RingCentral (NYSE:RNG) Price Target Raised to $38.00 at Piper Sandler

RingCentral (NYSE:RNG) had its target price increased by Piper Sandler from $31.00 to $38.00 in a report published on Friday morning,Benzinga reports. They currently have a neutral rating on the software maker’s stock.

Several other brokerages also recently commented on RNG. Robert W. Baird lifted their target price on shares of RingCentral from $35.00 to $36.00 and gave the stock a “neutral” rating in a report on Monday, August 5th. StockNews.com downgraded shares of RingCentral from a “strong-buy” rating to a “buy” rating in a report on Saturday, October 19th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of RingCentral from $42.00 to $45.00 and gave the stock a “buy” rating in a report on Tuesday, August 6th. Rosenblatt Securities reissued a “buy” rating and issued a $45.00 price objective on shares of RingCentral in a report on Friday, November 1st. Finally, Needham & Company LLC reissued a “buy” rating and issued a $42.00 price objective on shares of RingCentral in a report on Monday, August 5th. Eight equities research analysts have rated the stock with a hold rating, six have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, RingCentral has an average rating of “Moderate Buy” and an average target price of $40.73.

RingCentral Price Performance

RingCentral stock opened at $36.21 on Friday. The firm has a market capitalization of $3.32 billion, a PE ratio of -34.16, a P/E/G ratio of 2.96 and a beta of 0.99. The company’s 50-day moving average is $32.19 and its 200-day moving average is $32.31. RingCentral has a fifty-two week low of $26.27 and a fifty-two week high of $40.98.

RingCentral (NYSE:RNG) last announced its earnings results on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, topping the consensus estimate of $0.14 by $0.10. The business had revenue of $608.77 million during the quarter, compared to the consensus estimate of $601.91 million. RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.58%. As a group, analysts expect that RingCentral will post 0.63 EPS for the current year.

Insider Transactions at RingCentral

In other news, CEO Vladimir Shmunis sold 62,244 shares of the stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $32.51, for a total transaction of $2,023,552.44. Following the completion of the sale, the chief executive officer now directly owns 573,725 shares in the company, valued at $18,651,799.75. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other RingCentral news, CFO Vaibhav Agarwal sold 1,985 shares of the firm’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $31.40, for a total value of $62,329.00. Following the transaction, the chief financial officer now directly owns 135,560 shares of the company’s stock, valued at approximately $4,256,584. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Vladimir Shmunis sold 62,244 shares of the firm’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $32.51, for a total transaction of $2,023,552.44. Following the completion of the transaction, the chief executive officer now directly owns 573,725 shares in the company, valued at $18,651,799.75. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 103,824 shares of company stock worth $3,386,396 over the last three months. 6.76% of the stock is owned by company insiders.

Institutional Trading of RingCentral

Institutional investors and hedge funds have recently made changes to their positions in the company. Versant Capital Management Inc raised its holdings in shares of RingCentral by 138.3% in the second quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker’s stock valued at $32,000 after purchasing an additional 664 shares during the last quarter. Point72 DIFC Ltd purchased a new position in shares of RingCentral in the second quarter worth about $39,000. Venturi Wealth Management LLC increased its stake in shares of RingCentral by 150.4% in the third quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock worth $59,000 after purchasing an additional 1,119 shares in the last quarter. KBC Group NV increased its stake in shares of RingCentral by 38.9% in the third quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock worth $84,000 after purchasing an additional 744 shares in the last quarter. Finally, Central Pacific Bank Trust Division bought a new position in shares of RingCentral in the third quarter valued at approximately $121,000. Hedge funds and other institutional investors own 98.61% of the company’s stock.

RingCentral Company Profile

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.