Piper Sandler Cuts RingCentral (NYSE:RNG) Price Target to $31.00

RingCentral (NYSE:RNGGet Free Report) had its price objective decreased by investment analysts at Piper Sandler from $32.00 to $31.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has a “neutral” rating on the software maker’s stock. Piper Sandler’s price objective would indicate a potential upside of 10.87% from the stock’s current price.

A number of other equities research analysts have also recently commented on the stock. Robert W. Baird increased their target price on shares of RingCentral from $32.00 to $35.00 and gave the stock a “neutral” rating in a research note on Thursday, May 9th. Mizuho lifted their price objective on RingCentral from $36.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday, May 8th. Deutsche Bank Aktiengesellschaft boosted their price target on RingCentral from $38.00 to $42.00 and gave the stock a “buy” rating in a research note on Thursday, May 9th. Rosenblatt Securities reissued a “neutral” rating and set a $35.00 price objective on shares of RingCentral in a research note on Wednesday, May 1st. Finally, StockNews.com raised shares of RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Thursday, May 9th. Ten investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $38.94.

View Our Latest Stock Report on RingCentral

RingCentral Price Performance

Shares of RNG traded up $0.15 during midday trading on Wednesday, reaching $27.96. 153,559 shares of the stock were exchanged, compared to its average volume of 1,169,642. RingCentral has a twelve month low of $25.08 and a twelve month high of $43.28. The company has a market capitalization of $2.58 billion, a price-to-earnings ratio of -18.76, a PEG ratio of 2.44 and a beta of 1.03. The business’s 50-day moving average price is $31.95 and its 200 day moving average price is $32.71.

RingCentral (NYSE:RNGGet Free Report) last released its quarterly earnings results on Tuesday, May 7th. The software maker reported $0.06 EPS for the quarter, topping the consensus estimate of $0.01 by $0.05. The firm had revenue of $584.21 million for the quarter, compared to analyst estimates of $577.81 million. As a group, equities research analysts expect that RingCentral will post 0.54 earnings per share for the current fiscal year.

Insider Transactions at RingCentral

In related news, CFO Vaibhav Agarwal sold 11,406 shares of the company’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $36.01, for a total transaction of $410,730.06. Following the completion of the sale, the chief financial officer now directly owns 158,784 shares of the company’s stock, valued at approximately $5,717,811.84. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other RingCentral news, CFO Sonalee Elizabeth Parekh sold 8,478 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $34.85, for a total transaction of $295,458.30. Following the completion of the sale, the chief financial officer now owns 388,919 shares in the company, valued at approximately $13,553,827.15. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Vaibhav Agarwal sold 11,406 shares of the firm’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $36.01, for a total transaction of $410,730.06. Following the sale, the chief financial officer now directly owns 158,784 shares of the company’s stock, valued at approximately $5,717,811.84. The disclosure for this sale can be found here. Insiders sold 21,869 shares of company stock valued at $762,165 over the last 90 days. Corporate insiders own 6.76% of the company’s stock.

Institutional Trading of RingCentral

Several institutional investors and hedge funds have recently bought and sold shares of the company. Intellectus Partners LLC lifted its position in shares of RingCentral by 4.3% in the 4th quarter. Intellectus Partners LLC now owns 8,550 shares of the software maker’s stock worth $290,000 after buying an additional 350 shares during the last quarter. Treasurer of the State of North Carolina lifted its stake in RingCentral by 1.0% in the fourth quarter. Treasurer of the State of North Carolina now owns 37,832 shares of the software maker’s stock valued at $1,284,000 after buying an additional 360 shares during the last quarter. 1492 Capital Management LLC boosted its holdings in shares of RingCentral by 1.0% during the fourth quarter. 1492 Capital Management LLC now owns 36,751 shares of the software maker’s stock valued at $1,248,000 after acquiring an additional 363 shares during the period. Hexagon Capital Partners LLC grew its position in shares of RingCentral by 44.1% during the first quarter. Hexagon Capital Partners LLC now owns 1,340 shares of the software maker’s stock worth $47,000 after acquiring an additional 410 shares during the last quarter. Finally, Simplicity Solutions LLC increased its holdings in shares of RingCentral by 4.5% in the 4th quarter. Simplicity Solutions LLC now owns 10,761 shares of the software maker’s stock worth $365,000 after acquiring an additional 467 shares during the period. Institutional investors and hedge funds own 98.61% of the company’s stock.

RingCentral Company Profile

(Get Free Report)

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.

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Analyst Recommendations for RingCentral (NYSE:RNG)

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