RingCentral (NYSE:RNG) Given New $32.00 Price Target at Morgan Stanley

RingCentral (NYSE:RNG) had its price target decreased by Morgan Stanley from $35.00 to $32.00 in a research report released on Wednesday, Benzinga reports. Morgan Stanley currently has an equal weight rating on the software maker’s stock.

RNG has been the topic of a number of other reports. Piper Sandler cut their price target on RingCentral from $34.00 to $31.00 and set a neutral rating on the stock in a report on Wednesday, February 21st. KeyCorp lowered their price objective on RingCentral from $50.00 to $48.00 and set an overweight rating for the company in a research report on Wednesday, February 21st. Mizuho lowered their price objective on RingCentral from $40.00 to $36.00 and set a buy rating for the company in a research report on Wednesday, February 21st. The Goldman Sachs Group lowered their price objective on RingCentral from $38.00 to $34.00 and set a neutral rating for the company in a research report on Wednesday, February 21st. Finally, Needham & Company LLC lowered their price objective on RingCentral from $46.00 to $42.00 and set a buy rating for the company in a research report on Wednesday, February 21st. Eight analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average target price of $38.56.

RingCentral Stock Up 0.4 %

RNG opened at $29.36 on Wednesday. The stock’s fifty day moving average is $33.10 and its two-hundred day moving average is $31.80. The company has a market capitalization of $2.71 billion, a P/E ratio of -16.77, a PEG ratio of 3.10 and a beta of 0.92. RingCentral has a 52 week low of $25.08 and a 52 week high of $43.28.

RingCentral (NYSE:RNG) last announced its quarterly earnings results on Tuesday, February 20th. The software maker reported ($0.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.31). The firm had revenue of $571.27 million during the quarter, compared to analyst estimates of $569.65 million. Equities analysts anticipate that RingCentral will post 0.45 earnings per share for the current year.

Insider Activity

In other news, CFO Vaibhav Agarwal sold 6,224 shares of the business’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $31.55, for a total value of $196,367.20. Following the completion of the transaction, the chief financial officer now owns 130,753 shares of the company’s stock, valued at approximately $4,125,257.15. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, Director Kenneth A. Goldman sold 1,287 shares of the business’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $34.47, for a total value of $44,362.89. Following the completion of the transaction, the director now owns 23,688 shares of the company’s stock, valued at approximately $816,525.36. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Vaibhav Agarwal sold 6,224 shares of the business’s stock in a transaction dated 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 transaction, the chief financial officer now directly 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. Insiders sold a total of 23,608 shares of company stock valued at $800,974 in the last quarter. 6.76% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On RingCentral

Several institutional investors and hedge funds have recently modified their holdings of RNG. Readystate Asset Management LP increased its stake in shares of RingCentral by 68.9% in the 4th quarter. Readystate Asset Management LP now owns 228,810 shares of the software maker’s stock valued at $7,768,000 after purchasing an additional 93,361 shares in the last quarter. Ameriprise Financial Inc. increased its stake in shares of RingCentral by 515.7% in the 3rd quarter. Ameriprise Financial Inc. now owns 2,716,470 shares of the software maker’s stock valued at $80,489,000 after purchasing an additional 2,275,245 shares in the last quarter. Vanguard Group Inc. increased its stake in RingCentral by 4.9% during the 3rd quarter. Vanguard Group Inc. now owns 9,988,881 shares of the software maker’s stock worth $295,971,000 after buying an additional 469,280 shares in the last quarter. DekaBank Deutsche Girozentrale purchased a new stake in RingCentral during the 3rd quarter worth approximately $92,000. Finally, Rafferty Asset Management LLC increased its stake in RingCentral by 6.9% during the 3rd quarter. Rafferty Asset Management LLC now owns 24,040 shares of the software maker’s stock worth $712,000 after buying an additional 1,562 shares in the last quarter. Institutional investors and hedge funds 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.