RingCentral (NYSE:RNG) Price Target Cut to $32.00 by Analysts at Morgan Stanley

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

RNG has been the topic of several other reports. Wells Fargo & Company reduced their target price on RingCentral from $36.00 to $31.00 and set an equal weight rating on the stock in a report on Wednesday, February 21st. Wedbush reissued a neutral rating and set a $40.00 price objective on shares of RingCentral in a research note on Friday, February 16th. Piper Sandler reduced their price objective on RingCentral from $34.00 to $31.00 and set a neutral rating on the stock in a research note on Wednesday, February 21st. Mizuho reduced their price objective on RingCentral from $40.00 to $36.00 and set a buy rating on the stock in a research note on Wednesday, February 21st. Finally, The Goldman Sachs Group reduced their price objective on RingCentral from $38.00 to $34.00 and set a neutral rating on the stock in a research note on Wednesday, February 21st. Eight analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus target price of $38.56.

RingCentral Trading Up 0.4 %

Shares of RNG stock opened at $29.36 on Wednesday. RingCentral has a 12-month low of $25.08 and a 12-month high of $43.28. The stock’s 50-day moving average price is $33.10 and its 200-day moving average price is $31.82. The stock has a market capitalization of $2.71 billion, a price-to-earnings ratio of -16.78, a price-to-earnings-growth ratio of 3.10 and a beta of 0.92.

RingCentral (NYSE:RNG) last issued its earnings results on Tuesday, February 20th. The software maker reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.31). The firm had revenue of $571.27 million during the quarter, compared to analysts’ expectations of $569.65 million. As a group, research analysts predict that RingCentral will post 0.45 EPS for the current fiscal year.

Insider Activity at RingCentral

In related news, Director Kenneth A. Goldman sold 1,287 shares of the business’s stock in a transaction that occurred on 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 sale, the director now owns 23,688 shares in the company, valued at $816,525.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Vaibhav Agarwal sold 14,113 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $34.84, for a total value of $491,696.92. Following the completion of the sale, the chief financial officer now owns 116,640 shares in the company, valued at $4,063,737.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kenneth A. Goldman sold 1,287 shares of the business’s stock in a transaction that occurred on 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 owns 23,688 shares of the company’s stock, valued at approximately $816,525.36. The disclosure for this sale can be found here. Over the last quarter, insiders sold 23,608 shares of company stock worth $800,974. Company insiders own 6.76% of the company’s stock.

Institutional Trading of RingCentral

Hedge funds have recently bought and sold shares of the stock. GAMMA Investing LLC purchased a new stake in RingCentral during the fourth quarter worth $26,000. Advisors Asset Management Inc. lifted its holdings in RingCentral by 51.5% during the first quarter. Advisors Asset Management Inc. now owns 886 shares of the software maker’s stock worth $104,000 after buying an additional 301 shares during the period. Hexagon Capital Partners LLC lifted its holdings in RingCentral by 116.8% during the fourth quarter. Hexagon Capital Partners LLC now owns 930 shares of the software maker’s stock worth $32,000 after buying an additional 501 shares during the period. Tennessee Valley Asset Management Partners purchased a new stake in RingCentral during the fourth quarter worth $33,000. Finally, Nisa Investment Advisors LLC lifted its holdings in RingCentral by 100.0% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,000 shares of the software maker’s stock worth $34,000 after buying an additional 500 shares during the period. Hedge funds and other institutional investors 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.