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

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

A number of other brokerages have also recently weighed in on RNG. Morgan Stanley dropped their price objective on shares of RingCentral from $35.00 to $32.00 and set an equal weight rating for the company in a report on Wednesday, April 17th. Piper Sandler lowered their price target on shares of RingCentral from $34.00 to $31.00 and set a neutral rating for the company in a report on Wednesday, February 21st. Mizuho boosted their price target on shares of RingCentral from $36.00 to $38.00 and gave the stock a buy rating in a report on Wednesday. KeyCorp lowered their price target on shares of RingCentral from $50.00 to $48.00 and set an overweight rating for the company in a report on Wednesday, February 21st. Finally, Wedbush reiterated a neutral rating and set a $40.00 price target on shares of RingCentral in a report on Friday, February 16th. Ten equities research 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 stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $39.58.

RingCentral Stock Up 3.1 %

Shares of RNG traded up $1.07 during trading on Wednesday, reaching $35.46. 1,331,706 shares of the company traded hands, compared to its average volume of 1,144,865. RingCentral has a twelve month low of $25.08 and a twelve month high of $43.28. The stock has a market cap of $3.27 billion, a PE ratio of -20.17, a price-to-earnings-growth ratio of 3.24 and a beta of 0.94. The stock has a 50-day simple moving average of $32.83 and a 200-day simple moving average of $31.92.

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

Insiders Place Their Bets

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

Institutional Investors Weigh In On RingCentral

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

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.