RingCentral (NYSE:RNG) Price Target Raised to $45.00

RingCentral (NYSE:RNG) had its price target increased by Deutsche Bank Aktiengesellschaft from $42.00 to $45.00 in a research report report published on Tuesday, Benzinga reports. Deutsche Bank Aktiengesellschaft currently has a buy rating on the software maker’s stock.

A number of other research firms have also commented on RNG. Wells Fargo & Company lifted their price objective on shares of RingCentral from $28.00 to $35.00 and gave the company an equal weight rating in a research note on Friday, August 2nd. UBS Group increased their target price on shares of RingCentral from $37.00 to $40.00 and gave the company a neutral rating in a report on Wednesday, May 8th. Northland Securities increased their price objective on shares of RingCentral from $43.00 to $50.00 and gave the company an outperform rating in a research note on Friday, August 2nd. Needham & Company LLC reaffirmed a buy rating and set a $42.00 price objective on shares of RingCentral in a research note on Monday. Finally, Robert W. Baird boosted their price target on RingCentral from $35.00 to $36.00 and gave the company a neutral rating in a report on Monday. Eight research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of $40.07.

RingCentral Price Performance

Shares of RingCentral stock opened at $33.76 on Tuesday. The stock has a market capitalization of $3.11 billion, a price-to-earnings ratio of -22.66, a price-to-earnings-growth ratio of 3.02 and a beta of 1.03. RingCentral has a 12 month low of $25.08 and a 12 month high of $38.35. The business has a 50-day moving average of $31.25 and a 200 day moving average of $32.67.

RingCentral (NYSE:RNG) last announced its quarterly earnings data on Thursday, August 1st. The software maker reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. The company had revenue of $592.91 million for the quarter, compared to analyst estimates of $586.39 million. The business’s quarterly revenue was up 9.9% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.03) earnings per share. Equities research analysts anticipate that RingCentral will post 0.54 earnings per share for the current year.

Insider Transactions at RingCentral

In other RingCentral news, CFO Vaibhav Agarwal sold 1,985 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $28.20, for a total transaction of $55,977.00. Following the sale, the chief financial officer now owns 156,799 shares in the company, valued at $4,421,731.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other RingCentral news, CFO Vaibhav Agarwal sold 1,985 shares of RingCentral stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $28.20, for a total value of $55,977.00. Following the completion of the transaction, the chief financial officer now directly owns 156,799 shares in the company, valued at $4,421,731.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Sonalee Elizabeth Parekh sold 8,478 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $34.85, for a total value of $295,458.30. Following the completion of the sale, the chief financial officer now directly owns 388,919 shares in the company, valued at approximately $13,553,827.15. The disclosure for this sale can be found here. In the last 90 days, insiders sold 21,869 shares of company stock valued at $762,165. Insiders own 6.76% of the company’s stock.

Institutional Investors Weigh In On RingCentral

A number of hedge funds have recently made changes to their positions in RNG. Intellectus Partners LLC increased its position in RingCentral by 4.3% in the 4th quarter. Intellectus Partners LLC now owns 8,550 shares of the software maker’s stock valued at $290,000 after acquiring an additional 350 shares during the period. Treasurer of the State of North Carolina grew its stake in shares of RingCentral by 1.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 37,832 shares of the software maker’s stock valued at $1,284,000 after buying an additional 360 shares in the last quarter. 1492 Capital Management LLC increased its holdings in shares of RingCentral by 1.0% during the 4th quarter. 1492 Capital Management LLC now owns 36,751 shares of the software maker’s stock valued at $1,248,000 after acquiring an additional 363 shares during the last quarter. Hexagon Capital Partners LLC boosted its holdings in RingCentral by 44.1% during the first quarter. Hexagon Capital Partners LLC now owns 1,340 shares of the software maker’s stock valued at $47,000 after acquiring an additional 410 shares during the period. Finally, Simplicity Solutions LLC raised its stake in RingCentral by 4.5% during the 4th quarter. Simplicity Solutions LLC now owns 10,761 shares of the software maker’s stock valued at $365,000 after purchasing an additional 467 shares during the last quarter. Institutional investors own 98.61% of the company’s stock.

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.