Morgan Stanley Increases RingCentral (RNG) Price Target to $60.00

RingCentral (NYSE:RNG) had its target price upped by equities researchers at Morgan Stanley from $50.00 to $60.00 in a research report issued on Tuesday. The brokerage currently has an “overweight” rating on the software maker’s stock. Morgan Stanley’s target price suggests a potential upside of 12.46% from the company’s current price.

RNG has been the subject of a number of other research reports. Zacks Investment Research downgraded shares of RingCentral from a “buy” rating to a “hold” rating in a research report on Wednesday, October 18th. Oppenheimer lifted their target price on shares of RingCentral from $45.00 to $50.00 and gave the stock an “outperform” rating in a research report on Thursday, November 9th. Bank of America lifted their target price on shares of RingCentral from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, October 25th. Jefferies Group reaffirmed a “buy” rating and issued a $48.00 target price on shares of RingCentral in a research report on Thursday, October 19th. Finally, Northland Securities reissued a “buy” rating and set a $46.00 price objective on shares of RingCentral in a research report on Friday, November 10th. Three equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $47.07.

RingCentral (RNG) opened at $53.35 on Tuesday. RingCentral has a 1-year low of $22.55 and a 1-year high of $56.15. The firm has a market cap of $4,026.12, a P/E ratio of -152.43 and a beta of 0.87.

RingCentral (NYSE:RNG) last posted its earnings results on Monday, February 12th. The software maker reported $0.07 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.01. RingCentral had a negative net margin of 5.80% and a negative return on equity of 17.97%. The business had revenue of $140.50 million during the quarter, compared to the consensus estimate of $136.34 million. During the same quarter in the previous year, the firm posted $0.03 EPS. The firm’s revenue was up 34.4% on a year-over-year basis. analysts forecast that RingCentral will post -0.33 EPS for the current year.

In other news, CEO Vladimir Shmunis sold 101,453 shares of the business’s stock in a transaction on Wednesday, November 22nd. The shares were sold at an average price of $48.34, for a total transaction of $4,904,238.02. Following the completion of the sale, the chief executive officer now owns 355,041 shares of the company’s stock, valued at approximately $17,162,681.94. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO John H. Marlow sold 1,945 shares of the business’s stock in a transaction on Wednesday, November 22nd. The shares were sold at an average price of $48.65, for a total transaction of $94,624.25. Following the sale, the chief accounting officer now directly owns 120,373 shares of the company’s stock, valued at approximately $5,856,146.45. The disclosure for this sale can be found here. In the last three months, insiders have sold 230,934 shares of company stock valued at $11,112,262. Insiders own 14.53% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. State Street Corp lifted its stake in shares of RingCentral by 7.3% during the 2nd quarter. State Street Corp now owns 1,253,662 shares of the software maker’s stock valued at $45,824,000 after buying an additional 85,404 shares in the last quarter. Bank of Nova Scotia purchased a new position in shares of RingCentral during the 2nd quarter valued at $1,871,000. Los Angeles Capital Management & Equity Research Inc. lifted its stake in shares of RingCentral by 91.8% during the 3rd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 20,291 shares of the software maker’s stock valued at $847,000 after buying an additional 9,710 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its stake in shares of RingCentral by 8.4% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 287,380 shares of the software maker’s stock valued at $11,999,000 after buying an additional 22,347 shares in the last quarter. Finally, Fox Run Management L.L.C. purchased a new position in shares of RingCentral during the 4th quarter valued at $576,000. Institutional investors own 75.37% of the company’s stock.

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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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