RingCentral (NYSE:RNG) PT Lowered to $28.00 at Wells Fargo & Company

RingCentral (NYSE:RNGFree Report) had its target price decreased by Wells Fargo & Company from $33.00 to $28.00 in a report released on Friday morning, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the software maker’s stock.

Several other analysts have also commented on the company. Needham & Company LLC reaffirmed a buy rating and set a $42.00 target price on shares of RingCentral in a report on Monday, May 20th. Robert W. Baird boosted their target price on shares of RingCentral from $32.00 to $35.00 and gave the company a neutral rating in a research note on Thursday, May 9th. Wedbush reissued a neutral rating and set a $40.00 price target on shares of RingCentral in a report on Thursday, May 9th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of RingCentral from $38.00 to $42.00 and gave the company a buy rating in a report on Thursday, May 9th. Finally, Morgan Stanley lowered their target price on shares of RingCentral from $35.00 to $32.00 and set an equal weight rating on the stock in a research note on Wednesday, April 17th. Ten investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, RingCentral currently has a consensus rating of Moderate Buy and a consensus price target of $39.00.

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RingCentral Trading Up 1.0 %

Shares of NYSE:RNG opened at $27.97 on Friday. RingCentral has a twelve month low of $25.08 and a twelve month high of $43.28. The company has a market cap of $2.58 billion, a PE ratio of -18.77, a price-to-earnings-growth ratio of 2.39 and a beta of 1.02. The company’s 50 day moving average is $32.43 and its 200 day moving average is $33.15.

RingCentral (NYSE:RNGGet Free Report) last released its quarterly earnings data on Tuesday, May 7th. The software maker reported $0.06 EPS for the quarter, beating the consensus estimate of $0.01 by $0.05. The business had revenue of $584.21 million during the quarter, compared to analysts’ expectations of $577.81 million. Equities research analysts predict that RingCentral will post 0.54 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Vaibhav Agarwal sold 1,984 shares of the company’s stock in a transaction dated 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 owns 114,656 shares of the company’s stock, valued at approximately $3,961,364.80. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other RingCentral news, CFO Vaibhav Agarwal sold 1,984 shares of the business’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $34.55, for a total transaction of $68,547.20. Following the transaction, the chief financial officer now owns 114,656 shares of the company’s stock, valued at $3,961,364.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Sonalee Elizabeth Parekh sold 8,478 shares of the company’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $34.85, for a total value of $295,458.30. Following the completion of the sale, the chief financial officer now owns 388,919 shares of the company’s stock, valued at $13,553,827.15. The disclosure for this sale can be found here. Insiders have sold a total of 21,868 shares of company stock valued at $774,736 in the last 90 days. 6.76% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC purchased a new position in RingCentral during the fourth quarter worth about $26,000. Hexagon Capital Partners LLC lifted its holdings in shares of RingCentral by 116.8% in the 4th quarter. Hexagon Capital Partners LLC now owns 930 shares of the software maker’s stock worth $32,000 after acquiring an additional 501 shares during the last quarter. Tennessee Valley Asset Management Partners purchased a new position in shares of RingCentral during the 4th quarter worth approximately $33,000. Nisa Investment Advisors LLC increased its holdings in RingCentral by 100.0% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,000 shares of the software maker’s stock valued at $34,000 after purchasing an additional 500 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. raised its position in RingCentral by 438.1% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 1,200 shares of the software maker’s stock valued at $41,000 after purchasing an additional 977 shares during the period. 98.61% of the stock is currently owned by hedge funds and other institutional investors.

RingCentral Company Profile

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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.

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