Piper Sandler Cuts RingCentral (NYSE:RNG) Price Target to $31.00

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

A number of other brokerages have also issued reports on RNG. Robert W. Baird increased their target price on shares of RingCentral from $32.00 to $35.00 and gave the stock a neutral rating in a research report on Thursday, May 9th. Mizuho increased their target price on shares of RingCentral from $36.00 to $38.00 and gave the stock a buy rating in a research report on Wednesday, May 8th. Wedbush restated a neutral rating and set a $40.00 target price on shares of RingCentral in a research report on Thursday, May 9th. Deutsche Bank Aktiengesellschaft increased their target price on shares of RingCentral from $38.00 to $42.00 and gave the stock a buy rating in a research report on Thursday, May 9th. Finally, Needham & Company LLC reiterated a buy rating and set a $42.00 price target on shares of RingCentral in a research report on Monday, May 20th. Ten research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $38.94.

RingCentral Price Performance

RingCentral stock opened at $30.76 on Wednesday. RingCentral has a twelve month low of $25.08 and a twelve month high of $43.28. The company’s 50-day moving average price is $31.88 and its two-hundred day moving average price is $32.63.

RingCentral (NYSE:RNG) last announced its earnings results on Tuesday, May 7th. The software maker reported $0.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.01 by $0.05. The business had revenue of $584.21 million for the quarter, compared to analyst estimates of $577.81 million. On average, analysts forecast that RingCentral will post 0.54 EPS for the current fiscal year.

Insider Buying and Selling at RingCentral

In other news, CFO Vaibhav Agarwal sold 11,406 shares of the firm’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $36.01, for a total transaction of $410,730.06. Following the completion of the transaction, the chief financial officer now owns 158,784 shares of the company’s stock, valued at $5,717,811.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CFO Vaibhav Agarwal sold 11,406 shares of the firm’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $36.01, for a total transaction of $410,730.06. Following the completion of the transaction, the chief financial officer now owns 158,784 shares of the company’s stock, valued at $5,717,811.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Sonalee Elizabeth Parekh sold 8,478 shares of the firm’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $34.85, for a total transaction of $295,458.30. Following the transaction, the chief financial officer now directly owns 388,919 shares of the company’s stock, valued at approximately $13,553,827.15. The disclosure for this sale can be found here. Insiders have sold 21,869 shares of company stock worth $762,165 over the last quarter. Corporate insiders own 6.76% of the company’s stock.

Hedge Funds Weigh In On RingCentral

A number of hedge funds have recently bought and sold shares of RNG. OLD National Bancorp IN grew its holdings in RingCentral by 2.9% in the third quarter. OLD National Bancorp IN now owns 32,867 shares of the software maker’s stock worth $974,000 after purchasing an additional 941 shares during the period. Neo Ivy Capital Management acquired a new stake in RingCentral in the third quarter worth $53,000. Sylebra Capital LLC acquired a new stake in RingCentral in the third quarter worth $242,462,000. Sunbelt Securities Inc. acquired a new stake in RingCentral in the third quarter worth $1,091,000. Finally, Vanguard Group Inc. grew its holdings in shares of RingCentral by 4.9% during the third quarter. Vanguard Group Inc. now owns 9,988,881 shares of the software maker’s stock valued at $295,971,000 after buying an additional 469,280 shares during the last quarter. Institutional investors 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.