RingCentral (NYSE:RNG) PT Lowered to $150.00 at Wells Fargo & Company

RingCentral (NYSE:RNGGet Rating) had its target price dropped by investment analysts at Wells Fargo & Company from $185.00 to $150.00 in a research report issued to clients and investors on Tuesday, The Fly reports. Wells Fargo & Company‘s price target indicates a potential upside of 119.11% from the stock’s current price.

Other analysts also recently issued research reports about the stock. StockNews.com began coverage on shares of RingCentral in a research report on Thursday, March 31st. They set a “sell” rating for the company. Truist Financial decreased their target price on shares of RingCentral from $450.00 to $295.00 and set a “buy” rating for the company in a research report on Wednesday, February 23rd. KeyCorp decreased their target price on shares of RingCentral from $295.00 to $252.00 and set an “overweight” rating for the company in a research report on Wednesday, February 23rd. Robert W. Baird decreased their target price on shares of RingCentral from $130.00 to $95.00 in a research report on Tuesday. Finally, Barclays reduced their price objective on shares of RingCentral from $300.00 to $140.00 and set an “overweight” rating for the company in a research report on Tuesday, April 26th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $192.68.

Shares of RingCentral stock traded down $0.20 on Tuesday, hitting $68.46. The stock had a trading volume of 155,149 shares, compared to its average volume of 1,259,416. The stock has a 50 day moving average of $107.03 and a 200 day moving average of $163.13. RingCentral has a twelve month low of $68.38 and a twelve month high of $315.00. The company has a debt-to-equity ratio of 4.13, a quick ratio of 1.24 and a current ratio of 1.24. The firm has a market capitalization of $6.31 billion, a P/E ratio of -17.06 and a beta of 0.93.

RingCentral (NYSE:RNGGet Rating) last released its earnings results on Tuesday, February 22nd. The software maker reported ($0.51) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.56) by $0.05. The business had revenue of $448.00 million during the quarter, compared to the consensus estimate of $434.83 million. RingCentral had a negative net margin of 23.59% and a negative return on equity of 126.80%. The company’s revenue for the quarter was up 33.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.16) EPS. Equities analysts expect that RingCentral will post -1.99 earnings per share for the current year.

Several institutional investors and hedge funds have recently modified their holdings of RNG. Capital World Investors lifted its stake in RingCentral by 13.0% during the 4th quarter. Capital World Investors now owns 11,188,825 shares of the software maker’s stock valued at $2,096,226,000 after acquiring an additional 1,283,945 shares in the last quarter. Capital International Investors lifted its stake in RingCentral by 37.5% during the 4th quarter. Capital International Investors now owns 8,901,739 shares of the software maker’s stock valued at $1,667,741,000 after acquiring an additional 2,427,359 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in RingCentral by 53.0% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,381,592 shares of the software maker’s stock valued at $446,191,000 after acquiring an additional 825,356 shares in the last quarter. Sustainable Growth Advisers LP lifted its stake in RingCentral by 25.4% during the 3rd quarter. Sustainable Growth Advisers LP now owns 1,333,792 shares of the software maker’s stock valued at $290,100,000 after acquiring an additional 270,275 shares in the last quarter. Finally, Pictet Asset Management SA lifted its stake in RingCentral by 42.6% during the 4th quarter. Pictet Asset Management SA now owns 1,259,232 shares of the software maker’s stock valued at $235,917,000 after acquiring an additional 376,322 shares in the last quarter. 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.

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