RingCentral (NYSE:RNG) Price Target Lowered to $22.00 at Wells Fargo & Company

RingCentral (NYSE:RNG - Get Free Report) had its target price decreased by equities researchers at Wells Fargo & Company from $30.00 to $22.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has an "underweight" rating on the software maker's stock. Wells Fargo & Company's price target suggests a potential downside of 12.39% from the company's current price.

Several other equities research analysts have also commented on RNG. Robert W. Baird cut their target price on RingCentral from $38.00 to $32.00 and set a "neutral" rating on the stock in a research report on Tuesday, February 25th. Piper Sandler cut their price target on RingCentral from $38.00 to $31.00 and set a "neutral" rating on the stock in a report on Friday, February 21st. Rosenblatt Securities lowered their price objective on shares of RingCentral from $45.00 to $40.00 and set a "buy" rating for the company in a research note on Friday, February 21st. Needham & Company LLC cut their target price on shares of RingCentral from $42.00 to $36.00 and set a "buy" rating on the stock in a research note on Friday, February 21st. Finally, Morgan Stanley reduced their price target on shares of RingCentral from $40.00 to $29.00 and set an "equal weight" rating for the company in a report on Wednesday, April 16th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $34.46.

RingCentral Trading Up 0.4 %

RNG stock traded up $0.10 during trading on Tuesday, hitting $25.11. The company had a trading volume of 692,369 shares, compared to its average volume of 1,341,970. RingCentral has a one year low of $20.59 and a one year high of $42.19. The business has a 50-day moving average of $25.90 and a 200-day moving average of $32.34. The stock has a market cap of $2.28 billion, a PE ratio of -39.23, a PEG ratio of 1.27 and a beta of 1.30.

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

Insider Transactions at RingCentral

In other news, SVP John H. Marlow sold 22,979 shares of the business's stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $28.82, for a total value of $662,254.78. Following the transaction, the senior vice president now owns 348,599 shares in the company, valued at $10,046,623.18. The trade was a 6.18 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Vladimir Shmunis sold 66,112 shares of the business's stock in a transaction on Friday, February 21st. The stock was sold at an average price of $28.83, for a total value of $1,906,008.96. Following the completion of the transaction, the chief executive officer now directly owns 568,300 shares in the company, valued at approximately $16,384,089. This represents a 10.42 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 247,740 shares of company stock valued at $7,099,279 over the last ninety days. 6.97% of the stock is currently owned by insiders.

Institutional Trading of RingCentral

Hedge funds have recently added to or reduced their stakes in the stock. Hennessy Advisors Inc. bought a new stake in shares of RingCentral in the 4th quarter worth approximately $59,055,000. Arrowstreet Capital Limited Partnership raised its stake in shares of RingCentral by 414.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,445,245 shares of the software maker's stock valued at $50,598,000 after buying an additional 1,164,241 shares during the period. Valley Wealth Managers Inc. bought a new stake in shares of RingCentral in the fourth quarter valued at $20,792,000. Capital World Investors lifted its position in shares of RingCentral by 5.9% during the 4th quarter. Capital World Investors now owns 10,663,441 shares of the software maker's stock valued at $373,327,000 after buying an additional 591,398 shares during the last quarter. Finally, First Trust Advisors LP increased its holdings in RingCentral by 35.6% in the 4th quarter. First Trust Advisors LP now owns 2,009,286 shares of the software maker's stock worth $70,345,000 after acquiring an additional 527,901 shares during 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.