RingCentral’s (RNG) “Underweight” Rating Reiterated at Wells Fargo & Company

Wells Fargo & Company reaffirmed their underweight rating on shares of RingCentral (NYSE:RNG) in a report released on Tuesday morning, MarketBeat reports. They currently have a $30.00 price objective on the software maker’s stock, down from their previous price objective of $38.00.

Several other equities analysts also recently weighed in on the stock. Robert W. Baird lifted their target price on shares of RingCentral from $36.00 to $38.00 and gave the stock a “neutral” rating in a research note on Monday, November 11th. Mizuho reiterated a “neutral” rating and issued a $42.00 price objective on shares of RingCentral in a research note on Friday, December 13th. StockNews.com upgraded RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Monday, November 11th. Piper Sandler lifted 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. Finally, Needham & Company LLC restated a “buy” rating and issued a $42.00 target price on shares of RingCentral in a research note on Monday, November 11th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $41.29.

RingCentral Stock Down 1.2 %

Shares of RNG stock opened at $33.61 on Tuesday. RingCentral has a 12-month low of $26.98 and a 12-month high of $42.19. The company has a 50 day moving average of $37.29 and a 200-day moving average of $33.62. The firm has a market cap of $3.04 billion, a P/E ratio of -31.71, a PEG ratio of 2.48 and a beta of 0.99.

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

Insider Buying and Selling at RingCentral

In other news, SVP John H. Marlow sold 23,284 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $34.96, for a total value of $814,008.64. Following the completion of the sale, the senior vice president now directly owns 357,818 shares in the company, valued at approximately $12,509,317.28. The trade was a 6.11 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Vaibhav Agarwal sold 2,178 shares of the company’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $35.27, for a total transaction of $76,818.06. Following the completion of the sale, the chief financial officer now directly owns 135,560 shares of the company’s stock, valued at $4,781,201.20. This trade represents a 1.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 115,188 shares of company stock worth $4,113,047 over the last three months. 6.97% of the stock is owned by insiders.

Institutional Trading of RingCentral

Several hedge funds have recently added to or reduced their stakes in the business. Point72 DIFC Ltd purchased a new position in shares of RingCentral in the second quarter worth about $39,000. Venturi Wealth Management LLC lifted its position in RingCentral by 150.4% in the third quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock valued at $59,000 after purchasing an additional 1,119 shares during the last quarter. Quarry LP boosted its stake in shares of RingCentral by 106.7% during the third quarter. Quarry LP now owns 1,902 shares of the software maker’s stock valued at $60,000 after purchasing an additional 982 shares during the period. KBC Group NV grew its holdings in shares of RingCentral by 38.9% in the third quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock worth $84,000 after purchasing an additional 744 shares during the last quarter. Finally, Central Pacific Bank Trust Division bought a new stake in RingCentral during the 3rd quarter valued at $121,000. 98.61% of the stock is owned by institutional investors.

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.