Morgan Stanley Issues Positive Forecast for RingCentral (NYSE:RNG) Stock Price

RingCentral (NYSE:RNG) had its target price boosted by equities research analysts at Morgan Stanley from $38.00 to $40.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has an “equal weight” rating on the software maker’s stock. Morgan Stanley’s price objective indicates a potential upside of 2.00% from the company’s current price.

A number of other research analysts also recently commented on RNG. Wedbush raised their target price on shares of RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Needham & Company LLC restated a “buy” rating and issued a $42.00 target price on shares of RingCentral in a research note on Monday, November 11th. Robert W. Baird upped their price target on RingCentral from $36.00 to $38.00 and gave the stock a “neutral” rating in a research report on Monday, November 11th. StockNews.com upgraded RingCentral from a “buy” rating to a “strong-buy” rating in a research note on Monday, November 11th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $45.00 price target on shares of RingCentral in a research note on Friday, November 8th. Eight investment analysts have rated the stock with a hold rating, five have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $42.00.

RingCentral Stock Performance

Shares of NYSE RNG opened at $39.22 on Wednesday. RingCentral has a 52-week low of $26.98 and a 52-week high of $42.19. The firm has a market capitalization of $3.55 billion, a price-to-earnings ratio of -37.00, a PEG ratio of 2.48 and a beta of 0.99. The stock has a 50 day moving average price of $36.27 and a 200 day moving average price of $33.05.

RingCentral (NYSE:RNG) last issued 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. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. The business had revenue of $608.77 million during the quarter, compared to analysts’ expectations of $601.91 million. Analysts forecast that RingCentral will post 0.84 earnings per share for the current year.

Insider Buying and Selling at RingCentral

In other news, CFO Vaibhav Agarwal sold 1,985 shares of the firm’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 transaction of $62,329.00. Following the sale, the chief financial officer now owns 135,560 shares of the company’s stock, valued at $4,256,584. This trade represents a 1.44 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Robert I. Theis sold 1,457 shares of the business’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $37.79, for a total transaction of $55,060.03. Following the completion of the transaction, the director now owns 28,690 shares of the company’s stock, valued at approximately $1,084,195.10. This represents a 4.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 117,173 shares of company stock worth $4,175,376. Company insiders own 6.76% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Pacer Advisors Inc. increased its stake in shares of RingCentral by 45.3% in the 3rd quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker’s stock valued at $83,483,000 after purchasing an additional 822,892 shares in the last quarter. Foundry Partners LLC purchased a new stake in shares of RingCentral in the third quarter valued at approximately $8,886,000. Cubist Systematic Strategies LLC raised its stake in shares of RingCentral by 130.1% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 414,347 shares of the software maker’s stock worth $11,685,000 after buying an additional 234,238 shares during the period. Jupiter Asset Management Ltd. lifted its position in shares of RingCentral by 404.2% during the 2nd quarter. Jupiter Asset Management Ltd. now owns 219,187 shares of the software maker’s stock valued at $6,181,000 after buying an additional 175,715 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in RingCentral in the 2nd quarter valued at $4,801,000. Institutional investors and hedge funds own 98.61% of the company’s stock.

RingCentral Company Profile

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.