RingCentral (NYSE:RNG) Price Target Raised to $42.00

RingCentral (NYSE:RNG) had its target price lifted by research analysts at Deutsche Bank Aktiengesellschaft from $38.00 to $42.00 in a report released on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the software maker’s stock. Deutsche Bank Aktiengesellschaft’s target price would suggest a potential upside of 18.31% from the stock’s previous close.

A number of other research firms have also recently commented on RNG. UBS Group lifted their target price on RingCentral from $37.00 to $40.00 and gave the stock a “neutral” rating in a research report on Wednesday. Piper Sandler upped their target price on shares of RingCentral from $31.00 to $32.00 and gave the company a “neutral” rating in a report on Wednesday. The Goldman Sachs Group reduced their price objective on RingCentral from $38.00 to $34.00 and set a “neutral” rating for the company in a research note on Wednesday, February 21st. KeyCorp dropped their target price on RingCentral from $50.00 to $48.00 and set an “overweight” rating on the stock in a report on Wednesday, February 21st. Finally, Morgan Stanley lowered their price objective on shares of RingCentral from $35.00 to $32.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 17th. Ten equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $39.58.

RingCentral Stock Performance

Shares of NYSE:RNG traded up $1.12 during trading on Thursday, hitting $35.50. The company’s stock had a trading volume of 455,500 shares, compared to its average volume of 1,134,789. RingCentral has a fifty-two week low of $25.08 and a fifty-two week high of $43.28. The business has a 50 day moving average price of $32.83 and a two-hundred day moving average price of $31.92. The company has a market capitalization of $3.28 billion, a PE ratio of -20.17, a P/E/G ratio of 3.24 and a beta of 0.94.

RingCentral (NYSE:RNG) last announced its quarterly earnings results on Tuesday, February 20th. The software maker reported ($0.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.31). The business had revenue of $571.27 million during the quarter, compared to the consensus estimate of $569.65 million. As a group, equities analysts expect that RingCentral will post 0.45 earnings per share for the current fiscal year.

Insider Activity at RingCentral

In other RingCentral news, CFO Vaibhav Agarwal sold 6,224 shares of the stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $31.55, for a total transaction of $196,367.20. Following the completion of the transaction, the chief financial officer now directly owns 130,753 shares of the company’s stock, valued at approximately $4,125,257.15. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other RingCentral news, Director Kenneth A. Goldman sold 1,287 shares of the business’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $34.47, for a total transaction of $44,362.89. Following the sale, the director now owns 23,688 shares in the company, valued at approximately $816,525.36. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Vaibhav Agarwal sold 6,224 shares of the company’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $31.55, for a total transaction of $196,367.20. Following the sale, the chief financial officer now directly owns 130,753 shares of the company’s stock, valued at $4,125,257.15. The disclosure for this sale can be found here. Insiders sold 23,608 shares of company stock worth $800,974 in the last 90 days. Corporate insiders own 6.76% of the company’s stock.

Hedge Funds Weigh In On RingCentral

Several institutional investors and hedge funds have recently modified their holdings of RNG. Intellectus Partners LLC lifted its position in RingCentral by 4.3% during the 4th quarter. Intellectus Partners LLC now owns 8,550 shares of the software maker’s stock worth $290,000 after acquiring an additional 350 shares during the last quarter. Treasurer of the State of North Carolina increased its position in RingCentral by 1.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 37,832 shares of the software maker’s stock worth $1,284,000 after buying an additional 360 shares during the period. 1492 Capital Management LLC lifted its holdings in shares of RingCentral by 1.0% during the fourth quarter. 1492 Capital Management LLC now owns 36,751 shares of the software maker’s stock worth $1,248,000 after buying an additional 363 shares during the last quarter. Hexagon Capital Partners LLC boosted its position in shares of RingCentral by 44.1% in the first quarter. Hexagon Capital Partners LLC now owns 1,340 shares of the software maker’s stock valued at $47,000 after acquiring an additional 410 shares during the period. Finally, Simplicity Solutions LLC grew its stake in shares of RingCentral by 4.5% in the fourth quarter. Simplicity Solutions LLC now owns 10,761 shares of the software maker’s stock worth $365,000 after acquiring an additional 467 shares during the last quarter. 98.61% of the stock is currently owned by hedge funds and other institutional investors.

About RingCentral

RingCentral, Inc, together with its subsidiaries, provides cloud communications, video meetings, collaboration, and contact center software-as-a-service solutions worldwide. The company's products include RingCentral Message Video Phone that provides a unified experience for communication and collaboration across multiple modes, including HD voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers AI-powered omnichannel and workforce engagement solutions with integrated RingCentral MVP; and RingCX, an AI-powered contact center that a native delivers omnichannel experience.