RingCentral’s (RNG) Underweight Rating Reaffirmed at Wells Fargo & Company

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

Several other equities analysts also recently weighed in on the stock. Robert W. Baird lifted their price target on shares of RingCentral from $36.00 to $38.00 and gave the company a “neutral” rating in a report on Monday, November 11th. Mizuho reiterated a “neutral” rating and set a $42.00 target price on shares of RingCentral in a research report on Friday, December 13th. Needham & Company LLC reissued a “buy” rating and issued a $42.00 price target on shares of RingCentral in a report on Monday, November 11th. StockNews.com raised shares of RingCentral from a “buy” rating to a “strong-buy” rating in a report on Monday, November 11th. Finally, Raymond James reissued an “outperform” rating and issued a $45.00 target price (down previously from $50.00) on shares of RingCentral in a report on Friday, January 3rd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $41.29.

RingCentral Stock Down 7.4 %

RNG stock opened at $34.05 on Tuesday. The business has a 50 day moving average of $37.38 and a 200 day moving average of $33.62. RingCentral has a twelve month low of $26.98 and a twelve month high of $42.19. The firm has a market cap 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 (NYSE:RNG) last posted its earnings results on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.10. The business had revenue of $608.77 million during the quarter, compared to the consensus estimate 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 earnings per share for the current fiscal year.

Insider Activity

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

Institutional Investors Weigh In On RingCentral

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Pacer Advisors Inc. lifted its holdings in shares of RingCentral by 45.3% in 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 period. Foundry Partners LLC bought a new position in RingCentral in the third quarter worth approximately $8,886,000. Cubist Systematic Strategies LLC lifted its holdings 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 buying an additional 234,238 shares during the period. Jupiter Asset Management Ltd. boosted its position in RingCentral by 404.2% during the 2nd quarter. Jupiter Asset Management Ltd. now owns 219,187 shares of the software maker’s stock valued at $6,181,000 after acquiring an additional 175,715 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC purchased a new position in shares of RingCentral in the 2nd quarter valued at $4,801,000. 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.