RingCentral (NYSE:RNG) had its price objective increased by analysts at Raymond James from $116.00 to $140.00 in a report issued on Tuesday, May 7th, Stock Target Advisor reports. The brokerage presently has a “strong-buy” rating on the software maker’s stock. Raymond James’ price objective would suggest a potential upside of 16.81% from the stock’s previous close.
Several other analysts also recently weighed in on RNG. Morgan Stanley boosted their price target on shares of RingCentral from $84.00 to $93.00 and gave the stock an “equal weight” rating in a research note on Monday, January 7th. Zacks Investment Research raised shares of RingCentral from a “hold” rating to a “buy” rating and set a $95.00 price target for the company in a research note on Wednesday, January 16th. TheStreet raised shares of RingCentral from a “d+” rating to a “c” rating in a research note on Thursday, January 24th. Bank of America reissued a “buy” rating and issued a $110.00 price target (up from $93.00) on shares of RingCentral in a research note on Thursday, February 7th. Finally, Deutsche Bank boosted their price objective on shares of RingCentral from $105.00 to $115.00 and gave the company a “buy” rating in a research report on Tuesday, February 12th. Four investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $120.72.
Shares of NYSE RNG traded down $0.91 during mid-day trading on Tuesday, reaching $119.85. 387,899 shares of the company were exchanged, compared to its average volume of 828,802. RingCentral has a 52 week low of $64.41 and a 52 week high of $125.27. The company has a debt-to-equity ratio of 1.19, a quick ratio of 3.08 and a current ratio of 3.08. The company has a market capitalization of $9.76 billion, a P/E ratio of -2,996.25 and a beta of 0.95.
In other RingCentral news, COO David Sipes sold 8,278 shares of the company’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $102.27, for a total value of $846,591.06. Following the sale, the chief operating officer now owns 247,818 shares in the company, valued at $25,344,346.86. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Praful Shah sold 5,324 shares of the company’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $103.42, for a total transaction of $550,608.08. Following the completion of the sale, the insider now owns 268,695 shares in the company, valued at approximately $27,788,436.90. The disclosure for this sale can be found here. Insiders have sold 350,118 shares of company stock worth $38,857,334 in the last quarter. 11.03% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently made changes to their positions in the business. Neuburgh Advisers LLC purchased a new stake in RingCentral in the fourth quarter worth about $25,000. Ffcm LLC purchased a new stake in RingCentral in the fourth quarter worth about $27,000. CX Institutional purchased a new stake in RingCentral in the first quarter worth about $36,000. Penserra Capital Management LLC purchased a new stake in RingCentral in the first quarter worth about $36,000. Finally, Signaturefd LLC grew its holdings in RingCentral by 31.4% in the first quarter. Signaturefd LLC now owns 364 shares of the software maker’s stock worth $39,000 after purchasing an additional 87 shares during the period. Institutional investors and hedge funds 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: What is dividend yield?
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.