RingCentral (NYSE:RNG) Given New $32.00 Price Target at Morgan Stanley

RingCentral (NYSE:RNG) had its price target decreased by Morgan Stanley from $35.00 to $32.00 in a research report report published on Wednesday morning, Benzinga reports. Morgan Stanley currently has an equal weight rating on the software maker’s stock.

RNG has been the topic of several other reports. Needham & Company LLC lowered their price target on RingCentral from $46.00 to $42.00 and set a buy rating on the stock in a research report on Wednesday, February 21st. Mizuho lowered their price target on RingCentral from $40.00 to $36.00 and set a buy rating on the stock in a research report on Wednesday, February 21st. Wedbush reaffirmed a neutral rating and issued a $40.00 price target on shares of RingCentral in a research report on Friday, February 16th. Wells Fargo & Company decreased their target price on RingCentral from $36.00 to $31.00 and set an equal weight rating on the stock in a research report on Wednesday, February 21st. Finally, Piper Sandler decreased their target price on RingCentral from $34.00 to $31.00 and set a neutral rating on the stock in a research report on Wednesday, February 21st. Eight research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average target price of $38.56.

RingCentral Price Performance

NYSE RNG opened at $29.72 on Wednesday. RingCentral has a fifty-two week low of $25.08 and a fifty-two week high of $43.28. The stock’s 50-day moving average is $33.27 and its two-hundred day moving average is $31.82. The firm has a market cap of $2.74 billion, a P/E ratio of -16.98, a price-to-earnings-growth ratio of 3.22 and a beta of 0.92.

RingCentral (NYSE:RNG) last issued its quarterly earnings results on Tuesday, February 20th. The software maker reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.31). The firm had revenue of $571.27 million during the quarter, compared to the consensus estimate of $569.65 million. On average, equities analysts expect that RingCentral will post 0.45 EPS for the current year.

Insiders Place Their Bets

In other RingCentral news, CFO Vaibhav Agarwal sold 6,224 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $31.55, for a total transaction of $196,367.20. Following the completion of the transaction, the chief financial officer now owns 130,753 shares in the company, valued at $4,125,257.15. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, Director Kenneth A. Goldman sold 1,287 shares of RingCentral stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $34.47, for a total value of $44,362.89. Following the completion of the transaction, the director now owns 23,688 shares in the company, valued at $816,525.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Vaibhav Agarwal sold 6,224 shares of RingCentral stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $31.55, for a total transaction of $196,367.20. Following the completion of the transaction, the chief financial officer now owns 130,753 shares of the company’s stock, valued at approximately $4,125,257.15. The disclosure for this sale can be found here. Insiders sold a total of 23,608 shares of company stock worth $800,974 over the last quarter. Company insiders own 6.76% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. Advisors Asset Management Inc. raised its stake in shares of RingCentral by 51.5% in the first quarter. Advisors Asset Management Inc. now owns 886 shares of the software maker’s stock valued at $104,000 after acquiring an additional 301 shares during the last quarter. Cresset Asset Management LLC raised its position in RingCentral by 3.0% in the 4th quarter. Cresset Asset Management LLC now owns 11,398 shares of the software maker’s stock worth $387,000 after purchasing an additional 333 shares during the last quarter. Intellectus Partners LLC raised its position in RingCentral by 4.3% in the 4th quarter. Intellectus Partners LLC now owns 8,550 shares of the software maker’s stock worth $290,000 after purchasing an additional 350 shares during the last quarter. Treasurer of the State of North Carolina raised its position in RingCentral by 1.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 37,832 shares of the software maker’s stock worth $1,284,000 after purchasing an additional 360 shares during the last quarter. Finally, 1492 Capital Management LLC raised its position in RingCentral by 1.0% in the 4th quarter. 1492 Capital Management LLC now owns 36,751 shares of the software maker’s stock worth $1,248,000 after purchasing an additional 363 shares during the last quarter. Institutional investors 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.