Morgan Stanley Cuts RingCentral (NYSE:RNG) Price Target to $32.00

RingCentral (NYSE:RNG) had its target price cut by investment analysts at Morgan Stanley from $35.00 to $32.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has an “equal weight” rating on the software maker’s stock. Morgan Stanley’s target price points to a potential upside of 9.44% from the company’s current price.

Other equities analysts have also issued research reports about the stock. Needham & Company LLC decreased their price objective on shares of RingCentral from $46.00 to $42.00 and set a “buy” rating for the company in a research note on Wednesday, February 21st. KeyCorp decreased their price objective on shares of RingCentral from $50.00 to $48.00 and set an “overweight” rating for the company in a research note on Wednesday, February 21st. Piper Sandler decreased their price objective on shares of RingCentral from $34.00 to $31.00 and set a “neutral” rating for the company in a research note on Wednesday, February 21st. Wedbush reaffirmed a “neutral” rating and issued a $40.00 price objective on shares of RingCentral in a research note on Friday, February 16th. Finally, The Goldman Sachs Group decreased their price objective on shares of RingCentral from $38.00 to $34.00 and set a “neutral” rating for the company in a research note on Wednesday, February 21st. Eight equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $38.56.

RingCentral Stock Performance

Shares of NYSE:RNG opened at $29.24 on Wednesday. The stock has a market capitalization of $2.70 billion, a price-to-earnings ratio of -16.71, a PEG ratio of 3.22 and a beta of 0.92. RingCentral has a 1-year low of $25.08 and a 1-year high of $43.28. The company has a 50 day moving average price of $33.19 and a 200 day moving average price of $31.80.

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

Insider Activity

In other news, CFO Vaibhav Agarwal sold 1,984 shares of the firm’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $34.55, for a total transaction of $68,547.20. Following the transaction, the chief financial officer now owns 114,656 shares in the company, valued at approximately $3,961,364.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Vaibhav Agarwal sold 1,984 shares of RingCentral stock in a transaction on Monday, April 1st. The shares were sold at an average price of $34.55, for a total value of $68,547.20. Following the transaction, the chief financial officer now owns 114,656 shares in the company, valued at approximately $3,961,364.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kenneth A. Goldman sold 1,287 shares of RingCentral stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $34.47, for a total transaction of $44,362.89. Following the completion of the transaction, the director now owns 23,688 shares in the company, valued at approximately $816,525.36. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 23,608 shares of company stock worth $800,974. 6.76% of the stock is owned by corporate insiders.

Institutional Trading of RingCentral

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in RingCentral by 3.8% in the 4th quarter. Vanguard Group Inc. now owns 10,371,224 shares of the software maker’s stock worth $352,103,000 after purchasing an additional 382,343 shares during the last quarter. Sylebra Capital LLC acquired a new stake in shares of RingCentral during the 3rd quarter valued at about $242,462,000. Ameriprise Financial Inc. boosted its position in shares of RingCentral by 515.7% during the 3rd quarter. Ameriprise Financial Inc. now owns 2,716,470 shares of the software maker’s stock valued at $80,489,000 after acquiring an additional 2,275,245 shares in the last quarter. First Trust Advisors LP boosted its position in shares of RingCentral by 15.9% during the 4th quarter. First Trust Advisors LP now owns 1,991,917 shares of the software maker’s stock valued at $67,626,000 after acquiring an additional 273,109 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of RingCentral by 4.3% during the 2nd quarter. Geode Capital Management LLC now owns 1,144,224 shares of the software maker’s stock valued at $37,450,000 after acquiring an additional 47,607 shares in the last quarter. 98.61% of the stock is currently owned by institutional investors and hedge funds.

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.