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

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

Several other analysts have also commented on RNG. StockNews.com lowered shares of RingCentral from a “strong-buy” rating to a “buy” rating in a research report on Saturday, October 19th. Northland Securities lifted their price target on shares of RingCentral from $43.00 to $50.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Rosenblatt Securities reissued a “buy” rating and set a $45.00 price objective on shares of RingCentral in a report on Friday, November 8th. Piper Sandler boosted their target price on RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $42.00 price target on shares of RingCentral in a research note on Monday. Eight equities research analysts have rated the stock with a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $40.73.

RingCentral Stock Up 4.6 %

RNG stock opened at $37.94 on Monday. The firm has a market cap of $3.48 billion, a PE ratio of -35.79, a P/E/G ratio of 2.30 and a beta of 0.99. The business 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.

RingCentral (NYSE:RNG) last posted its quarterly earnings data 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 for the quarter, compared to analysts’ expectations of $601.91 million. On average, research analysts expect that RingCentral will post 0.84 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Vaibhav Agarwal sold 1,985 shares of the company’s stock in a transaction 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 transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CAO John H. Marlow sold 19,498 shares of RingCentral stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $32.52, for a total transaction of $634,074.96. Following the completion of the sale, the chief accounting officer now owns 391,542 shares in the company, valued at approximately $12,732,945.84. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Vaibhav Agarwal sold 1,985 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $31.40, for a total transaction of $62,329.00. Following the completion of the transaction, the chief financial officer now owns 135,560 shares in the company, valued at approximately $4,256,584. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 103,824 shares of company stock worth $3,386,396 in the last three months. 6.76% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On RingCentral

Several hedge funds have recently bought and sold shares of the stock. Versant Capital Management Inc raised its position in shares of RingCentral by 138.3% during the 2nd quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker’s stock valued at $32,000 after buying an additional 664 shares in the last quarter. Point72 DIFC Ltd bought a new position in shares of RingCentral during the 2nd quarter valued at about $39,000. Venturi Wealth Management LLC raised its holdings in shares of RingCentral by 150.4% during the 3rd quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock valued at $59,000 after buying an additional 1,119 shares in the last quarter. KBC Group NV lifted its position in RingCentral by 38.9% in the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock worth $84,000 after buying an additional 744 shares during the last quarter. Finally, Central Pacific Bank Trust Division purchased a new stake in RingCentral in the third quarter worth approximately $121,000. 98.61% of the stock is currently owned by institutional investors.

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.