Morgan Stanley Cuts RingCentral (NYSE:RNG) Price Target to $32.00

RingCentral (NYSE:RNG - Free Report) had its price target reduced by Morgan Stanley from $35.00 to $32.00 in a report published on Wednesday, Benzinga reports. Morgan Stanley currently has an equal weight rating on the software maker's stock.

Several other analysts have also commented on the company. Wedbush reissued a neutral rating and issued a $40.00 price objective on shares of RingCentral in a report on Friday, February 16th. Needham & Company LLC dropped their price objective on RingCentral from $46.00 to $42.00 and set a buy rating on the stock in a report on Wednesday, February 21st. Wells Fargo & Company lowered their price target on RingCentral from $36.00 to $31.00 and set an equal weight rating on the stock in a research note on Wednesday, February 21st. The Goldman Sachs Group lowered their price target on RingCentral from $38.00 to $34.00 and set a neutral rating on the stock in a research note on Wednesday, February 21st. Finally, Mizuho lowered their price target on RingCentral from $40.00 to $36.00 and set a buy rating on the stock in a research note on Wednesday, February 21st. Eight research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $38.56.

RingCentral Price Performance

RNG stock traded down $0.49 during trading on Wednesday, hitting $29.24. 1,052,967 shares of the company traded hands, compared to its average volume of 1,184,813. The stock's 50-day simple moving average is $33.19 and its 200 day simple moving average is $31.80. The company has a market cap of $2.70 billion, a PE ratio of -16.71, a P/E/G ratio of 3.22 and a beta of 0.92. RingCentral has a 1 year low of $25.08 and a 1 year high of $43.28.

RingCentral (NYSE:RNG - Get Free Report) last issued its quarterly earnings data on Tuesday, February 20th. The software maker reported ($0.33) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.31). The business had revenue of $571.27 million during the quarter, compared to the consensus estimate of $569.65 million. Research analysts expect that RingCentral will post 0.45 earnings per share for the current year.

Insiders Place Their Bets

In other RingCentral 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 sale, the director now owns 23,688 shares in the company, valued at $816,525.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other RingCentral news, CFO Vaibhav Agarwal sold 14,113 shares of RingCentral stock in a transaction on Friday, March 15th. The stock was 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 in the company, valued at $4,063,737.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kenneth A. Goldman sold 1,287 shares of RingCentral stock in a transaction on Thursday, March 7th. The shares were 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 in the company, valued at approximately $816,525.36. The disclosure for this sale can be found here. Over 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 Investors Weigh In On RingCentral

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RNG. GAMMA Investing LLC purchased a new stake in shares of RingCentral in the 4th quarter valued at $26,000. Hexagon Capital Partners LLC raised its holdings in shares of RingCentral by 116.8% in the 4th quarter. Hexagon Capital Partners LLC now owns 930 shares of the software maker's stock valued at $32,000 after buying an additional 501 shares during the period. Tennessee Valley Asset Management Partners purchased a new stake in shares of RingCentral in the 4th quarter valued at $33,000. Nisa Investment Advisors LLC increased its holdings in 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 purchasing an additional 500 shares during the period. Finally, Quarry LP increased its holdings in RingCentral by 1,354.8% during the 2nd quarter. Quarry LP now owns 1,222 shares of the software maker's stock worth $40,000 after purchasing an additional 1,138 shares during the period. Hedge funds and other institutional investors own 98.61% of the company's stock.

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.