RingCentral (NYSE:RNG) Price Target Lowered to $22.00 at Wells Fargo & Company

RingCentral (NYSE:RNG) had its target price trimmed by Wells Fargo & Company from $30.00 to $22.00 in a research report sent to investors on Tuesday,Benzinga reports. The firm currently has an underweight rating on the software maker’s stock.

RNG has been the topic of several other research reports. Robert W. Baird dropped their price target on RingCentral from $38.00 to $32.00 and set a “neutral” rating on the stock in a report on Tuesday, February 25th. StockNews.com lowered RingCentral from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, April 1st. Morgan Stanley dropped their price target on RingCentral from $40.00 to $29.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 16th. Mizuho reduced their price objective on shares of RingCentral from $32.00 to $25.00 and set a “neutral” rating for the company in a research note on Tuesday, April 15th. Finally, Barclays dropped their target price on shares of RingCentral from $37.00 to $31.00 and set an “equal weight” rating on the stock in a research report on Friday, February 21st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, RingCentral presently has a consensus rating of “Hold” and a consensus price target of $35.38.

RingCentral Stock Up 3.5 %

Shares of RingCentral stock opened at $22.90 on Tuesday. The business has a fifty day simple moving average of $26.45 and a 200-day simple moving average of $32.46. RingCentral has a fifty-two week low of $20.59 and a fifty-two week high of $42.19. The firm has a market cap of $2.08 billion, a price-to-earnings ratio of -35.78, a price-to-earnings-growth ratio of 1.27 and a beta of 1.30.

RingCentral (NYSE:RNG) last issued its quarterly earnings results on Thursday, February 20th. The software maker reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.73). The business had revenue of $614.51 million during the quarter, compared to analyst estimates of $612.37 million. RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. Analysts anticipate that RingCentral will post 1.29 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Vladimir Shmunis sold 123,560 shares of the stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $28.56, for a total value of $3,528,873.60. Following the transaction, the chief executive officer now owns 444,740 shares in the company, valued at approximately $12,701,774.40. This represents a 21.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP John H. Marlow sold 22,979 shares of RingCentral stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $28.82, for a total transaction of $662,254.78. Following the completion of the sale, the senior vice president now owns 348,599 shares of the company’s stock, valued at $10,046,623.18. This trade represents a 6.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 247,740 shares of company stock worth $7,099,279. Corporate insiders own 6.97% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Sanctuary Advisors LLC bought a new position in RingCentral during the third quarter valued at about $178,000. 272 Capital LP bought a new position in shares of RingCentral in the 3rd quarter valued at approximately $436,000. Principal Financial Group Inc. acquired a new stake in RingCentral in the 3rd quarter worth approximately $233,000. Central Pacific Bank Trust Division boosted its position in RingCentral by 31.1% during the fourth quarter. Central Pacific Bank Trust Division now owns 5,033 shares of the software maker’s stock worth $176,000 after purchasing an additional 1,194 shares during the period. Finally, Diversified Trust Co grew its holdings in RingCentral by 89.9% during the fourth quarter. Diversified Trust Co now owns 28,499 shares of the software maker’s stock valued at $998,000 after purchasing an additional 13,491 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.