RingCentral (RNG) PT Raised to $60.00 at JPMorgan Chase & Co.

RingCentral (NYSE:RNG) had its price target increased by stock analysts at JPMorgan Chase & Co. from $52.00 to $60.00 in a research report issued on Tuesday. The firm currently has a “neutral” rating on the software maker’s stock. JPMorgan Chase & Co.’s target price would suggest a potential upside of 3.00% from the stock’s previous close.

A number of other research analysts also recently issued reports on the company. Bank of America boosted their price target on RingCentral from $45.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, October 25th. 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 report on Tuesday, November 14th. Northland Securities reissued a “buy” rating and issued a $46.00 price target on shares of RingCentral in a report on Friday, November 10th. Oppenheimer boosted their price target on RingCentral from $50.00 to $56.00 and gave the company an “outperform” rating in a report on Wednesday, December 6th. Finally, Craig Hallum reissued a “buy” rating and issued a $50.00 price target (up from $40.00) on shares of RingCentral in a report on Thursday, November 9th. Three equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. RingCentral presently has an average rating of “Buy” and an average price target of $48.86.

Shares of RingCentral (NYSE:RNG) traded up $4.90 during trading hours on Tuesday, reaching $58.25. The company’s stock had a trading volume of 369,571 shares, compared to its average volume of 431,410. RingCentral has a one year low of $22.55 and a one year high of $58.45. The firm has a market capitalization of $4,026.12, a P/E ratio of -166.43 and a beta of 0.87.

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

In related news, CFO Mitesh Dhruv sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 17th. The stock was sold at an average price of $50.96, for a total transaction of $152,880.00. Following the completion of the sale, the chief financial officer now directly owns 132,087 shares in the company, valued at $6,731,153.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Vladimir Shmunis sold 101,453 shares of the business’s stock in a transaction that occurred on Wednesday, November 22nd. The stock was sold at an average price of $48.34, for a total value of $4,904,238.02. Following the sale, the chief executive officer now owns 355,041 shares of the company’s stock, valued at $17,162,681.94. The disclosure for this sale can be found here. Insiders sold 230,934 shares of company stock valued at $11,112,262 over the last 90 days. Company insiders own 14.53% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the stock. OppenheimerFunds Inc. increased its position in shares of RingCentral by 3.6% during the fourth quarter. OppenheimerFunds Inc. now owns 640,825 shares of the software maker’s stock worth $31,015,000 after purchasing an additional 22,530 shares in the last quarter. American International Group Inc. increased its position in shares of RingCentral by 4.7% during the fourth quarter. American International Group Inc. now owns 43,831 shares of the software maker’s stock worth $2,121,000 after purchasing an additional 1,971 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of RingCentral by 41.2% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 436,564 shares of the software maker’s stock worth $21,130,000 after purchasing an additional 127,390 shares in the last quarter. UBS Asset Management Americas Inc. increased its position in shares of RingCentral by 19.8% during the fourth quarter. UBS Asset Management Americas Inc. now owns 35,122 shares of the software maker’s stock worth $1,700,000 after purchasing an additional 5,799 shares in the last quarter. Finally, BlackRock Inc. increased its position 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 worth $247,325,000 after purchasing an additional 750,564 shares in the last quarter. Hedge funds and other 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.

Analyst Recommendations for RingCentral (NYSE:RNG)

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