Wells Fargo & Company Issues Pessimistic Forecast for RingCentral (NYSE:RNG) Stock Price

RingCentral (NYSE:RNG - Get Free Report) had its price target cut by equities researchers at Wells Fargo & Company from $30.00 to $22.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an "underweight" rating on the software maker's stock. Wells Fargo & Company's target price would indicate a potential downside of 0.72% from the stock's current price.

Several other research analysts have also recently issued reports on RNG. Piper Sandler dropped 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. UBS Group cut their price objective on RingCentral from $40.00 to $38.00 and set a "neutral" rating for the company in a report on Friday, February 21st. Barclays reduced their price target on RingCentral from $37.00 to $31.00 and set an "equal weight" rating for the company in a report on Friday, February 21st. Rosenblatt Securities reduced their target price 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. Finally, Robert W. Baird reduced their price target on RingCentral from $38.00 to $32.00 and set a "neutral" rating for the company in a research report on Tuesday, February 25th. One investment 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 company currently has an average rating of "Hold" and an average price target of $35.38.

RingCentral Trading Down 2.7 %

RNG stock opened at $22.16 on Tuesday. The stock has a 50-day moving average price of $26.70 and a two-hundred day moving average price of $32.53. The company has a market cap of $2.01 billion, a PE ratio of -34.63, a price-to-earnings-growth ratio of 1.27 and a beta of 1.30. RingCentral has a 12-month low of $20.59 and a 12-month high of $42.19.

RingCentral (NYSE:RNG - Get Free Report) last issued 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 business 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%. Equities analysts forecast that RingCentral will post 1.29 EPS for the current fiscal year.

Insider Buying and Selling at RingCentral

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

Institutional Investors Weigh In On RingCentral

A number of institutional investors have recently made changes to their positions in RNG. Sanctuary Advisors LLC acquired a new stake in shares of RingCentral during the third quarter worth $178,000. 272 Capital LP acquired a new stake in shares of RingCentral in the 3rd quarter valued at $436,000. Principal Financial Group Inc. bought a new stake in shares of RingCentral in the 3rd quarter valued at about $233,000. Central Pacific Bank Trust Division boosted its stake in shares of RingCentral by 31.1% in the 4th quarter. Central Pacific Bank Trust Division now owns 5,033 shares of the software maker's stock valued at $176,000 after purchasing an additional 1,194 shares during the last quarter. Finally, Diversified Trust Co raised its position in shares of RingCentral by 89.9% in the 4th quarter. Diversified Trust Co now owns 28,499 shares of the software maker's stock worth $998,000 after acquiring an additional 13,491 shares in the last quarter. 98.61% of the stock is owned by institutional investors and hedge funds.

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.

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