RingCentral (NYSE:RNG) PT Lowered to $118.00 at Piper Sandler

RingCentral (NYSE:RNGGet Rating) had its target price decreased by Piper Sandler from $228.00 to $118.00 in a report issued on Tuesday morning, The Fly reports.

A number of other equities analysts have also commented on the company. Northland Securities cut their price target on RingCentral from $410.00 to $275.00 and set an outperform rating for the company in a report on Wednesday, February 23rd. KeyCorp dropped their price objective on RingCentral from $295.00 to $252.00 and set an overweight rating for the company in a research note on Wednesday, February 23rd. Wells Fargo & Company dropped their price objective on RingCentral from $185.00 to $150.00 in a research note on Tuesday. BTIG Research dropped their price objective on RingCentral from $350.00 to $300.00 in a research note on Tuesday, January 11th. Finally, Evercore ISI dropped their price objective on RingCentral from $275.00 to $225.00 and set an outperform rating for the company in a research note on Wednesday, February 23rd. Four analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of Buy and an average price target of $192.68.

RingCentral stock opened at $69.30 on Tuesday. RingCentral has a one year low of $59.04 and a one year high of $315.00. The business has a fifty day moving average price of $102.80 and a 200-day moving average price of $159.30. The company has a debt-to-equity ratio of 4.13, a current ratio of 1.24 and a quick ratio of 1.24. The firm has a market capitalization of $6.39 billion, a P/E ratio of -12.18 and a beta of 0.93.

RingCentral (NYSE:RNGGet Rating) last posted its quarterly earnings results on Monday, May 9th. The software maker reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.34 by $0.05. RingCentral had a negative return on equity of 151.72% and a negative net margin of 30.82%. The firm had revenue of $467.66 million during the quarter, compared to analyst estimates of $458.36 million. During the same period last year, the company earned ($0.41) earnings per share. The business’s revenue for the quarter was up 32.7% on a year-over-year basis. Sell-side analysts expect that RingCentral will post -1.99 earnings per share for the current fiscal year.

In other news, COO Mohammed Katibeh sold 1,846 shares of RingCentral stock in a transaction dated Wednesday, May 11th. The stock was sold at an average price of $67.60, for a total value of $124,789.60. Following the transaction, the chief operating officer now owns 110,098 shares in the company, valued at $7,442,624.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Vaibhav Agarwal sold 10,443 shares of RingCentral stock in a transaction dated Wednesday, May 11th. The stock was sold at an average price of $67.59, for a total value of $705,842.37. Following the completion of the transaction, the chief financial officer now owns 85,357 shares in the company, valued at approximately $5,769,279.63. The disclosure for this sale can be found here. 7.35% of the stock is currently owned by insiders.

Large investors have recently made changes to their positions in the stock. Spire Wealth Management increased its holdings in RingCentral by 843.8% during the 4th quarter. Spire Wealth Management now owns 151 shares of the software maker’s stock valued at $28,000 after purchasing an additional 135 shares during the period. FourThought Financial LLC increased its holdings in RingCentral by 60.6% during the 3rd quarter. FourThought Financial LLC now owns 159 shares of the software maker’s stock valued at $34,000 after purchasing an additional 60 shares during the period. Neo Ivy Capital Management increased its holdings in RingCentral by 185.1% during the 4th quarter. Neo Ivy Capital Management now owns 191 shares of the software maker’s stock valued at $36,000 after purchasing an additional 124 shares during the period. Covestor Ltd purchased a new position in RingCentral during the 4th quarter valued at about $38,000. Finally, Standard Family Office LLC purchased a new position in RingCentral during the 4th quarter valued at about $43,000. Institutional investors own 85.96% of the company’s stock.

About RingCentral (Get Rating)

RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect in North America. The company offers business cloud communications and contact center solutions based on its Message Video Phone? platform. Its products include RingCentral Office that provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers omni-channel; and RingCentral Engage Digital, a digital customer engagement platform that allows enterprises to interact with their customers.

Featured Stories

The Fly logo

Analyst Recommendations for RingCentral (NYSE:RNG)

Receive News & Ratings for RingCentral Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for RingCentral and related companies with MarketBeat.com's FREE daily email newsletter.