RingCentral (NYSE:RNG) Price Target Raised to $40.00

RingCentral (NYSE:RNG) had its price target raised by Morgan Stanley from $38.00 to $40.00 in a report published on Wednesday,Benzinga reports. The brokerage currently has an equal weight rating on the software maker’s stock.

A number of other analysts have also issued reports on RNG. Piper Sandler increased their price target on shares of RingCentral from $31.00 to $38.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Robert W. Baird increased their target price on shares of RingCentral from $36.00 to $38.00 and gave the stock a “neutral” rating in a research report on Monday, November 11th. Raymond James lowered their price target on shares of RingCentral from $52.00 to $50.00 and set a “strong-buy” rating on the stock in a report on Friday, November 8th. Wedbush increased their price objective on RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Finally, Mizuho restated a “neutral” rating and issued a $42.00 target price on shares of RingCentral in a research note on Friday, December 13th. Eight equities research analysts have rated the stock with a hold rating, five have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, RingCentral currently has an average rating of “Moderate Buy” and an average target price of $42.00.

RingCentral Stock Down 1.6 %

NYSE:RNG traded down $0.61 during trading hours on Wednesday, reaching $37.06. 233,587 shares of the company’s stock were exchanged, compared to its average volume of 1,231,861. The company has a market capitalization of $3.35 billion, a P/E ratio of -34.96, a price-to-earnings-growth ratio of 2.48 and a beta of 0.99. RingCentral has a 12 month low of $26.98 and a 12 month high of $42.19. The business’s 50-day simple moving average is $36.60 and its two-hundred day simple moving average is $33.11.

RingCentral (NYSE:RNG) last issued its quarterly earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $608.77 million for the quarter, compared to analysts’ expectations of $601.91 million. As a group, sell-side analysts anticipate that RingCentral will post 0.84 earnings per share for the current fiscal year.

Insider Transactions at RingCentral

In other RingCentral news, Director Ned D. Segal sold 2,914 shares of the business’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $41.60, for a total value of $121,222.40. Following the completion of the transaction, the director now directly owns 10,633 shares of the company’s stock, valued at approximately $442,332.80. The trade was a 21.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Robert I. Theis sold 1,457 shares of the stock in a transaction that occurred 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 sale, the director now directly owns 28,690 shares in the company, valued at $1,084,195.10. This trade represents a 4.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 117,173 shares of company stock valued at $4,175,376. 6.76% of the stock is owned by insiders.

Institutional Investors Weigh In On RingCentral

Several institutional investors have recently modified their holdings of RNG. Pacer Advisors Inc. lifted its holdings in RingCentral by 45.3% in the third quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker’s stock valued at $83,483,000 after buying an additional 822,892 shares during the period. Renaissance Technologies LLC raised its position in shares of RingCentral by 3.5% during the 2nd quarter. Renaissance Technologies LLC now owns 1,606,700 shares of the software maker’s stock valued at $45,309,000 after acquiring an additional 54,500 shares during the last quarter. AQR Capital Management LLC lifted its stake in shares of RingCentral by 2.4% in the 2nd quarter. AQR Capital Management LLC now owns 881,109 shares of the software maker’s stock valued at $24,706,000 after purchasing an additional 20,666 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of RingCentral by 7.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 822,087 shares of the software maker’s stock worth $26,003,000 after purchasing an additional 59,570 shares during the period. Finally, Cubist Systematic Strategies LLC grew its stake in shares of RingCentral by 130.1% during the second quarter. Cubist Systematic Strategies LLC now owns 414,347 shares of the software maker’s stock worth $11,685,000 after purchasing an additional 234,238 shares during the period. 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.