RingCentral (NYSE:RNG) Stock Gets Price Target Boost from Morgan Stanley

RingCentral (NYSE:RNG) had its target price boosted by equities research analysts at Morgan Stanley from $41.00 to $91.00 in a report issued on Friday, Benzinga reports. The brokerage presently has an “equal weight” rating on the software maker’s stock. Morgan Stanley‘s target price would suggest a potential upside of 15.02% from the stock’s previous close.

A number of other analysts have also recently issued reports on RNG. Jefferies Financial Group reiterated a “hold” rating and set a $75.00 target price on shares of RingCentral in a report on Friday. Evercore set a $90.00 price target on shares of RingCentral in a research report on Friday. Rosenblatt Securities reissued a “buy” rating and issued a $50.00 price objective on shares of RingCentral in a research report on Friday, July 24th. Royal Bank Of Canada assumed coverage on RingCentral in a research note on Thursday, September 3rd. They set an “outperform” rating and a $85.00 price objective on the stock. Finally, Mizuho upped their target price on RingCentral from $38.00 to $40.00 and gave the stock a “neutral” rating in a research report on Friday, July 24th. Five research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $68.08.

RingCentral Stock Performance

Shares of RNG stock opened at $79.11 on Friday. RingCentral has a one year low of $24.14 and a one year high of $83.71. The company has a 50 day moving average price of $73.63 and a 200 day moving average price of $54.03. The firm has a market capitalization of $6.61 billion, a price-to-earnings ratio of 63.29, a price-to-earnings-growth ratio of 1.43 and a beta of 1.10.

RingCentral (NYSE:RNG) last announced its quarterly earnings results on Thursday, October 22nd. The software maker reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates of $1.28 by $0.05. The company had revenue of $676.04 million for the quarter, compared to analyst estimates of $667.30 million. RingCentral had a net margin of 4.27% and a negative return on equity of 34.49%. RingCentral’s revenue for the quarter was up 5.8% on a year-over-year basis. During the same quarter last year, the business earned $1.13 EPS. As a group, equities analysts forecast that RingCentral will post 2.89 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Vladimir Shmunis sold 11,165 shares of the business’s stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $76.58, for a total transaction of $855,015.70. Following the transaction, the chief executive officer directly owned 179,106 shares of the company’s stock, valued at approximately $13,715,937.48. The trade was a 5.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible 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, CAO Tarun Arora sold 4,172 shares of the stock in a transaction that occurred on Wednesday, September 9th. The stock was sold at an average price of $70.36, for a total value of $293,541.92. Following the completion of the transaction, the chief accounting officer owned 65,692 shares in the company, valued at $4,622,089.12. This represents a 5.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 84,625 shares of company stock valued at $6,024,953 over the last quarter. 7.30% of the stock is owned by insiders.

Institutional Trading of RingCentral

Institutional investors have recently bought and sold shares of the stock. Fortitude Family Office LLC increased its holdings in shares of RingCentral by 128.1% during the third quarter. Fortitude Family Office LLC now owns 349 shares of the software maker’s stock worth $26,000 after buying an additional 196 shares in the last quarter. WealthCollab LLC boosted its holdings in shares of RingCentral by 59.7% in the 1st quarter. WealthCollab LLC now owns 693 shares of the software maker’s stock worth $26,000 after acquiring an additional 259 shares in the last quarter. Versant Capital Management Inc boosted its holdings in shares of RingCentral by 2.3% in the 2nd quarter. Versant Capital Management Inc now owns 11,521 shares of the software maker’s stock worth $449,000 after acquiring an additional 259 shares in the last quarter. Elevation Wealth Partners LLC grew its position in RingCentral by 119.3% during the 3rd quarter. Elevation Wealth Partners LLC now owns 546 shares of the software maker’s stock worth $41,000 after acquiring an additional 297 shares during the last quarter. Finally, Pictet Asset Management Holding SA increased its holdings in RingCentral by 3.1% during the 1st quarter. Pictet Asset Management Holding SA now owns 11,883 shares of the software maker’s stock valued at $442,000 after purchasing an additional 362 shares in the last quarter. Institutional investors and hedge funds own 98.61% of the company’s stock.

About RingCentral

RingCentral, Inc is a provider of cloud-based business communications and collaboration solutions. Its platform enables organizations to manage business phone services, team messaging, video meetings, contact center operations and other communications through internet-based applications rather than traditional on-premises systems.

The company’s offerings include RingEX, a unified communications platform that combines voice, messaging and video; RingCentral Video for online meetings and collaboration; and RingCX, a cloud contact center solution.