Oppenheimer Boosts Ringcentral (RNG) Price Target to $56.00
Ringcentral (NYSE:RNG) had its price objective upped by equities researchers at Oppenheimer from $50.00 to $56.00 in a research note issued on Wednesday. The brokerage currently has an “outperform” rating on the software maker’s stock. Oppenheimer’s price objective would suggest a potential upside of 27.27% from the stock’s previous close.
Other research analysts also recently issued research reports about the stock. Dougherty & Co reiterated a “buy” rating and set a $40.00 price target (up previously from $36.00) on shares of Ringcentral in a research report on Wednesday, August 9th. BidaskClub upgraded shares of Ringcentral from a “hold” rating to a “buy” rating in a research report on Wednesday, August 16th. Zacks Investment Research upgraded shares of Ringcentral from a “hold” rating to a “buy” rating and set a $52.00 price target on the stock in a research report on Tuesday, November 14th. Northland Securities reiterated a “buy” rating and set a $46.00 price target on shares of Ringcentral in a research report on Friday, November 10th. Finally, Craig Hallum reiterated a “buy” rating and set a $50.00 price target (up previously from $40.00) on shares of Ringcentral in a research report on Thursday, November 9th. Three equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Ringcentral has a consensus rating of “Buy” and a consensus price target of $44.62.
Shares of Ringcentral (NYSE:RNG) remained flat at $$44.00 during midday trading on Wednesday. The stock had a trading volume of 555,700 shares, compared to its average volume of 663,242. Ringcentral has a one year low of $20.55 and a one year high of $49.95.
In other news, CFO Mitesh Dhruv sold 3,000 shares of the company’s stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $48.22, for a total value of $144,660.00. Following the completion of the sale, the chief financial officer now directly owns 129,087 shares of the company’s stock, valued at approximately $6,224,575.14. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO David Sipes sold 15,270 shares of the company’s stock in a transaction dated Tuesday, November 28th. The shares were sold at an average price of $49.06, for a total value of $749,146.20. Following the completion of the sale, the chief operating officer now directly owns 280,781 shares of the company’s stock, valued at $13,775,115.86. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 361,576 shares of company stock worth $16,249,722. Corporate insiders own 14.53% of the company’s stock.
Several hedge funds have recently made changes to their positions in RNG. Ameritas Investment Partners Inc. increased its stake in shares of Ringcentral by 8.3% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,480 shares of the software maker’s stock valued at $200,000 after acquiring an additional 418 shares during the last quarter. ProShare Advisors LLC bought a new stake in shares of Ringcentral in the 2nd quarter valued at about $202,000. Virtu KCG Holdings LLC bought a new stake in shares of Ringcentral in the 2nd quarter valued at about $248,000. Turner Investments LLC bought a new stake in shares of Ringcentral in the 2nd quarter valued at about $256,000. Finally, BT Investment Management Ltd bought a new stake in shares of Ringcentral in the 2nd quarter valued at about $272,000. 76.43% of the stock is owned by institutional investors.
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Ringcentral Company Profile
RingCentral, Inc is a provider of software-as-a-service (SaaS) solutions for businesses to support modern communications. The Company’s cloud-based business communications solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, personal computers (PCs) and desk phones, and allow for communication across multiple channels, including high definition (HD) voice, video, short messaging service (SMS), messaging and collaboration, conferencing, online meetings, and fax.
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