RingCentral (NYSE:RNG) Stock Price Expected to Rise, Piper Sandler Analyst Says

RingCentral (NYSE:RNG) had its price target upped by Piper Sandler from $31.00 to $38.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the software maker’s stock. Piper Sandler’s target price would suggest a potential upside of 0.08% from the company’s current price.

A number of other research firms have also commented on RNG. Robert W. Baird raised their price objective on RingCentral from $35.00 to $36.00 and gave the stock a “neutral” rating in a research note on Monday, August 5th. Wells Fargo & Company boosted their price target on RingCentral from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. StockNews.com downgraded shares of RingCentral from a “strong-buy” rating to a “buy” rating in a research note on Saturday, October 19th. Wedbush raised shares of RingCentral to a “hold” rating in a report on Thursday, October 17th. Finally, Northland Securities upped 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. Eight analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $40.60.

RingCentral Stock Performance

RNG opened at $37.97 on Friday. The stock has a fifty day moving average of $32.13 and a 200-day moving average of $32.25. The company has a market capitalization of $3.49 billion, a P/E ratio of -35.82, a P/E/G ratio of 2.92 and a beta of 0.99. RingCentral has a fifty-two week low of $26.23 and a fifty-two week high of $40.98.

RingCentral (NYSE:RNG) last issued 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. The business had revenue of $608.77 million during the quarter, compared to analyst estimates of $601.91 million. On average, equities research analysts predict that RingCentral will post 0.63 earnings per share for the current fiscal year.

Insider Buying and Selling at RingCentral

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 sale, the chief financial officer now directly 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 transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CFO Sonalee Elizabeth Parekh sold 9,913 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $33.45, for a total transaction of $331,589.85. Following the completion of the sale, the chief financial officer now owns 358,622 shares of the company’s stock, valued at $11,995,905.90. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 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 completion of the transaction, the chief financial officer now directly 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. In the last 90 days, insiders sold 103,824 shares of company stock valued at $3,386,396. 6.76% of the stock is currently owned by company insiders.

Institutional Trading of RingCentral

Several hedge funds have recently modified their holdings of RNG. Capital World Investors boosted its stake in RingCentral by 7.3% during the first quarter. Capital World Investors now owns 12,139,394 shares of the software maker’s stock worth $421,723,000 after acquiring an additional 825,156 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of RingCentral by 5.2% during the first quarter. Vanguard Group Inc. now owns 10,909,549 shares of the software maker’s stock valued at $378,998,000 after purchasing an additional 538,325 shares during the period. Pacer Advisors Inc. raised its holdings in shares of RingCentral by 25.2% during the second quarter. Pacer Advisors Inc. now owns 1,816,464 shares of the software maker’s stock valued at $51,224,000 after purchasing an additional 365,738 shares during the period. Foundry Partners LLC bought a new position in shares of RingCentral during the 3rd quarter worth about $8,886,000. Finally, Cubist Systematic Strategies LLC increased its position in RingCentral by 130.1% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 414,347 shares of the software maker’s stock valued at $11,685,000 after buying an additional 234,238 shares in the last quarter. Institutional investors 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.