Wells Fargo & Company Raises RingCentral (NYSE:RNG) Price Target to $35.00

RingCentral (NYSE:RNG) had its price target boosted by Wells Fargo & Company from $28.00 to $35.00 in a research report released on Friday, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the software maker’s stock.

Several other equities research analysts have also recently issued reports on the company. Needham & Company LLC reaffirmed a buy rating and issued a $42.00 target price on shares of RingCentral in a report on Monday, May 20th. UBS Group boosted their price objective on RingCentral from $37.00 to $40.00 and gave the stock a neutral rating in a research note on Wednesday, May 8th. Robert W. Baird boosted their price objective on RingCentral from $32.00 to $35.00 and gave the stock a neutral rating in a research note on Thursday, May 9th. Morgan Stanley reduced 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. Finally, Rosenblatt Securities upgraded RingCentral from a neutral rating to a buy rating and boosted their target price for the company from $35.00 to $45.00 in a research report on Friday. Nine analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and an average target price of $40.50.

RingCentral Stock Down 2.2 %

Shares of RingCentral stock traded down $0.77 on Friday, reaching $34.10. The company’s stock had a trading volume of 715,795 shares, compared to its average volume of 1,180,530. The company has a market capitalization of $3.14 billion, a price-to-earnings ratio of -23.01, a P/E/G ratio of 3.02 and a beta of 1.03. RingCentral has a 52 week low of $25.08 and a 52 week high of $39.15. The firm’s fifty day simple moving average is $31.31 and its two-hundred day simple moving average is $32.66.

RingCentral (NYSE:RNG) last released its quarterly earnings results on Thursday, August 1st. The software maker reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. The firm had revenue of $592.91 million during the quarter, compared to analysts’ expectations of $586.39 million. The business’s quarterly revenue was up 9.9% on a year-over-year basis. During the same quarter last year, the business earned ($0.03) earnings per share. As a group, research analysts predict that RingCentral will post 0.54 EPS for the current year.

Insider Transactions at RingCentral

In other news, CFO Sonalee Elizabeth Parekh sold 8,478 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the chief financial officer now owns 388,919 shares in the company, valued at approximately $13,553,827.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Sonalee Elizabeth Parekh sold 8,478 shares of RingCentral stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $34.85, for a total value of $295,458.30. Following the completion of the sale, the chief financial officer now owns 388,919 shares in the company, valued at approximately $13,553,827.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Vaibhav Agarwal sold 1,985 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $28.20, for a total transaction of $55,977.00. Following the completion of the transaction, the chief financial officer now directly owns 156,799 shares of the company’s stock, valued at approximately $4,421,731.80. The disclosure for this sale can be found here. Insiders sold 21,869 shares of company stock worth $762,165 in the last 90 days. Insiders own 6.76% of the company’s stock.

Institutional Investors Weigh In On RingCentral

Several institutional investors have recently modified their holdings of RNG. GAMMA Investing LLC purchased a new stake in shares of RingCentral during the 4th quarter worth $26,000. Hexagon Capital Partners LLC raised its stake in RingCentral by 116.8% during the 4th quarter. Hexagon Capital Partners LLC now owns 930 shares of the software maker’s stock worth $32,000 after acquiring an additional 501 shares in the last quarter. Versant Capital Management Inc raised its stake in RingCentral by 138.3% during the 2nd quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker’s stock worth $32,000 after acquiring an additional 664 shares in the last quarter. Tennessee Valley Asset Management Partners acquired a new stake in RingCentral during the 4th quarter worth $33,000. Finally, Nisa Investment Advisors LLC raised its stake in RingCentral by 100.0% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,000 shares of the software maker’s stock worth $34,000 after acquiring an additional 500 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.