RingCentral (NYSE:RNG) was downgraded by investment analysts at J P Morgan Chase & Co from an “overweight” rating to a “neutral” rating in a research note issued to investors on Tuesday, Marketbeat Ratings reports. They presently have a $52.00 price target on the software maker’s stock. J P Morgan Chase & Co’s price objective indicates a potential upside of 6.23% from the company’s previous close.
Several other brokerages have also issued reports on RNG. Zacks Investment Research lowered RingCentral from a “buy” rating to a “hold” rating in a research report on Wednesday, November 15th. Craig Hallum reaffirmed a “buy” rating and set a $50.00 target price (up from $40.00) on shares of RingCentral in a research report on Thursday, November 9th. Northland Securities reaffirmed a “buy” rating and set a $46.00 target price on shares of RingCentral in a research report on Friday, November 10th. Oppenheimer raised their target price on RingCentral from $50.00 to $56.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 6th. Finally, Bank of America raised their target price on RingCentral from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, October 25th. Four analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $45.14.
Shares of RingCentral (RNG) traded up $1.40 during trading hours on Tuesday, reaching $48.95. The company had a trading volume of 682,389 shares, compared to its average volume of 552,554. RingCentral has a twelve month low of $20.55 and a twelve month high of $49.95.
In other news, COO David Sipes sold 1,500 shares of RingCentral stock in a transaction dated Monday, October 16th. The stock was sold at an average price of $44.00, for a total value of $66,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Praful Shah sold 10,000 shares of RingCentral stock in a transaction dated Tuesday, September 19th. The stock was sold at an average price of $41.08, for a total value of $410,800.00. Following the completion of the transaction, the insider now directly owns 310,176 shares of the company’s stock, valued at $12,742,030.08. The disclosure for this sale can be found here. Over the last three months, insiders sold 317,742 shares of company stock valued at $14,690,590. Corporate insiders own 14.53% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. Ameritas Investment Partners Inc. grew 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 buying an additional 418 shares during the period. ProShare Advisors LLC acquired a new stake in shares of RingCentral in the 2nd quarter valued at about $202,000. Virtu KCG Holdings LLC acquired a new stake in shares of RingCentral in the 2nd quarter valued at about $248,000. Turner Investments LLC acquired a new stake in shares of RingCentral in the 2nd quarter valued at about $256,000. Finally, BT Investment Management Ltd acquired a new stake in shares of RingCentral in the 2nd quarter valued at about $272,000. 76.43% 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.
