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

RingCentral (NYSE:RNG - Free Report) had its price objective increased by Deutsche Bank Aktiengesellschaft from $38.00 to $42.00 in a research note issued to investors on Thursday morning, Benzinga reports. They currently have a buy rating on the software maker's stock.

Other equities research analysts also recently issued research reports about the stock. Rosenblatt Securities reissued a neutral rating and set a $35.00 price objective on shares of RingCentral in a research report on Wednesday, May 1st. Piper Sandler boosted their price target on RingCentral from $31.00 to $32.00 and gave the company a neutral rating in a report on Wednesday. KeyCorp lowered their price objective on RingCentral from $50.00 to $48.00 and set an overweight rating on the stock in a research report on Wednesday, February 21st. The Goldman Sachs Group reduced their target price on shares of RingCentral from $38.00 to $34.00 and set a neutral rating for the company in a report on Wednesday, February 21st. Finally, Wells Fargo & Company raised their price objective on shares of RingCentral from $31.00 to $33.00 and gave the company an equal weight rating in a research report on Wednesday. Ten investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average price target of $39.58.

RingCentral Price Performance

Shares of RNG traded up $1.08 during trading hours on Thursday, hitting $35.46. The stock had a trading volume of 1,330,997 shares, compared to its average volume of 1,144,865. The firm has a market capitalization of $3.27 billion, a PE ratio of -20.17, a PEG ratio of 3.24 and a beta of 0.94. RingCentral has a 12 month low of $25.08 and a 12 month high of $43.28. The stock has a fifty day moving average price of $32.83 and a 200 day moving average price of $31.92.

RingCentral (NYSE:RNG - Get Free Report) last released 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 analyst estimates of $569.65 million. As a group, analysts anticipate that RingCentral will post 0.45 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Kenneth A. Goldman sold 1,287 shares of the firm's stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $34.47, for a total value of $44,362.89. Following the completion of the sale, the director now owns 23,688 shares in the company, valued at approximately $816,525.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO Vaibhav Agarwal sold 6,224 shares of the firm's stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $31.55, for a total value of $196,367.20. Following the transaction, the chief financial officer now owns 130,753 shares of the company's stock, valued at approximately $4,125,257.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Kenneth A. Goldman sold 1,287 shares of the company'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 completion of the transaction, the director now owns 23,688 shares in the company, valued at $816,525.36. The disclosure for this sale can be found here. Insiders sold 23,608 shares of company stock valued at $800,974 over the last three months. 6.76% of the stock is owned by company insiders.

Institutional Investors Weigh In On RingCentral

A number of institutional investors and hedge funds have recently bought and sold shares of RNG. Vanguard Group Inc. grew its position in RingCentral by 3.8% during the 4th quarter. Vanguard Group Inc. now owns 10,371,224 shares of the software maker's stock worth $352,103,000 after purchasing an additional 382,343 shares during the last quarter. Sylebra Capital LLC acquired a new position in RingCentral in the 3rd quarter worth approximately $242,462,000. Ameriprise Financial Inc. raised its holdings in shares of RingCentral by 515.7% during the third quarter. Ameriprise Financial Inc. now owns 2,716,470 shares of the software maker's stock worth $80,489,000 after purchasing an additional 2,275,245 shares during the last quarter. First Trust Advisors LP lifted its holdings in RingCentral by 15.9% in the fourth quarter. First Trust Advisors LP now owns 1,991,917 shares of the software maker's stock valued at $67,626,000 after acquiring an additional 273,109 shares during the period. Finally, Norges Bank purchased a new stake in shares of RingCentral during the 4th quarter worth about $30,471,000. 98.61% of the stock is owned by 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.