio of -20.26, a price-to-earnings-growth ratio of 3.24 and a beta of 0.94. The stock has a 50 day moving average of $32.87 and a 200-day moving average of $31.94. RingCentral has a 12 month low of $25.08 and a 12 month high of $43.28.

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

Insider Buying and Selling at RingCentral

In other RingCentral news, CFO Vaibhav Agarwal sold 6,224 shares of RingCentral stock in a transaction on Wednesday, February 21st. The shares were 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 directly owns 130,753 shares of the company’s stock, valued at $4,125,257.15. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, Director Kenneth A. Goldman sold 1,287 shares of the company’s stock in a transaction on 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 sale, the director now owns 23,688 shares in the company, valued at $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 stock in a transaction dated Wednesday, February 21st. The shares were 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 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 company insiders.

Institutional Investors Weigh In On RingCentral

A number of institutional investors have recently added to or reduced their stakes in RNG. Sylebra Capital LLC bought a new stake in RingCentral in the third quarter worth about $242,462,000. Ameriprise Financial Inc. increased its position in shares of RingCentral by 515.7% during the third quarter. Ameriprise Financial Inc. now owns 2,716,470 shares of the software maker’s stock valued at $80,489,000 after buying an additional 2,275,245 shares during the period. Norges Bank bought a new position in shares of RingCentral in the fourth quarter valued at approximately $30,471,000. Maple Rock Capital Partners Inc. purchased a new position in RingCentral during the third quarter valued at approximately $15,510,000. Finally, Vanguard Group Inc. grew its position in shares of RingCentral by 4.9% during the 3rd quarter. Vanguard Group Inc. now owns 9,988,881 shares of the software maker’s stock valued at $295,971,000 after purchasing an additional 469,280 shares in the last quarter. 98.61% of the stock is owned by institutional investors.

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.