RingCentral (NYSE:RNG) PT Raised to $32.00 at Piper Sandler

RingCentral (NYSE:RNG) had its target price raised by Piper Sandler from $31.00 to $32.00 in a research report sent to investors on Wednesday morning, Benzinga reports. Piper Sandler currently has a neutral rating on the software maker’s stock.

RNG has been the topic of several other research reports. Wells Fargo & Company increased their price objective on RingCentral from $31.00 to $33.00 and gave the stock an equal weight rating in a research report on Wednesday. Morgan Stanley cut their price objective on RingCentral from $35.00 to $32.00 and set an equal weight rating on the stock in a research note on Wednesday, April 17th. Mizuho lifted their target price on RingCentral from $36.00 to $38.00 and gave the stock a buy rating in a report on Wednesday. KeyCorp decreased their price objective on RingCentral from $50.00 to $48.00 and set an overweight rating for the company in a report on Wednesday, February 21st. Finally, Wedbush restated a neutral rating and set a $40.00 price objective on shares of RingCentral in a report on Friday, February 16th. Ten equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average target price of $39.58.

RingCentral Price Performance

NYSE:RNG traded up $1.07 during trading hours on Wednesday, reaching $35.46. 1,331,706 shares of the stock were exchanged, compared to its average volume of 1,144,865. RingCentral has a twelve month low of $25.08 and a twelve month high of $43.28. The firm has a 50 day moving average of $32.83 and a 200 day moving average of $31.92. The stock has a market cap of $3.27 billion, a PE ratio of -20.17, a PEG ratio of 3.24 and a beta of 0.94.

RingCentral (NYSE:RNG) last released its quarterly earnings data on Tuesday, February 20th. The software maker reported ($0.33) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.31). The firm had revenue of $571.27 million during the quarter, compared to the consensus estimate of $569.65 million. Equities research analysts anticipate that RingCentral will post 0.45 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Vaibhav Agarwal sold 1,984 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $34.55, for a total transaction of $68,547.20. Following the transaction, the chief financial officer now directly owns 114,656 shares in the company, valued at approximately $3,961,364.80. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other RingCentral news, CFO Vaibhav Agarwal sold 1,984 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $34.55, for a total value of $68,547.20. Following the sale, the chief financial officer now owns 114,656 shares of the company’s stock, valued at $3,961,364.80. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Kenneth A. Goldman sold 1,287 shares of the company’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $34.47, for a total value of $44,362.89. Following the sale, the director now directly owns 23,688 shares in the company, valued at approximately $816,525.36. The disclosure for this sale can be found here. Insiders sold a total of 23,608 shares of company stock worth $800,974 over the last 90 days. Company insiders own 6.76% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of RNG. GAMMA Investing LLC purchased a new stake in RingCentral in the 4th quarter worth approximately $26,000. Hexagon Capital Partners LLC lifted its holdings in shares of RingCentral by 116.8% during the 4th quarter. Hexagon Capital Partners LLC now owns 930 shares of the software maker’s stock valued at $32,000 after acquiring an additional 501 shares in the last quarter. Tennessee Valley Asset Management Partners acquired a new position in shares of RingCentral during the 4th quarter valued at $33,000. Nisa Investment Advisors LLC lifted its holdings in shares of RingCentral by 100.0% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,000 shares of the software maker’s stock valued at $34,000 after acquiring an additional 500 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. lifted its holdings in RingCentral by 438.1% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 1,200 shares of the software maker’s stock worth $41,000 after buying an additional 977 shares in the last quarter. 98.61% of the stock is owned by hedge funds and other institutional investors.

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.