Wells Fargo & Company Reaffirms Underweight Rating for RingCentral (NYSE:RNG)

RingCentral (NYSE:RNG - Get Free Report)'s stock had its "underweight" rating reiterated by analysts at Wells Fargo & Company in a note issued to investors on Tuesday, MarketBeat Ratings reports. They currently have a $30.00 price objective on the software maker's stock, down from their prior price objective of $38.00. Wells Fargo & Company's price target points to a potential downside of 11.89% from the company's previous close.

Several other equities research analysts also recently weighed in on the stock. Piper Sandler increased their target price on shares of RingCentral from $31.00 to $38.00 and gave the company a "neutral" rating in a research note on Friday, November 8th. Morgan Stanley boosted their target price on RingCentral from $38.00 to $40.00 and gave the company an "equal weight" rating in a research report on Wednesday, December 18th. Wedbush increased their price target on RingCentral from $36.00 to $41.00 and gave the stock a "neutral" rating in a report on Friday, November 8th. Needham & Company LLC restated a "buy" rating and set a $42.00 price objective on shares of RingCentral in a report on Monday, November 11th. Finally, Raymond James reaffirmed an "outperform" rating and issued a $45.00 price objective (down previously from $50.00) on shares of RingCentral in a research report on Friday. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $41.29.

RingCentral Trading Down 7.4 %

Shares of NYSE:RNG traded down $2.72 during trading on Tuesday, reaching $34.05. The company's stock had a trading volume of 2,487,629 shares, compared to its average volume of 1,409,457. The stock has a market capitalization of $3.08 billion, a PE ratio of -32.12, a price-to-earnings-growth ratio of 2.48 and a beta of 0.99. RingCentral has a 12 month low of $26.98 and a 12 month high of $42.19. The firm's 50 day simple moving average is $37.38 and its two-hundred day simple moving average is $33.62.

RingCentral (NYSE:RNG - Get Free Report) last posted its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.10. The business had revenue of $608.77 million during the quarter, compared to analyst estimates of $601.91 million. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. Research analysts anticipate that RingCentral will post 0.84 EPS for the current fiscal year.

Insider Activity

In other news, CEO Vladimir Shmunis sold 66,451 shares of the company's stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $34.96, for a total transaction of $2,323,126.96. Following the transaction, the chief executive officer now directly owns 479,468 shares of the company's stock, valued at approximately $16,762,201.28. This represents a 12.17 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP John H. Marlow sold 23,284 shares of the firm's stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $34.96, for a total value of $814,008.64. Following the completion of the sale, the senior vice president now directly owns 357,818 shares of the company's stock, valued at $12,509,317.28. The trade was a 6.11 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 115,188 shares of company stock worth $4,113,047. Corporate insiders own 6.97% of the company's stock.

Institutional Investors Weigh In On RingCentral

A number of large investors have recently modified their holdings of RNG. Pacer Advisors Inc. raised its position in RingCentral by 45.3% during the 3rd quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker's stock worth $83,483,000 after buying an additional 822,892 shares during the last quarter. Renaissance Technologies LLC grew its position in shares of RingCentral by 3.5% during the 2nd quarter. Renaissance Technologies LLC now owns 1,606,700 shares of the software maker's stock valued at $45,309,000 after acquiring an additional 54,500 shares during the period. AQR Capital Management LLC increased its stake in shares of RingCentral by 2.4% in the 2nd quarter. AQR Capital Management LLC now owns 881,109 shares of the software maker's stock valued at $24,706,000 after purchasing an additional 20,666 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in RingCentral by 7.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 822,087 shares of the software maker's stock worth $26,003,000 after purchasing an additional 59,570 shares during the period. Finally, Cubist Systematic Strategies LLC boosted its position in RingCentral by 130.1% during the second quarter. Cubist Systematic Strategies LLC now owns 414,347 shares of the software maker's stock worth $11,685,000 after purchasing an additional 234,238 shares in the last quarter. 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.