RingCentral (NYSE:RNG) Given New $105.00 Price Target at Rosenblatt Securities

RingCentral (NYSE:RNG) had its target price boosted by investment analysts at Rosenblatt Securities from $80.00 to $105.00 in a research note issued on Monday, Benzinga reports. The firm presently has a “buy” rating on the software maker’s stock. Rosenblatt Securities‘s target price would indicate a potential upside of 25.80% from the stock’s current price.

A number of other analysts also recently issued reports on the company. FBN Securities reissued an “outperform” rating and set a $105.00 price objective on shares of RingCentral in a research report on Friday. Robert W. Baird set a $95.00 target price on shares of RingCentral in a research report on Friday. Mizuho set a $85.00 target price on shares of RingCentral in a research report on Friday. Evercore set a $90.00 target price on shares of RingCentral in a research note on Friday. Finally, Royal Bank Of Canada assumed coverage on shares of RingCentral in a research report on Thursday, September 3rd. They set an “outperform” rating and a $85.00 price target for the company. Six equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, RingCentral currently has a consensus rating of “Hold” and a consensus price target of $93.92.

RingCentral Stock Up 0.1%

RNG stock opened at $83.46 on Monday. RingCentral has a 52-week low of $24.14 and a 52-week high of $98.14. The stock has a market cap of $6.97 billion, a price-to-earnings ratio of 11.04, a price-to-earnings-growth ratio of 1.44 and a beta of 1.10. The business has a fifty day moving average of $74.01 and a two-hundred day moving average of $54.35.

RingCentral (NYSE:RNG) last announced its quarterly earnings results on Thursday, October 22nd. The software maker reported $1.33 EPS for the quarter, beating the consensus estimate of $1.28 by $0.05. RingCentral had a negative return on equity of 50.15% and a net margin of 25.27%. The business had revenue of $676.04 million for the quarter, compared to analyst estimates of $667.30 million. During the same quarter in the prior year, the company posted $1.13 EPS. The company’s quarterly revenue was up 5.8% on a year-over-year basis. As a group, sell-side analysts anticipate that RingCentral will post 2.89 EPS for the current year.

Insider Buying and Selling

In other news, COO Kira Makagon sold 36,185 shares of the firm’s stock in a transaction on Monday, September 14th. The stock was sold at an average price of $70.11, for a total transaction of $2,536,930.35. Following the completion of the transaction, the chief operating officer directly owned 245,385 shares in the company, valued at $17,203,942.35. This trade represents a 12.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Vladimir Shmunis sold 11,165 shares of RingCentral stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $76.58, for a total value of $855,015.70. Following the completion of the sale, the chief executive officer directly owned 179,106 shares of the company’s stock, valued at $13,715,937.48. The trade was a 5.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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 have sold 84,625 shares of company stock valued at $6,024,953 over the last quarter. 7.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On RingCentral

Institutional investors and hedge funds have recently modified their holdings of the company. Access Investment Management LLC acquired a new position in RingCentral during the 3rd quarter worth about $7,793,000. Signaturefd LLC lifted its stake in RingCentral by 77.2% during the 3rd quarter. Signaturefd LLC now owns 1,552 shares of the software maker’s stock worth $116,000 after acquiring an additional 676 shares in the last quarter. Bond & Devick Financial Network Inc. purchased a new position in RingCentral during the 3rd quarter valued at about $224,000. Citizens Financial Group Inc. RI purchased a new position in RingCentral during the 3rd quarter valued at about $311,000. Finally, Fifth Third Wealth Advisors LLC purchased a new position in RingCentral during the 3rd quarter valued at about $246,000. Hedge funds and other institutional investors 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.