RingCentral (NYSE:RNG) Given New $28.00 Price Target at Piper Sandler

RingCentral (NYSE:RNG) had its price target raised by Piper Sandler from $25.00 to $28.00 in a research note released on Friday morning,Benzinga reports. They currently have a neutral rating on the software maker’s stock.

A number of other equities research analysts also recently weighed in on the company. Mizuho cut their target price on RingCentral from $32.00 to $25.00 and set a “neutral” rating for the company in a research report on Tuesday, April 15th. Needham & Company LLC started coverage on shares of RingCentral in a research note on Friday. They issued a “buy” rating and a $36.00 price objective on the stock. StockNews.com raised shares of RingCentral from a “buy” rating to a “strong-buy” rating in a research note on Monday, May 5th. Morgan Stanley cut their target price on RingCentral from $40.00 to $29.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 16th. Finally, Robert W. Baird reduced their price objective on shares of RingCentral from $38.00 to $32.00 and set a “neutral” rating for the company in a research note on Tuesday, February 25th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $32.62.

RingCentral Stock Up 4.1 %

RingCentral stock opened at $27.77 on Friday. The firm has a 50-day moving average price of $25.27 and a two-hundred day moving average price of $31.86. RingCentral has a 52-week low of $20.59 and a 52-week high of $42.19. The firm has a market capitalization of $2.52 billion, a price-to-earnings ratio of -43.39, a PEG ratio of 1.27 and a beta of 1.33.

RingCentral (NYSE:RNG) last issued its quarterly earnings data on Thursday, May 8th. The software maker reported $1.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.04. The business had revenue of $612.06 million during the quarter, compared to the consensus estimate of $610.53 million. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. The business’s revenue was up 4.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.87 earnings per share. Research analysts expect that RingCentral will post 1.29 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Vladimir Shmunis sold 66,112 shares of the stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $28.83, for a total transaction of $1,906,008.96. Following the transaction, the chief executive officer now owns 568,300 shares of the company’s stock, valued at approximately $16,384,089. This represents a 10.42 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP John H. Marlow sold 35,089 shares of the firm’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $28.56, for a total value of $1,002,141.84. Following the completion of the transaction, the senior vice president now directly owns 313,510 shares in the company, valued at $8,953,845.60. The trade was a 10.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 247,740 shares of company stock valued at $7,099,279 over the last three months. 6.97% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of RNG. Gagnon Securities LLC grew its position in shares of RingCentral by 5.9% in the first quarter. Gagnon Securities LLC now owns 8,155 shares of the software maker’s stock valued at $202,000 after purchasing an additional 452 shares during the last quarter. Deutsche Bank AG boosted its stake in RingCentral by 9.1% during the 1st quarter. Deutsche Bank AG now owns 81,975 shares of the software maker’s stock valued at $2,030,000 after purchasing an additional 6,821 shares during the period. Primecap Management Co. CA grew its holdings in RingCentral by 475.8% in the 1st quarter. Primecap Management Co. CA now owns 359,900 shares of the software maker’s stock valued at $8,911,000 after buying an additional 297,400 shares during the last quarter. New Age Alpha Advisors LLC acquired a new stake in RingCentral in the 1st quarter valued at approximately $49,000. Finally, PNC Financial Services Group Inc. increased its position in RingCentral by 26.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,925 shares of the software maker’s stock worth $72,000 after buying an additional 615 shares during the period. 98.61% of the stock is currently owned by institutional investors and hedge funds.

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.