RingCentral (NYSE:RNG) Given New $31.00 Price Target at Piper Sandler

RingCentral (NYSE:RNG) had its price objective reduced by Piper Sandler from $38.00 to $31.00 in a research note issued to investors on Friday morning,Benzinga reports. They currently have a neutral rating on the software maker’s stock.

A number of other research firms have also issued reports on RNG. Barclays reduced their price objective on RingCentral from $37.00 to $31.00 and set an “equal weight” rating for the company in a research report on Friday. Robert W. Baird increased their target price on RingCentral from $36.00 to $38.00 and gave the stock a “neutral” rating in a research report on Monday, November 11th. Raymond James reaffirmed an “outperform” rating and issued a $45.00 target price (down from $50.00) on shares of RingCentral in a research report on Friday, January 3rd. StockNews.com raised RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Thursday. Finally, Wedbush increased their target price on RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $38.15.

RingCentral Stock Down 6.1 %

NYSE:RNG opened at $28.90 on Friday. RingCentral has a 52 week low of $26.98 and a 52 week high of $42.19. The company has a market cap of $2.61 billion, a PE ratio of -27.27, a P/E/G ratio of 1.31 and a beta of 1.01. The business’s 50 day moving average is $34.82 and its two-hundred day moving average is $34.25.

RingCentral (NYSE:RNG) 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). The firm had revenue of $614.51 million for the quarter, compared to the consensus estimate of $612.37 million. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. As a group, sell-side analysts expect that RingCentral will post 0.84 EPS for the current fiscal year.

Insider Activity at RingCentral

In other news, Director Ned D. Segal sold 2,914 shares of the firm’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $41.60, for a total transaction of $121,222.40. Following the completion of the transaction, the director now owns 10,633 shares in the company, valued at approximately $442,332.80. This trade represents a 21.51 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Robert I. Theis sold 1,457 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $37.79, for a total transaction of $55,060.03. Following the transaction, the director now owns 28,690 shares of the company’s stock, valued at approximately $1,084,195.10. This trade represents a 4.83 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 13,091 shares of company stock worth $542,958 in the last 90 days. Corporate insiders own 6.97% of the company’s stock.

Hedge Funds Weigh In On RingCentral

Several large investors have recently made changes to their positions in the business. Capital World Investors boosted 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 purchasing an additional 591,398 shares in the last quarter. Ameriprise Financial Inc. lifted its stake in RingCentral by 2.2% during the fourth quarter. Ameriprise Financial Inc. now owns 6,513,731 shares of the software maker’s stock valued at $228,050,000 after buying an additional 142,538 shares in the last quarter. Pacer Advisors Inc. lifted its stake in RingCentral by 45.3% during the third quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker’s stock valued at $83,483,000 after buying an additional 822,892 shares in the last quarter. First Trust Advisors LP lifted its stake in RingCentral by 35.6% during the fourth quarter. First Trust Advisors LP now owns 2,009,286 shares of the software maker’s stock valued at $70,345,000 after buying an additional 527,901 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its stake in RingCentral by 11.1% during the fourth quarter. Renaissance Technologies LLC now owns 1,795,300 shares of the software maker’s stock valued at $62,853,000 after buying an additional 180,000 shares in the last quarter. 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.