RingCentral (NYSE:RNG) Price Target Increased to $32.00 by Analysts at Piper Sandler

RingCentral (NYSE:RNG - Get Free Report) had its price objective upped by Piper Sandler from $31.00 to $32.00 in a report released on Wednesday, Benzinga reports. The firm currently has a "neutral" rating on the software maker's stock. Piper Sandler's price target would suggest a potential downside of 6.92% from the stock's previous close.

RNG has been the subject of several other research reports. Wedbush reiterated a "neutral" rating and issued a $40.00 target price on shares of RingCentral in a report on Friday, February 16th. Mizuho lifted their target price on RingCentral from $36.00 to $38.00 and gave the stock a "buy" rating in a research note on Wednesday. The Goldman Sachs Group decreased their price objective on shares of RingCentral from $38.00 to $34.00 and set a "neutral" rating for the company in a report on Wednesday, February 21st. Morgan Stanley reduced their price objective on RingCentral from $35.00 to $32.00 and set an "equal weight" rating for the company in a report on Wednesday, April 17th. Finally, Rosenblatt Securities reaffirmed a "neutral" rating and set a $35.00 price target on shares of RingCentral in a research report on Wednesday, May 1st. Nine equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, RingCentral has a consensus rating of "Moderate Buy" and a consensus target price of $39.28.

RingCentral Stock Up 14.6 %

RingCentral stock traded up $4.39 during trading hours on Wednesday, reaching $34.38. 3,263,867 shares of the company's stock were exchanged, compared to its average volume of 1,142,775. The firm has a market capitalization of $3.17 billion, a PE ratio of -19.57, a PEG ratio of 3.24 and a beta of 0.94. The firm's 50 day simple moving average is $32.80 and its 200 day simple moving average is $31.90. RingCentral has a twelve month low of $25.08 and a twelve month high of $43.28.

RingCentral (NYSE:RNG - Get Free Report) last issued its earnings results on Tuesday, February 20th. The software maker reported ($0.33) EPS for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.31). The company had revenue of $571.27 million during the quarter, compared to analyst estimates of $569.65 million. Analysts anticipate that RingCentral will post 0.45 EPS for the current year.

Insider Activity at RingCentral

In other news, CFO Vaibhav Agarwal sold 14,113 shares of the company's stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $34.84, for a total value of $491,696.92. Following the transaction, the chief financial officer now owns 116,640 shares in the company, valued at $4,063,737.60. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, Director Kenneth A. Goldman sold 1,287 shares of RingCentral stock in a transaction 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 of the company's stock, valued at $816,525.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Vaibhav Agarwal sold 14,113 shares of the business's stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $34.84, for a total value of $491,696.92. Following the sale, the chief financial officer now owns 116,640 shares of the company's stock, valued at $4,063,737.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 23,608 shares of company stock valued at $800,974. Insiders own 6.76% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in RNG. Sylebra Capital LLC purchased a new position in RingCentral during the third quarter valued at approximately $242,462,000. Ameriprise Financial Inc. increased its stake in RingCentral by 515.7% in the 3rd quarter. Ameriprise Financial Inc. now owns 2,716,470 shares of the software maker's stock worth $80,489,000 after buying an additional 2,275,245 shares in the last quarter. Norges Bank purchased a new position in shares of RingCentral in the fourth quarter valued at about $30,471,000. Maple Rock Capital Partners Inc. bought a new position in shares of RingCentral in the third quarter worth about $15,510,000. Finally, Vanguard Group Inc. raised its stake in RingCentral by 4.9% during the 3rd quarter. Vanguard Group Inc. now owns 9,988,881 shares of the software maker's stock valued at $295,971,000 after purchasing an additional 469,280 shares during the period. 98.61% of the stock is currently owned by institutional investors.

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.