RingCentral (NYSE:RNG) Price Target Raised to $38.00

RingCentral (NYSE:RNG) had its price objective upped by Robert W. Baird from $36.00 to $38.00 in a report issued on Monday,Benzinga reports. They currently have a neutral rating on the software maker’s stock.

RNG has been the topic of a number of other reports. Rosenblatt Securities reissued a “buy” rating and set a $45.00 price target on shares of RingCentral in a research note on Friday, November 8th. Wells Fargo & Company lifted their price target on shares of RingCentral from $28.00 to $35.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. StockNews.com downgraded RingCentral from a “strong-buy” rating to a “buy” rating in a report on Saturday, October 19th. Wedbush lifted their target price on RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Finally, Deutsche Bank Aktiengesellschaft increased their price target on RingCentral from $42.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, August 6th. Eight investment analysts have rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, RingCentral has an average rating of “Moderate Buy” and a consensus target price of $40.73.

RingCentral Trading Up 4.6 %

Shares of NYSE:RNG opened at $37.94 on Monday. The firm has a 50 day moving average of $32.44 and a 200-day moving average of $32.39. RingCentral has a 12 month low of $26.63 and a 12 month high of $40.98. The stock has a market capitalization of $3.48 billion, a PE ratio of -35.79, a PEG ratio of 2.30 and a beta of 0.99.

RingCentral (NYSE:RNG) last released its earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.10. The firm had revenue of $608.77 million during the quarter, compared to analysts’ expectations of $601.91 million. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. On average, research analysts predict that RingCentral will post 0.84 EPS for the current fiscal year.

Insider Activity

In other news, CAO John H. Marlow sold 19,498 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $32.52, for a total value of $634,074.96. Following the completion of the sale, the chief accounting officer now directly owns 391,542 shares in the company, valued at $12,732,945.84. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. In other RingCentral news, CAO John H. Marlow sold 19,498 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $32.52, for a total value of $634,074.96. Following the transaction, the chief accounting officer now owns 391,542 shares in the company, valued at approximately $12,732,945.84. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Vaibhav Agarwal sold 1,985 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $31.40, for a total value of $62,329.00. Following the sale, the chief financial officer now owns 135,560 shares of the company’s stock, valued at approximately $4,256,584. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 103,824 shares of company stock worth $3,386,396. Company insiders own 6.76% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Natixis acquired a new stake in shares of RingCentral in the 1st quarter worth about $837,000. Victory Capital Management Inc. raised its stake in shares of RingCentral by 35.0% in the second quarter. Victory Capital Management Inc. now owns 116,300 shares of the software maker’s stock worth $3,280,000 after purchasing an additional 30,138 shares during the last quarter. Jacobs Levy Equity Management Inc. lifted its holdings in shares of RingCentral by 163.1% in the first quarter. Jacobs Levy Equity Management Inc. now owns 310,991 shares of the software maker’s stock valued at $10,804,000 after purchasing an additional 192,766 shares in the last quarter. Olympiad Research LP purchased a new position in shares of RingCentral during the third quarter valued at approximately $483,000. Finally, Jupiter Asset Management Ltd. bought a new stake in RingCentral during the first quarter worth $1,510,000. 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.