RingCentral (NYSE:RNG) had its price target increased by Craig Hallum from $120.00 to $140.00 in a research report sent to investors on Tuesday, May 7th, The Fly reports. Craig Hallum currently has a buy rating on the software maker’s stock.
Several other brokerages have also recently issued reports on RNG. Zacks Investment Research raised shares of RingCentral from a hold rating to a buy rating and set a $125.00 target price for the company in a report on Friday, April 26th. Jefferies Financial Group raised their target price on shares of RingCentral from $121.00 to $140.00 in a report on Tuesday, May 7th. UBS Group raised their target price on shares of RingCentral from $117.00 to $130.00 and gave the stock an outperform rating in a report on Tuesday, May 7th. Stephens reissued a hold rating and set a $95.00 target price on shares of RingCentral in a report on Monday, May 6th. Finally, Robert W. Baird lifted their price objective on shares of RingCentral from $100.00 to $120.00 and gave the company a positive rating in a report on Tuesday, February 12th. Four equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of Buy and a consensus price target of $120.72.
RNG traded up $1.66 during trading on Tuesday, hitting $120.76. The stock had a trading volume of 494,560 shares, compared to its average volume of 929,982. RingCentral has a twelve month low of $64.41 and a twelve month high of $125.27. The company has a quick ratio of 3.08, a current ratio of 3.08 and a debt-to-equity ratio of 1.19. The company has a market cap of $9.76 billion, a price-to-earnings ratio of -3,019.00 and a beta of 0.95.
In related news, insider Praful Shah sold 5,456 shares of the business’s stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $121.09, for a total transaction of $660,667.04. Following the transaction, the insider now directly owns 269,657 shares in the company, valued at $32,652,766.13. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO David Sipes sold 10,301 shares of the business’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $122.58, for a total transaction of $1,262,696.58. Following the transaction, the chief operating officer now owns 267,001 shares in the company, valued at $32,728,982.58. The disclosure for this sale can be found here. Insiders have sold 319,132 shares of company stock valued at $35,082,309 in the last three months. Corporate insiders own 11.03% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Neuburgh Advisers LLC acquired a new position in RingCentral during the fourth quarter worth about $25,000. Ffcm LLC acquired a new position in RingCentral during the fourth quarter worth about $27,000. CX Institutional acquired a new position in RingCentral during the first quarter worth about $36,000. Penserra Capital Management LLC acquired a new position in RingCentral during the first quarter worth about $36,000. Finally, Signaturefd LLC boosted its position in RingCentral by 31.4% during the first quarter. Signaturefd LLC now owns 364 shares of the software maker’s stock worth $39,000 after acquiring an additional 87 shares during the last quarter. Hedge funds and other institutional investors own 81.95% of the company’s stock.
RingCentral Company Profile
RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect primarily in North America. The company's products include RingCentral Office, provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax through smartphones, tablets, PCs, and desk phones; RingCentral Professional, a cloud based virtual telephone service for professionals, as well as provides inbound call answering and management services, and includes inbound local, long-distance, and toll-free minutes; and RingCentral Fax that provides online fax capabilities that allow businesses to send and receive fax documents without a fax machine.
Recommended Story: Net Income
Receive News & Ratings for RingCentral Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for RingCentral and related companies with MarketBeat.com's FREE daily email newsletter.