RingCentral (NYSE:RNG) Given New $40.00 Price Target at UBS Group

RingCentral (NYSE:RNG) had its price target raised by UBS Group from $37.00 to $40.00 in a research note released on Wednesday, Benzinga reports. They currently have a neutral rating on the software maker’s stock.

Other research analysts also recently issued research reports about the stock. The Goldman Sachs Group dropped their price target on shares of RingCentral from $38.00 to $34.00 and set a neutral rating on the stock in a research report on Wednesday, February 21st. Mizuho boosted their price target on shares of RingCentral from $36.00 to $38.00 and gave the stock a buy rating in a research report on Wednesday. Wedbush restated a neutral rating and issued a $40.00 price target on shares of RingCentral in a research report on Friday, February 16th. Piper Sandler dropped their price target on shares of RingCentral from $34.00 to $31.00 and set a neutral rating on the stock in a research report on Wednesday, February 21st. Finally, Rosenblatt Securities reiterated a neutral rating and set a $35.00 target price on shares of RingCentral in a research report on Wednesday, May 1st. Ten investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of $39.44.

RingCentral Trading Up 1.8 %

RNG traded up $0.63 during trading on Wednesday, reaching $35.01. 289,299 shares of the company’s stock were exchanged, compared to its average volume of 1,132,664. RingCentral has a one year low of $25.08 and a one year high of $43.28. The stock has a market capitalization of $3.23 billion, a PE ratio of -19.65, a price-to-earnings-growth ratio of 3.24 and a beta of 0.94. The firm has a fifty day moving average price of $32.83 and a two-hundred day moving average price of $31.92.

RingCentral (NYSE:RNG) last posted its earnings results on Tuesday, February 20th. The software maker reported ($0.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.31). The business had revenue of $571.27 million for the quarter, compared to analysts’ expectations of $569.65 million. Sell-side analysts expect that RingCentral will post 0.45 earnings per share for the current year.

Insider Activity at RingCentral

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

Institutional Investors Weigh In On RingCentral

Several large investors have recently bought and sold shares of RNG. GAMMA Investing LLC bought a new stake in RingCentral in the 4th quarter worth about $26,000. Hexagon Capital Partners LLC grew its stake in shares of RingCentral by 116.8% during the 4th quarter. Hexagon Capital Partners LLC now owns 930 shares of the software maker’s stock valued at $32,000 after acquiring an additional 501 shares during the period. Tennessee Valley Asset Management Partners bought a new position in shares of RingCentral during the 4th quarter valued at approximately $33,000. Nisa Investment Advisors LLC lifted its holdings in RingCentral by 100.0% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,000 shares of the software maker’s stock worth $34,000 after purchasing an additional 500 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. lifted its holdings in RingCentral by 438.1% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 1,200 shares of the software maker’s stock worth $41,000 after purchasing an additional 977 shares in the last quarter. 98.61% of the stock is currently owned by institutional investors.

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.