RingCentral (NYSE:RNG) PT Lowered to $150.00

RingCentral (NYSE:RNGGet Rating) had its target price cut by Wells Fargo & Company from $185.00 to $150.00 in a report issued on Tuesday, The Fly reports.

RNG has been the topic of a number of other research reports. Craig Hallum lowered their price objective on RingCentral from $410.00 to $270.00 and set a buy rating on the stock in a research note on Wednesday, February 23rd. Mizuho lowered their price objective on RingCentral from $220.00 to $150.00 in a research note on Tuesday. Barclays lowered their price objective on RingCentral from $300.00 to $140.00 and set an overweight rating on the stock in a research note on Tuesday, April 26th. Truist Financial lowered their price objective on RingCentral from $450.00 to $295.00 and set a buy rating on the stock in a research note on Wednesday, February 23rd. Finally, Needham & Company LLC decreased their price target on RingCentral from $400.00 to $225.00 and set a buy rating on the stock in a research note on Wednesday, February 23rd. Four equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, RingCentral currently has a consensus rating of Buy and an average target price of $192.68.

Shares of RNG opened at $69.30 on Tuesday. The company has a debt-to-equity ratio of 4.13, a quick ratio of 1.24 and a current ratio of 1.24. RingCentral has a one year low of $59.04 and a one year high of $315.00. The stock has a market capitalization of $6.39 billion, a price-to-earnings ratio of -12.18 and a beta of 0.93. The stock has a 50 day moving average price of $102.80 and a 200 day moving average price of $159.30.

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

In other RingCentral news, COO Mohammed Katibeh sold 1,846 shares of the company’s stock in a transaction dated Wednesday, May 11th. The stock was sold at an average price of $67.60, for a total transaction of $124,789.60. Following the sale, the chief operating officer now owns 110,098 shares in the company, valued at approximately $7,442,624.80. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Vaibhav Agarwal sold 10,443 shares of the company’s 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 sale, 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 corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of RNG. Mackenzie Financial Corp increased its holdings in RingCentral by 17.8% during the 3rd quarter. Mackenzie Financial Corp now owns 8,296 shares of the software maker’s stock worth $1,804,000 after purchasing an additional 1,255 shares during the period. Toronto Dominion Bank increased its holdings in RingCentral by 0.5% during the 3rd quarter. Toronto Dominion Bank now owns 10,841 shares of the software maker’s stock worth $2,358,000 after purchasing an additional 52 shares during the period. TD Asset Management Inc. increased its holdings in RingCentral by 0.8% during the 3rd quarter. TD Asset Management Inc. now owns 19,110 shares of the software maker’s stock worth $4,156,000 after purchasing an additional 160 shares during the period. First Horizon Advisors Inc. increased its holdings in shares of RingCentral by 440.9% in the 3rd quarter. First Horizon Advisors Inc. now owns 714 shares of the software maker’s stock valued at $38,000 after acquiring an additional 582 shares during the last quarter. Finally, Keebeck Alpha LP purchased a new position in shares of RingCentral in the 3rd quarter valued at about $245,000. Institutional investors own 85.96% of the company’s stock.

RingCentral Company Profile (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.

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