Wells Fargo & Company Reaffirms “Underweight” Rating for RingCentral (NYSE:RNG)

RingCentral (NYSE:RNG)‘s stock had its “underweight” rating reiterated by research analysts at Wells Fargo & Company in a research report issued to clients and investors on Tuesday,Benzinga reports. They presently have a $30.00 target price on the software maker’s stock, down from their previous target price of $38.00. Wells Fargo & Company‘s target price points to a potential downside of 18.32% from the stock’s previous close.

Several other research firms have also recently issued reports on RNG. Raymond James reaffirmed an “outperform” rating and set a $45.00 price objective (down from $50.00) on shares of RingCentral in a research report on Friday. Morgan Stanley lifted their price objective 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. Wedbush lifted their price objective 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. Mizuho reaffirmed a “neutral” rating and set a $42.00 price objective on shares of RingCentral in a research report on Friday, December 13th. Finally, StockNews.com raised shares of RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Monday, November 11th. 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 issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $41.29.

RingCentral Stock Up 3.8 %

NYSE:RNG opened at $36.73 on Tuesday. The company has a fifty day simple moving average of $37.38 and a two-hundred day simple moving average of $33.57. The company has a market cap of $3.32 billion, a price-to-earnings ratio of -34.65, a price-to-earnings-growth ratio of 2.48 and a beta of 0.99. 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, November 7th. The software maker reported $0.24 EPS for the quarter, topping the consensus estimate 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, analysts expect that RingCentral will post 0.84 EPS for the current year.

Insider Transactions at RingCentral

In other news, CFO Vaibhav Agarwal sold 2,178 shares of the business’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $35.27, for a total transaction of $76,818.06. Following the transaction, the chief financial officer now directly owns 135,560 shares in the company, valued at $4,781,201.20. The trade was a 1.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Vladimir Shmunis sold 66,451 shares of the business’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $34.96, for a total transaction of $2,323,126.96. Following the transaction, the chief executive officer now owns 479,468 shares in the company, valued at approximately $16,762,201.28. This trade represents a 12.17 % 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 over the last ninety days. 6.97% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in RNG. Commonwealth Equity Services LLC grew its position in RingCentral by 19.5% during the second quarter. Commonwealth Equity Services LLC now owns 8,378 shares of the software maker’s stock worth $236,000 after buying an additional 1,366 shares during the period. Victory Capital Management Inc. grew its position in RingCentral by 35.0% during the second quarter. Victory Capital Management Inc. now owns 116,300 shares of the software maker’s stock worth $3,280,000 after buying an additional 30,138 shares during the period. Acadian Asset Management LLC acquired a new position in RingCentral during the second quarter worth about $1,622,000. Quest Partners LLC grew its position in RingCentral by 268.7% during the second quarter. Quest Partners LLC now owns 17,312 shares of the software maker’s stock worth $488,000 after buying an additional 12,617 shares during the period. Finally, PFG Investments LLC acquired a new position in RingCentral during the second quarter worth about $716,000. 98.61% of the stock is currently owned by institutional investors and hedge funds.

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.