RingCentral (NYSE:RNG) announced that its Board of Directors has initiated a stock buyback program, which authorizes the company to buyback $35.00 million in shares on Tuesday, February 27th, EventVestor reports. This buyback authorization authorizes the software maker to buy shares of its stock through a private placement purchase. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
Several equities research analysts have recently issued reports on RNG shares. Oppenheimer raised their price target on shares of RingCentral from $45.00 to $50.00 and gave the stock an “outperform” rating in a research note on Thursday, November 9th. JPMorgan Chase & Co. raised their price target on shares of RingCentral from $52.00 to $60.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 13th. Stephens restated a “buy” rating and set a $60.00 price target on shares of RingCentral in a research note on Tuesday, February 13th. Morgan Stanley set a $60.00 price target on shares of RingCentral and gave the stock a “hold” rating in a research note on Tuesday, February 13th. Finally, Craig Hallum raised their price target on shares of RingCentral from $50.00 to $65.00 and gave the stock a “buy” rating in a research note on Tuesday, February 13th. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. RingCentral has a consensus rating of “Buy” and an average target price of $53.79.
RingCentral (NYSE:RNG) opened at $62.60 on Friday. The company has a market cap of $4,840.00, a P/E ratio of -72.79 and a beta of 0.87. RingCentral has a fifty-two week low of $25.90 and a fifty-two week high of $65.75.
In related news, CEO Vladimir Shmunis sold 48,666 shares of the firm’s stock in a transaction that occurred on Tuesday, December 12th. The shares were sold at an average price of $47.12, for a total value of $2,293,141.92. Following the completion of the transaction, the chief executive officer now directly owns 355,041 shares of the company’s stock, valued at approximately $16,729,531.92. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Praful Shah sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 20th. The stock was sold at an average price of $47.65, for a total transaction of $476,500.00. Following the completion of the transaction, the insider now directly owns 306,050 shares of the company’s stock, valued at $14,583,282.50. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 225,825 shares of company stock valued at $12,919,659. 14.53% of the stock is owned by insiders.
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RingCentral Company Profile
RingCentral, Inc is a provider of software-as-a-service (SaaS) solutions for businesses to support modern communications. The Company’s cloud-based business communications solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, personal computers (PCs) and desk phones, and allow for communication across multiple channels, including high definition (HD) voice, video, short messaging service (SMS), messaging and collaboration, conferencing, online meetings, and fax.
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