RingCentral (NYSE:RNG) Price Target Raised to $85.00 at Needham & Company LLC

RingCentral (NYSE:RNG) had its price objective upped by Needham & Company LLC from $55.00 to $85.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the software maker’s stock. Needham & Company LLC’s price target indicates a potential upside of 24.27% from the company’s previous close.

RNG has been the subject of several other reports. Weiss Ratings restated a “hold (c)” rating on shares of RingCentral in a research report on Friday, July 17th. Morgan Stanley increased their target price on shares of RingCentral from $33.00 to $40.00 and gave the stock an “equal weight” rating in a report on Monday, May 11th. Oppenheimer reaffirmed an “outperform” rating and set a $50.00 price target on shares of RingCentral in a report on Friday, May 8th. Jefferies Financial Group restated a “hold” rating and issued a $40.00 target price on shares of RingCentral in a research report on Saturday, May 9th. Finally, Piper Sandler upped their price target on shares of RingCentral from $40.00 to $43.00 and gave the stock a “neutral” rating in a report on Friday, July 24th. Three investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $49.60.

RingCentral Trading Up 3.5%

NYSE RNG opened at $68.40 on Friday. The firm’s 50 day simple moving average is $50.51 and its 200 day simple moving average is $42.81. The firm has a market capitalization of $5.71 billion, a price-to-earnings ratio of 54.72, a P/E/G ratio of 1.14 and a beta of 1.10. RingCentral has a 1 year low of $24.14 and a 1 year high of $69.78.

RingCentral (NYSE:RNG) last announced its quarterly earnings data on Thursday, July 23rd. The software maker reported $1.22 EPS for the quarter, beating the consensus estimate of $1.16 by $0.06. The business had revenue of $657.01 million during the quarter, compared to the consensus estimate of $650.53 million. RingCentral had a net margin of 4.27% and a negative return on equity of 34.49%. The company’s revenue was up 5.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.06 earnings per share. RingCentral has set its FY 2026 guidance at 4.960-5.100 EPS and its Q3 2026 guidance at 1.250-1.300 EPS. On average, equities research analysts forecast that RingCentral will post 2.89 earnings per share for the current year.

Insider Buying and Selling

In related news, CAO Tarun Arora sold 1,876 shares of RingCentral stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $65.26, for a total value of $122,427.76. Following the transaction, the chief accounting officer directly owned 80,384 shares of the company’s stock, valued at $5,245,859.84. The trade was a 2.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Vaibhav Agarwal sold 7,047 shares of the company’s stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $46.17, for a total value of $325,359.99. Following the completion of the sale, the chief financial officer owned 169,282 shares in the company, valued at $7,815,749.94. The trade was a 4.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 19,125 shares of company stock valued at $1,020,278 over the last 90 days. 7.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. WealthCollab LLC boosted its stake in shares of RingCentral by 59.7% in the 1st quarter. WealthCollab LLC now owns 693 shares of the software maker’s stock valued at $26,000 after purchasing an additional 259 shares during the last quarter. Versant Capital Management Inc raised its stake in RingCentral by 2.3% during the second quarter. Versant Capital Management Inc now owns 11,521 shares of the software maker’s stock worth $449,000 after buying an additional 259 shares during the last quarter. Pictet Asset Management Holding SA lifted its holdings in RingCentral by 3.1% in the first quarter. Pictet Asset Management Holding SA now owns 11,883 shares of the software maker’s stock valued at $442,000 after buying an additional 362 shares during the period. Rothschild Investment LLC lifted its holdings in RingCentral by 15.8% in the fourth quarter. Rothschild Investment LLC now owns 2,681 shares of the software maker’s stock valued at $77,000 after buying an additional 366 shares during the period. Finally, Sovereign Financial Group Inc. boosted its position in RingCentral by 4.2% during the first quarter. Sovereign Financial Group Inc. now owns 10,170 shares of the software maker’s stock valued at $378,000 after acquiring an additional 409 shares during the last quarter. Institutional investors own 98.61% of the company’s stock.

About RingCentral

RingCentral, Inc is a leading provider of cloud-based business communications and collaboration solutions. The company’s flagship platform delivers unified communications as a service (UCaaS), integrating voice over IP (VoIP) phone systems, video conferencing, team messaging and SMS into a single, cloud-native application. In addition to its UCaaS offering, RingCentral provides contact center as a service (CCaaS) capabilities, enabling organizations to manage customer interactions across voice, email, chat and social channels from a centralized dashboard.

Founded in 1999 and headquartered in Belmont, California, RingCentral went public on the New York Stock Exchange under the ticker RNG in 2013.