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

RingCentral (NYSE:RNG) had its price target trimmed by Piper Sandler from $38.00 to $31.00 in a report released on Friday morning,Benzinga reports. The brokerage currently has a neutral rating on the software maker’s stock.

A number of other analysts have also issued reports on RNG. Needham & Company LLC reduced their price target on shares of RingCentral from $42.00 to $36.00 and set a “buy” rating for the company in a research report on Friday. Morgan Stanley increased their price target on shares of RingCentral from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 18th. Raymond James reissued an “outperform” rating and issued a $45.00 price target (down from $50.00) on shares of RingCentral in a research report on Friday, January 3rd. StockNews.com raised shares of RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Thursday. Finally, Barclays cut their price objective on shares of RingCentral from $37.00 to $31.00 and set an “equal weight” rating on the stock in a research report on Friday. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $38.15.

RingCentral Price Performance

NYSE RNG opened at $28.90 on Friday. The company has a 50 day simple moving average of $34.82 and a 200-day simple moving average of $34.25. The firm has a market capitalization of $2.61 billion, a price-to-earnings ratio of -27.27, a price-to-earnings-growth ratio of 1.31 and a beta of 1.01. RingCentral has a 52-week low of $26.98 and a 52-week high of $42.19.

RingCentral (NYSE:RNG) last posted its quarterly earnings results on Thursday, February 20th. The software maker reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.73). The company had revenue of $614.51 million during the quarter, compared to analysts’ expectations of $612.37 million. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. On average, analysts predict that RingCentral will post 0.84 EPS for the current year.

Insider Buying and Selling at RingCentral

In other news, Director Robert I. Theis sold 1,457 shares of the firm’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $37.79, for a total value of $55,060.03. Following the sale, the director now owns 28,690 shares in the company, valued at approximately $1,084,195.10. This trade represents a 4.83 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Ned D. Segal sold 2,914 shares of the firm’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $41.60, for a total transaction of $121,222.40. Following the completion of the sale, the director now owns 10,633 shares in the company, valued at approximately $442,332.80. The trade was a 21.51 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 13,091 shares of company stock worth $542,958 over the last 90 days. Insiders own 6.97% of the company’s stock.

Institutional Investors Weigh In On RingCentral

Several hedge funds and other institutional investors have recently modified their holdings of RNG. Fort Washington Investment Advisors Inc. OH boosted its stake in RingCentral by 32.5% during the fourth quarter. Fort Washington Investment Advisors Inc. OH now owns 550,304 shares of the software maker’s stock worth $19,266,000 after buying an additional 134,928 shares in the last quarter. Hennessy Advisors Inc. bought a new position in shares of RingCentral in the fourth quarter valued at about $59,055,000. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of RingCentral by 65.9% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 381,178 shares of the software maker’s stock valued at $12,057,000 after buying an additional 151,433 shares during the last quarter. Olympiad Research LP bought a new position in shares of RingCentral in the third quarter valued at about $483,000. Finally, Beaumont Financial Advisors LLC bought a new position in shares of RingCentral in the fourth quarter valued at about $262,000. 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.