Wells Fargo & Company Reiterates “Underweight” Rating for RingCentral (NYSE:RNG)

RingCentral (NYSE:RNG)‘s stock had its “underweight” rating reissued by equities research analysts at Wells Fargo & Company in a research report issued to clients and investors on Tuesday,Benzinga reports. They currently have a $30.00 target price on the software maker’s stock, down from their previous target price of $38.00. Wells Fargo & Company‘s price target would suggest a potential downside of 18.32% from the stock’s previous close.

Other equities analysts also recently issued reports about the company. Robert W. Baird upped their target price on RingCentral from $36.00 to $38.00 and gave the company a “neutral” rating in a research report on Monday, November 11th. Piper Sandler upped their target price on RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Wedbush upped their target price on RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Needham & Company LLC reaffirmed a “buy” rating and set a $42.00 price target on shares of RingCentral in a research report on Monday, November 11th. Finally, Morgan Stanley increased their price target on RingCentral from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 18th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $41.29.

RingCentral Trading Up 3.8 %

Shares of RNG opened at $36.73 on Tuesday. RingCentral has a 12 month low of $26.98 and a 12 month high of $42.19. The stock has a fifty day moving average price of $37.38 and a 200-day moving average price of $33.57. The firm has a market cap of $3.32 billion, a PE ratio of -34.65, a P/E/G ratio of 2.48 and a beta of 0.99.

RingCentral (NYSE:RNG) last released its earnings results 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. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. The firm had revenue of $608.77 million for the quarter, compared to the consensus estimate of $601.91 million. As a group, research analysts forecast that RingCentral will post 0.84 EPS for the current year.

Insider Transactions at RingCentral

In other news, SVP John H. Marlow sold 23,284 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $34.96, for a total transaction of $814,008.64. Following the completion of the sale, the senior vice president now owns 357,818 shares in the company, valued at $12,509,317.28. This trade represents a 6.11 % 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 66,451 shares of the firm’s stock in a transaction that occurred 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 sale, the chief executive officer now owns 479,468 shares of the company’s stock, valued at $16,762,201.28. This represents a 12.17 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 115,188 shares of company stock worth $4,113,047 in the last 90 days. Insiders own 6.97% of the company’s stock.

Institutional Trading of RingCentral

Institutional investors have recently added to or reduced their stakes in the stock. Point72 DIFC Ltd acquired a new stake in RingCentral in the 2nd quarter valued at approximately $39,000. Venturi Wealth Management LLC increased its holdings in RingCentral by 150.4% in the 3rd quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock valued at $59,000 after purchasing an additional 1,119 shares during the last quarter. Quarry LP increased its holdings in RingCentral by 106.7% in the 3rd quarter. Quarry LP now owns 1,902 shares of the software maker’s stock valued at $60,000 after purchasing an additional 982 shares during the last quarter. KBC Group NV increased its holdings in RingCentral by 38.9% in the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock valued at $84,000 after purchasing an additional 744 shares during the last quarter. Finally, Central Pacific Bank Trust Division acquired a new stake in RingCentral in the 3rd quarter valued at approximately $121,000. Institutional investors and hedge funds 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.