RingCentral (NYSE:RNG) had its target price hoisted by Craig Hallum from $50.00 to $65.00 in a research note issued on Tuesday. The firm presently has a “buy” rating on the software maker’s stock. Craig Hallum’s target price points to a potential upside of 13.74% from the company’s previous close.
A number of other research analysts have also recently weighed in on the stock. Northland Securities set a $61.00 price objective on shares of RingCentral and gave the company a “buy” rating in a research report on Tuesday. Bank of America boosted their price objective on shares of RingCentral from $57.00 to $67.00 and gave the company a “buy” rating in a research report on Tuesday. JPMorgan Chase & Co. boosted their price objective on shares of RingCentral from $52.00 to $60.00 and gave the company a “neutral” rating in a research report on Tuesday. Morgan Stanley set a $60.00 price objective on shares of RingCentral and gave the company a “hold” rating in a research report on Tuesday. Finally, Oppenheimer boosted their price objective on shares of RingCentral from $60.00 to $66.00 and gave the company an “outperform” rating in a research report on Tuesday. Four analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $51.71.
Shares of RingCentral (RNG) traded up $3.80 on Tuesday, reaching $57.15. 1,290,562 shares of the company traded hands, compared to its average volume of 470,912. RingCentral has a 12 month low of $22.55 and a 12 month high of $58.70. The company has a market capitalization of $4,026.12, a PE ratio of -163.29 and a beta of 0.87.
In other news, COO David Sipes sold 15,270 shares of the business’s stock in a transaction on Tuesday, November 28th. The shares were sold at an average price of $49.06, for a total transaction 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Praful Shah sold 10,000 shares of the business’s stock in a transaction on Tuesday, November 21st. The shares were sold at an average price of $48.61, for a total transaction of $486,100.00. Following the sale, the insider now directly owns 296,050 shares of the company’s stock, valued at $14,390,990.50. The disclosure for this sale can be found here. Insiders have sold 230,934 shares of company stock worth $11,112,262 in the last quarter. Company insiders own 14.53% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of RNG. BlackRock Inc. boosted its stake in shares of RingCentral by 17.2% during the fourth quarter. BlackRock Inc. now owns 5,110,028 shares of the software maker’s stock valued at $247,325,000 after purchasing an additional 750,564 shares during the period. Lord Abbett & CO. LLC purchased a new stake in shares of RingCentral during the second quarter valued at $15,376,000. Renaissance Technologies LLC boosted its stake in shares of RingCentral by 14.8% during the fourth quarter. Renaissance Technologies LLC now owns 1,769,500 shares of the software maker’s stock valued at $85,644,000 after purchasing an additional 228,200 shares during the period. Shell Asset Management Co. purchased a new stake in shares of RingCentral during the fourth quarter valued at $9,281,000. Finally, Vanguard Group Inc. boosted its stake in shares of RingCentral by 2.9% during the second quarter. Vanguard Group Inc. now owns 5,335,616 shares of the software maker’s stock valued at $195,017,000 after purchasing an additional 151,567 shares during the period. 75.37% of the stock is owned by hedge funds and other 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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