RingCentral (NYSE:RNG) Price Target Cut to $29.00 by Analysts at Morgan Stanley

RingCentral (NYSE:RNG - Get Free Report) had its price target cut by analysts at Morgan Stanley from $40.00 to $29.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has an "equal weight" rating on the software maker's stock. Morgan Stanley's price objective would indicate a potential upside of 30.87% from the stock's current price.

A number of other equities analysts also recently weighed in on the stock. UBS Group lowered their target price on shares of RingCentral from $40.00 to $38.00 and set a "neutral" rating on the stock in a report on Friday, February 21st. Wells Fargo & Company reissued an "underweight" rating and issued a $30.00 target price (down from $38.00) on shares of RingCentral in a report on Tuesday, January 7th. Needham & Company LLC dropped their price objective on shares of RingCentral from $42.00 to $36.00 and set a "buy" rating for the company in a research note on Friday, February 21st. StockNews.com lowered shares of RingCentral from a "strong-buy" rating to a "buy" rating in a report on Tuesday, April 1st. Finally, Robert W. Baird decreased their price target on RingCentral from $38.00 to $32.00 and set a "neutral" rating for the company in a research note on Tuesday, February 25th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $36.00.

RingCentral Stock Down 2.7 %

RNG stock traded down $0.61 during midday trading on Wednesday, hitting $22.16. 956,769 shares of the company traded hands, compared to its average volume of 1,542,828. The business has a 50 day simple moving average of $26.95 and a 200-day simple moving average of $32.59. RingCentral has a twelve month low of $20.58 and a twelve month high of $42.19. The stock has a market capitalization of $2.01 billion, a price-to-earnings ratio of -34.63, a price-to-earnings-growth ratio of 1.27 and a beta of 1.30.

RingCentral (NYSE:RNG - Get Free Report) last announced its quarterly earnings data on Thursday, February 20th. The software maker reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.96 by ($0.73). RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. The company had revenue of $614.51 million during the quarter, compared to analyst estimates of $612.37 million. Equities research analysts forecast that RingCentral will post 1.29 EPS for the current year.

Insider Buying and Selling at RingCentral

In related news, CEO Vladimir Shmunis sold 123,560 shares of the company's stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $28.56, for a total transaction of $3,528,873.60. Following the completion of the transaction, the chief executive officer now owns 444,740 shares in the company, valued at $12,701,774.40. This represents a 21.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP John H. Marlow sold 35,089 shares of RingCentral stock in a transaction on Monday, February 24th. The shares were sold at an average price of $28.56, for a total transaction of $1,002,141.84. Following the completion of the sale, the senior vice president now owns 313,510 shares in the company, valued at approximately $8,953,845.60. This trade represents a 10.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 247,740 shares of company stock valued at $7,099,279 in the last quarter. Company insiders own 6.97% of the company's stock.

Institutional Investors Weigh In On RingCentral

Large investors have recently modified their holdings of the stock. Rafferty Asset Management LLC grew its holdings in shares of RingCentral by 1.7% during the 4th quarter. Rafferty Asset Management LLC now owns 19,685 shares of the software maker's stock worth $689,000 after acquiring an additional 325 shares during the period. Sovereign Financial Group Inc. boosted its holdings in shares of RingCentral by 4.0% during the 4th quarter. Sovereign Financial Group Inc. now owns 10,079 shares of the software maker's stock valued at $353,000 after buying an additional 386 shares in the last quarter. Gagnon Securities LLC increased its stake in shares of RingCentral by 5.6% in the 4th quarter. Gagnon Securities LLC now owns 7,703 shares of the software maker's stock worth $270,000 after acquiring an additional 407 shares in the last quarter. Xponance Inc. lifted its position in RingCentral by 4.2% during the 4th quarter. Xponance Inc. now owns 10,664 shares of the software maker's stock valued at $373,000 after acquiring an additional 426 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in RingCentral by 10.4% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,983 shares of the software maker's stock worth $176,000 after acquiring an additional 468 shares in the last quarter. Institutional investors own 98.61% of the company's stock.

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.