RingCentral (NYSE:RNG) has been assigned a $61.00 price target by investment analysts at Northland Securities in a report issued on Tuesday. The firm presently has a “buy” rating on the software maker’s stock. Northland Securities’ price objective suggests a potential upside of 6.74% from the stock’s current price.
Other equities research analysts have also issued reports about the company. Bank of America increased their price target on RingCentral from $57.00 to $67.00 and gave the company a “buy” rating in a research report on Tuesday. Zacks Investment Research raised RingCentral from a “hold” rating to a “buy” rating and set a $52.00 price target for the company in a research report on Tuesday, November 14th. Craig Hallum reissued a “buy” rating and issued a $50.00 price target (up from $40.00) on shares of RingCentral in a research report on Thursday, November 9th. Jefferies Group reissued a “buy” rating and issued a $48.00 price target on shares of RingCentral in a research report on Thursday, October 19th. Finally, Morgan Stanley set a $60.00 price target on RingCentral and gave the company a “hold” rating in a research report on Tuesday. Four equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. RingCentral presently has an average rating of “Buy” and an average price target of $49.93.
RingCentral (NYSE:RNG) traded up $3.80 during midday trading on Tuesday, reaching $57.15. The company had a trading volume of 1,290,562 shares, compared to its average volume of 470,912. The stock has a market cap of $4,026.12, a price-to-earnings ratio of -163.29 and a beta of 0.87. RingCentral has a twelve month low of $22.55 and a twelve month high of $58.70.
In other news, CFO Mitesh Dhruv sold 3,000 shares of the firm’s stock in a transaction on Wednesday, November 22nd. The stock was sold at an average price of $48.22, for a total transaction 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 legal filing with the SEC, which is available at the SEC website. Also, COO David Sipes sold 15,270 shares of the firm’s stock in a transaction on Tuesday, November 28th. The shares were sold at an average price of $49.06, for a total value of $749,146.20. Following 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 ninety days, insiders have sold 230,934 shares of company stock valued at $11,112,262. Insiders own 14.53% of the company’s stock.
Several institutional investors have recently made changes to their positions in RNG. Ameriprise Financial Inc. grew its stake in shares of RingCentral by 43.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 107,873 shares of the software maker’s stock worth $3,943,000 after acquiring an additional 32,446 shares during the period. New York State Common Retirement Fund grew its stake in shares of RingCentral by 10.2% during the 2nd quarter. New York State Common Retirement Fund now owns 66,800 shares of the software maker’s stock worth $2,442,000 after acquiring an additional 6,199 shares during the period. UBS Asset Management Americas Inc. grew its stake in shares of RingCentral by 26.6% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 22,758 shares of the software maker’s stock worth $832,000 after acquiring an additional 4,787 shares during the period. Northern Trust Corp grew its stake in shares of RingCentral by 11.8% during the 2nd quarter. Northern Trust Corp now owns 797,090 shares of the software maker’s stock worth $29,134,000 after acquiring an additional 83,918 shares during the period. Finally, Vanguard Group Inc. grew its stake in shares of RingCentral by 2.9% during the 2nd quarter. Vanguard Group Inc. now owns 5,335,616 shares of the software maker’s stock worth $195,017,000 after acquiring 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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