RingCentral (NYSE:RNG) Receives Underweight Rating from Wells Fargo & Company

Wells Fargo & Company reaffirmed their underweight rating on shares of RingCentral (NYSE:RNG) in a report released on Tuesday, Marketbeat reports. The firm currently has a $30.00 price target on the software maker’s stock, down from their prior price target of $38.00.

A number of other brokerages have also recently weighed in on RNG. Raymond James reissued an “outperform” rating and set a $45.00 price objective (down from $50.00) on shares of RingCentral in a report on Friday, January 3rd. StockNews.com raised shares of RingCentral from a “buy” rating to a “strong-buy” rating in a research note on Monday, November 11th. Mizuho reaffirmed a “neutral” rating and issued a $42.00 price objective on shares of RingCentral in a research note on Friday, December 13th. Wedbush lifted their target price on shares of RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Finally, Piper Sandler upped their price target on shares of RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. One equities 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 issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $41.29.

RingCentral Price Performance

RNG stock opened at $34.05 on Tuesday. The firm has a 50 day simple moving average of $37.38 and a two-hundred day simple moving average of $33.62. The stock has a market cap of $3.08 billion, a PE ratio of -32.12, a P/E/G ratio of 2.48 and a beta of 0.99. RingCentral has a one year low of $26.98 and a one year high of $42.19.

RingCentral (NYSE:RNG) last announced its earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.10. The company had revenue of $608.77 million during the quarter, compared to analyst estimates of $601.91 million. RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. On average, research analysts expect that RingCentral will post 0.84 EPS for the current fiscal year.

Insider Activity at RingCentral

In other RingCentral news, Director Ned D. Segal sold 2,914 shares of the business’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $41.60, for a total transaction of $121,222.40. Following the transaction, the director now directly owns 10,633 shares of the company’s stock, valued at approximately $442,332.80. The trade was a 21.51 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Vaibhav Agarwal sold 2,178 shares of the company’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $35.27, for a total transaction of $76,818.06. Following the completion of the transaction, the chief financial officer now owns 135,560 shares of the company’s stock, valued at $4,781,201.20. This trade represents a 1.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 115,188 shares of company stock worth $4,113,047 in the last 90 days. Company insiders own 6.97% of the company’s stock.

Hedge Funds Weigh In On RingCentral

Hedge funds and other institutional investors have recently modified their holdings of the stock. Point72 DIFC Ltd bought a new stake in RingCentral during the 2nd quarter valued at approximately $39,000. Venturi Wealth Management LLC boosted its position in shares of RingCentral by 150.4% during the third 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 in the last quarter. Quarry LP grew its stake in RingCentral by 106.7% in the third quarter. Quarry LP now owns 1,902 shares of the software maker’s stock worth $60,000 after purchasing an additional 982 shares during the period. KBC Group NV raised its holdings in RingCentral by 38.9% in the third quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock worth $84,000 after purchasing an additional 744 shares in the last quarter. Finally, Central Pacific Bank Trust Division purchased a new position in RingCentral during the third quarter valued at $121,000. 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.