RingCentral (NYSE:RNG) Price Target Increased to $32.00 by Analysts at Piper Sandler

RingCentral (NYSE:RNG) had its target price hoisted by equities researchers at Piper Sandler from $31.00 to $32.00 in a report issued on Wednesday, Benzinga reports. The firm currently has a “neutral” rating on the software maker’s stock. Piper Sandler’s price target would indicate a potential downside of 9.74% from the stock’s previous close.

Other research analysts have also issued reports about the stock. KeyCorp dropped their price objective on shares of RingCentral from $50.00 to $48.00 and set an “overweight” rating for the company in a research note on Wednesday, February 21st. Needham & Company LLC reiterated a “buy” rating and issued a $42.00 price target on shares of RingCentral in a report on Wednesday. Wedbush restated a “neutral” rating and set a $40.00 price objective on shares of RingCentral in a report on Friday, February 16th. Rosenblatt Securities reiterated a “neutral” rating and issued a $35.00 target price on shares of RingCentral in a report on Wednesday, May 1st. Finally, The Goldman Sachs Group dropped 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. Ten analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, RingCentral presently has an average rating of “Moderate Buy” and an average target price of $39.58.

RingCentral Trading Up 3.1 %

Shares of NYSE RNG opened at $35.46 on Wednesday. RingCentral has a 12-month low of $25.08 and a 12-month high of $43.28. The firm’s 50-day moving average price is $32.87 and its 200-day moving average price is $31.94. The stock has a market capitalization of $3.27 billion, a price-to-earnings ratio of -20.26, a P/E/G ratio of 3.24 and a beta of 0.94.

RingCentral (NYSE:RNG) last issued its quarterly earnings data on Tuesday, February 20th. The software maker reported ($0.33) earnings per share 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 the consensus estimate of $569.65 million. On average, equities analysts predict that RingCentral will post 0.45 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Vaibhav Agarwal sold 1,984 shares of the company’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $34.55, for a total value of $68,547.20. Following the transaction, the chief financial officer now directly owns 114,656 shares of the company’s stock, valued at approximately $3,961,364.80. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other RingCentral news, Director Kenneth A. Goldman sold 1,287 shares of RingCentral stock in a transaction that occurred 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 directly owns 23,688 shares in the company, valued at approximately $816,525.36. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Vaibhav Agarwal sold 1,984 shares of the company’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $34.55, for a total transaction of $68,547.20. Following the completion of the sale, the chief financial officer now directly owns 114,656 shares in the company, valued at $3,961,364.80. The disclosure for this sale can be found here. Insiders sold 23,608 shares of company stock worth $800,974 in the last three months. Corporate insiders own 6.76% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in shares of RingCentral by 3.8% during the 4th quarter. Vanguard Group Inc. now owns 10,371,224 shares of the software maker’s stock worth $352,103,000 after purchasing an additional 382,343 shares during the period. Sylebra Capital LLC purchased a new stake in RingCentral in the 3rd quarter worth $242,462,000. Ameriprise Financial Inc. raised its position in RingCentral by 515.7% during the third quarter. Ameriprise Financial Inc. now owns 2,716,470 shares of the software maker’s stock worth $80,489,000 after acquiring an additional 2,275,245 shares during the period. First Trust Advisors LP lifted its holdings in RingCentral by 15.9% during the fourth quarter. First Trust Advisors LP now owns 1,991,917 shares of the software maker’s stock valued at $67,626,000 after purchasing an additional 273,109 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of RingCentral in the fourth quarter valued at about $30,471,000. 98.61% of the stock is currently owned by institutional investors and hedge funds.

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.