RingCentral (NYSE:RNG) Price Target Increased to $33.00 by Analysts at Wells Fargo & Company

RingCentral (NYSE:RNG) had its price objective lifted by Wells Fargo & Company from $31.00 to $33.00 in a report released on Wednesday morning, Benzinga reports. They currently have an equal weight rating on the software maker’s stock.

Several other equities research analysts also recently weighed in on the company. Piper Sandler decreased their target price on RingCentral from $34.00 to $31.00 and set a neutral rating for the company in a research report on Wednesday, February 21st. Rosenblatt Securities reiterated a neutral rating and issued a $35.00 price target on shares of RingCentral in a research note on Wednesday, May 1st. Mizuho upped their price objective on RingCentral from $36.00 to $38.00 and gave the company a buy rating in a research note on Wednesday. Morgan Stanley cut their price objective on RingCentral from $35.00 to $32.00 and set an equal weight rating on the stock in a research note on Wednesday, April 17th. Finally, UBS Group upped their price objective on RingCentral from $37.00 to $40.00 and gave the company a neutral rating in a research note on Wednesday. Ten analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, RingCentral currently has an average rating of Moderate Buy and a consensus price target of $39.58.

RingCentral Stock Up 3.1 %

Shares of NYSE:RNG traded up $1.07 during midday trading on Wednesday, reaching $35.46. The company’s stock had a trading volume of 1,331,706 shares, compared to its average volume of 1,144,865. The business has a 50 day moving average price of $32.83 and a 200 day moving average price of $31.92. RingCentral has a 1 year low of $25.08 and a 1 year high of $43.28. The firm has a market cap of $3.27 billion, a price-to-earnings ratio of -20.17, a price-to-earnings-growth ratio of 3.24 and a beta of 0.94.

RingCentral (NYSE:RNG) last posted 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 business had revenue of $571.27 million during the quarter, compared to analysts’ expectations of $569.65 million. Sell-side analysts anticipate that RingCentral will post 0.45 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Vaibhav Agarwal sold 1,984 shares of the 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 completion of the sale, the chief financial officer now directly owns 114,656 shares in the company, valued at $3,961,364.80. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, CFO Vaibhav Agarwal sold 1,984 shares of the firm’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $34.55, for a total value of $68,547.20. Following the sale, the chief financial officer now directly owns 114,656 shares of the company’s stock, valued at $3,961,364.80. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Kenneth A. Goldman sold 1,287 shares of the firm’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $34.47, for a total value of $44,362.89. Following the completion of the sale, the director now directly owns 23,688 shares in the company, valued at $816,525.36. The disclosure for this sale can be found here. Insiders sold 23,608 shares of company stock worth $800,974 over the last quarter. Corporate insiders own 6.76% of the company’s stock.

Institutional Trading of RingCentral

Hedge funds and other institutional investors have recently modified their holdings of the stock. State Board of Administration of Florida Retirement System grew its holdings in RingCentral by 6.2% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 92,189 shares of the software maker’s stock worth $3,203,000 after acquiring an additional 5,376 shares during the period. Russell Investments Group Ltd. raised its holdings in RingCentral by 289.4% during the first quarter. Russell Investments Group Ltd. now owns 153,806 shares of the software maker’s stock worth $5,343,000 after acquiring an additional 114,304 shares in the last quarter. Sei Investments Co. raised its holdings in RingCentral by 2.3% during the first quarter. Sei Investments Co. now owns 23,485 shares of the software maker’s stock worth $816,000 after acquiring an additional 539 shares in the last quarter. GSA Capital Partners LLP bought a new stake in RingCentral during the first quarter worth about $704,000. Finally, Capstone Investment Advisors LLC bought a new stake in RingCentral in the first quarter valued at approximately $542,000. Institutional investors and hedge funds own 98.61% of the company’s stock.

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.