Wells Fargo & Company Reaffirms Underweight Rating for RingCentral (NYSE:RNG)

RingCentral (NYSE:RNG)‘s stock had its “underweight” rating reaffirmed by stock analysts at Wells Fargo & Company in a research report issued on Tuesday, Marketbeat Ratings reports. They presently have a $30.00 target price on the software maker’s stock, down from their previous target price of $38.00. Wells Fargo & Company‘s price objective would suggest a potential downside of 10.74% from the stock’s previous close.

Several other brokerages have also recently issued reports on RNG. Piper Sandler boosted their price target on RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Robert W. Baird boosted their target price on RingCentral from $36.00 to $38.00 and gave the company a “neutral” rating in a report on Monday, November 11th. Mizuho reaffirmed a “neutral” rating and set a $42.00 price target on shares of RingCentral in a report on Friday, December 13th. Needham & Company LLC reissued a “buy” rating and issued a $42.00 price objective on shares of RingCentral in a research note on Monday, November 11th. Finally, Raymond James restated an “outperform” rating and issued a $45.00 target price (down previously from $50.00) on shares of RingCentral in a research note on Friday, January 3rd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $41.29.

RingCentral Trading Down 1.2 %

Shares of RNG opened at $33.61 on Tuesday. The company’s 50 day simple moving average is $37.34 and its 200-day simple moving average is $33.62. The firm has a market cap of $3.04 billion, a PE ratio of -31.71, a price-to-earnings-growth ratio of 2.48 and a beta of 0.99. RingCentral has a 12-month low of $26.98 and a 12-month high of $42.19.

RingCentral (NYSE:RNG) last issued its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.10. RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. The company had revenue of $608.77 million for the quarter, compared to the consensus estimate of $601.91 million. As a group, equities research analysts forecast that RingCentral will post 0.84 EPS for the current fiscal year.

Insider Activity

In other RingCentral news, CFO Vaibhav Agarwal sold 10,184 shares of the company’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $34.97, for a total value of $356,134.48. Following the sale, the chief financial officer now owns 116,306 shares of the company’s stock, valued at approximately $4,067,220.82. This represents a 8.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Vladimir Shmunis sold 66,451 shares of RingCentral stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $34.96, for a total value of $2,323,126.96. Following the transaction, the chief executive officer now directly owns 479,468 shares of the company’s stock, valued at $16,762,201.28. This trade represents a 12.17 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 115,188 shares of company stock worth $4,113,047. Company insiders own 6.97% of the company’s stock.

Institutional Investors Weigh In On RingCentral

Large investors have recently added to or reduced their stakes in the business. Point72 DIFC Ltd purchased a new stake in shares of RingCentral in the second quarter valued at about $39,000. Venturi Wealth Management LLC raised its position in shares of RingCentral by 150.4% during the 3rd quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock worth $59,000 after purchasing an additional 1,119 shares during the last quarter. Quarry LP lifted its stake in RingCentral by 106.7% in the 3rd quarter. Quarry LP now owns 1,902 shares of the software maker’s stock valued at $60,000 after buying an additional 982 shares in the last quarter. KBC Group NV grew its holdings in RingCentral by 38.9% during the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock valued at $84,000 after buying an additional 744 shares during the last quarter. Finally, Central Pacific Bank Trust Division acquired a new stake in RingCentral during the 3rd quarter valued at $121,000. 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.