Wells Fargo & Company Trims RingCentral (NYSE:RNG) Target Price to $100.00

RingCentral (NYSE:RNGGet Rating) had its price target trimmed by Wells Fargo & Company from $115.00 to $100.00 in a research note released on Wednesday, Benzinga reports. The brokerage currently has an overweight rating on the software maker’s stock.

Several other brokerages also recently issued reports on RNG. Mizuho cut their target price on shares of RingCentral from $150.00 to $80.00 and set a buy rating on the stock in a research note on Wednesday. Barclays cut their target price on shares of RingCentral from $140.00 to $90.00 and set an overweight rating on the stock in a research note on Monday, July 25th. Needham & Company LLC downgraded shares of RingCentral from a buy rating to a hold rating in a research note on Wednesday, July 6th. Robert W. Baird downgraded shares of RingCentral from an outperform rating to a neutral rating and cut their target price for the company from $95.00 to $80.00 in a research note on Monday, May 16th. Finally, StockNews.com raised shares of RingCentral from a sell rating to a hold rating in a research note on Wednesday, May 11th. Five research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of Moderate Buy and a consensus target price of $140.73.

RingCentral Price Performance

NYSE RNG opened at $47.75 on Wednesday. The stock has a market capitalization of $4.40 billion, a P/E ratio of -7.76 and a beta of 0.94. RingCentral has a 1 year low of $47.28 and a 1 year high of $315.00. The business’s fifty day moving average is $55.05 and its two-hundred day moving average is $95.31. The company has a debt-to-equity ratio of 33.52, a quick ratio of 1.25 and a current ratio of 1.25.

RingCentral (NYSE:RNGGet Rating) last posted its quarterly earnings results on Monday, May 9th. The software maker reported ($0.63) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.54) by ($0.09). The company had revenue of $467.66 million during the quarter, compared to the consensus estimate of $458.36 million. RingCentral had a negative net margin of 31.67% and a negative return on equity of 160.19%. RingCentral’s quarterly revenue was up 32.7% on a year-over-year basis. During the same period in the prior year, the company posted ($0.41) EPS. On average, research analysts forecast that RingCentral will post -1.66 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, COO Mohammed Katibeh sold 1,846 shares of the company’s stock in a transaction on Wednesday, May 11th. The shares were sold at an average price of $67.60, for a total value of $124,789.60. Following the completion of the sale, the chief operating officer now directly owns 110,098 shares in the company, valued at $7,442,624.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, COO Mohammed Katibeh sold 1,846 shares of the company’s stock in a transaction on Wednesday, May 11th. The shares were sold at an average price of $67.60, for a total value of $124,789.60. Following the completion of the sale, the chief operating officer now directly owns 110,098 shares in the company, valued at $7,442,624.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Sonalee Elizabeth Parekh sold 15,360 shares of the company’s stock in a transaction dated Thursday, June 2nd. The shares were sold at an average price of $62.69, for a total transaction of $962,918.40. Following the sale, the chief financial officer now owns 113,528 shares of the company’s stock, valued at $7,117,070.32. The disclosure for this sale can be found here. Over the last three months, insiders sold 44,029 shares of company stock worth $2,841,132. Corporate insiders own 7.35% of the company’s stock.

Institutional Investors Weigh In On RingCentral

A number of hedge funds have recently bought and sold shares of the company. State Board of Administration of Florida Retirement System boosted its holdings in RingCentral by 4.5% during the second quarter. State Board of Administration of Florida Retirement System now owns 101,528 shares of the software maker’s stock valued at $5,306,000 after acquiring an additional 4,408 shares during the period. Tamar Securities LLC boosted its holdings in RingCentral by 64.3% during the second quarter. Tamar Securities LLC now owns 76,581 shares of the software maker’s stock valued at $4,002,000 after acquiring an additional 29,980 shares during the period. Illinois Municipal Retirement Fund boosted its holdings in RingCentral by 73.7% during the second quarter. Illinois Municipal Retirement Fund now owns 7,689 shares of the software maker’s stock valued at $402,000 after acquiring an additional 3,262 shares during the period. abrdn plc boosted its holdings in RingCentral by 16.3% during the second quarter. abrdn plc now owns 948,485 shares of the software maker’s stock valued at $50,265,000 after acquiring an additional 132,899 shares during the period. Finally, Steward Partners Investment Advisory LLC boosted its holdings in RingCentral by 18.1% during the second quarter. Steward Partners Investment Advisory LLC now owns 5,540 shares of the software maker’s stock valued at $290,000 after acquiring an additional 849 shares during the period. 85.96% of the stock is currently owned by institutional investors.

About RingCentral

(Get Rating)

RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect in North America. The company offers business cloud communications and contact center solutions based on its Message Video Phone? platform. Its products include RingCentral Office that provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers omni-channel; and RingCentral Engage Digital, a digital customer engagement platform that allows enterprises to interact with their customers.

Further Reading

Analyst Recommendations for RingCentral (NYSE:RNG)

Receive News & Ratings for RingCentral Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for RingCentral and related companies with MarketBeat.com's FREE daily email newsletter.