According to Benzinga, a research note published on Friday by Wells Fargo & Company stated that the company’s research analysts have lowered their price objective for RingCentral (NYSE: RNG) from $80.00 to $60.00. The statement was made about the price objective for the company’s stock. At this time, the software developer’s stock has been given a rating of “overweight” by the institution that provided the rating. Compared to the company’s current price, the price objective established by Wells Fargo & Company has an upside potential of 798.2% greater than the current price.
Several additional studies have concentrated their attention on the RNG as the primary object of their inquiry. RingCentral’s price target was lowered to $70.00 by Goldman Sachs Group in a report that was published on November 16. The report was about the company’s price target. While maintaining their “buy” rating on the company, Mizuho lowered their price objective for RingCentral’s stock from $80.00 to $50.00 in a research report published on November 10. According to a study by Craig Hallum on November 10, their price goal for RingCentral was reduced from $110.00 to $60.00. Before this adjustment, the price target was set at $110.00. Oppenheimer stated that they had decreased their price objective for RingCentral to $40.00 in a research report published on November 15. BTIG Research changed its rating for RingCentral from “buy” to “neutral” in a study that was published on Tuesday, October 18, and the company also changed its recommendation for RingCentral from “buy” to “neutral.” Various investment analysts have given the stock ratings: sell from one, hold from seven, buy from 18, and strong buy from one. The information discovered on Bloomberg.com indicates that the company is currently rated as having an average recommendation of “Moderate Buy” and has a price target of $79.75.
When trading started on Friday, the share price of RingCentral was determined to be $33.37 per share. The company’s market capitalization is $3.20 billion; it has a price-to-earnings ratio of -4.43 and a beta value of 0.88. Within the past year, the price of RingCentral has ranged from $28.00 to $194.40, which is a new all-time high and low, respectively. The moving average for the company over the past 50 days is $35.69, and the moving average over the past 200 days corresponds to $42.55.
On November 9, the report of RingCentral’s (NYSE: RNG) financial performance was made public and available for viewing. The software company reported earnings per share (EPS) for the quarter of ($0.42), which was $0.06 less than what was expected by the general public, which was ($0.36). In addition, the company’s performance for the quarter resulted in actual revenue of $509.03 million, whereas the consensus estimate among analysts was $502.93 million. At the end of the fiscal year, RingCentral’s return on equity was negative at a rate of 765.97%, and the company’s net margin was negative at 37.31%. As a result, market analysts anticipate RingCentral to incur a $1.23 per share loss during the current fiscal year. This prediction is based on the company’s historical performance.
The company’s Chief Administrative Officer, Vaibhav Agarwal, sold 1,823 shares of the company’s stock on November 16, as reported in other recent business news. Because the price per share was $39.87 on average, there was a total of $72,683.01 worth of the stock sold. The chief accounting officer now owns 110,518 shares of the company’s stock as a direct consequence of the purchase. The current stock price amounts to an investment of approximately $4,406,352.66. In addition, the Securities and Exchange Commission was given legal documentation about the transaction, which can be viewed entirely by following the link provided in the previous sentence. The documentation was provided to the SEC. Vaibhav Agarwal, the company’s Chief Administrative Officer, sold 1,823 shares on November 16, according to some additional recent business news. Because the price per share was $39.87 on average, there was a total of $72,683.01 worth of the stock sold. The chief accounting officer now owns 110,518 shares of the company’s stock as a direct consequence of the purchase. The current stock price amounts to an investment of approximately $4,406,352.66.
The Securities and Exchange Commission was given legal documentation about the transaction, which can be viewed entirely by following the link provided in the previous sentence. The documentation was provided to the SEC. Additionally, Chief Executive Officer Vladimir Shmunis sold 38,017 shares of the company’s stock on December 14. It was determined that the stock was sold at a price that was an average of $39.86 per share, which resulted in a total transaction volume of 1,515,357.62 dollars. As a direct consequence of the transaction, the Chief Executive Officer now owns 241,175 shares. The current market value of these shares is $9,613,235.50. The disclosure about the purchase can be found in this particular location. According to the most recent available data, corporate insiders have sold 54,069 shares within the past ninety days, bringing in a total of $2,102,263 overall. There are currently insiders holding 6.49% of the total shares of stock in the company.
Recently, there has been a change in the proportion of holdings institutional investors have in the company. In the second quarter, Ronald Blue Trust Inc. completed a transaction valued at approximately $41,000 and bought a new stake in RingCentral shares. During the third quarter, C.M. Bidwell & Associates Ltd. provided RingCentral with a monetary contribution of $30,000 to support the company’s growth. The holdings of RingCentral Advisors Asset Management Inc. increased by 51.5 percent during the first three months of 2018. After acquiring 301 additional shares during the most recent fiscal quarter, Advisors Asset Management Inc. now holds 886 shares of the software manufacturer’s stock. Each share of this stock has a market value of $104,000, and the company’s holdings have a market value of $106,000. During the third quarter, Allworth Financial LP increased its ownership portfolio by purchasing 333.2 percent more RingCentral shares. Allworth Financial LP now has 1,096 shares of the software manufacturer’s stock worth $44,000 after purchasing an additional 843 shares during the most recent quarter. These shares were acquired through the purchase of additional. Wipfli Financial Advisors LLC made the final investment in RingCentral for $45,000 during the third quarter of 2018. To the extent of 88.09% of the company’s shares, hedge funds and other institutional investors are the owners of these shares.
RingCentral, Inc., a company with headquarters in the United States of America, provides software-as-a-service tools. These tools enable businesses to connect, communicate, and collaborate. The Message Video Phone platform is the foundation for the company’s solutions for call centers and cloud communications. The company provides these offerings. RingCentral’s solution for omnichannel, collaborative contact centers is known as RingCentral Contact Center, and it’s available from the company. RingCentral Engage Digital is a digital customer engagement platform allowing businesses to converse with their customers. RingCentral developed the platform. RingCentral Office makes it easier to communicate and work together across various channels, including high-definition voice and video, SMS and messaging, collaboration, conferencing, online meetings, and faxing.