RingCentral (NYSE:RNG) Price Target Raised to $256.00

RingCentral (NYSE:RNG) had its price objective lifted by Piper Sandler from $194.00 to $256.00 in a research note released on Tuesday, The Fly reports. The firm currently has an overweight rating on the software maker’s stock.

RNG has been the topic of several other research reports. Goldman Sachs Group upped their price target on shares of RingCentral from $230.00 to $255.00 and gave the stock a buy rating in a research report on Tuesday. UBS Group upped their price target on shares of RingCentral from $210.00 to $250.00 and gave the stock an outperform rating in a research report on Tuesday. They noted that the move was a valuation call. Craig Hallum upped their price target on shares of RingCentral from $175.00 to $250.00 and gave the stock a buy rating in a research report on Tuesday. Morgan Stanley upped their price target on shares of RingCentral from $195.00 to $205.00 and gave the stock an equal weight rating in a research report on Tuesday. Finally, Raymond James upped their price target on shares of RingCentral from $190.00 to $250.00 and gave the stock a strong-buy rating in a research report on Tuesday. Four research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of Buy and a consensus price target of $224.10.

Shares of NYSE RNG opened at $242.39 on Tuesday. The firm’s 50-day simple moving average is $194.02 and its 200 day simple moving average is $162.93. The company has a market cap of $20.38 billion, a price-to-earnings ratio of -378.73 and a beta of 0.81. The company has a quick ratio of 2.85, a current ratio of 2.85 and a debt-to-equity ratio of 1.12. RingCentral has a 12-month low of $98.19 and a 12-month high of $246.46.

RingCentral (NYSE:RNG) last issued its quarterly earnings results on Monday, February 10th. The software maker reported $0.22 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.21 by $0.01. The business had revenue of $252.87 million for the quarter, compared to the consensus estimate of $237.38 million. RingCentral had a negative net margin of 5.94% and a negative return on equity of 3.67%. The firm’s quarterly revenue was up 34.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.23 EPS. On average, equities analysts expect that RingCentral will post -0.65 earnings per share for the current year.

In other RingCentral news, insider Praful Shah sold 6,230 shares of the company’s stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $190.83, for a total transaction of $1,188,870.90. Following the transaction, the insider now directly owns 248,360 shares in the company, valued at approximately $47,394,538.80. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Vaibhav Agarwal sold 411 shares of the company’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $196.71, for a total value of $80,847.81. Following the completion of the sale, the chief accounting officer now directly owns 19,024 shares of the company’s stock, valued at $3,742,211.04. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 210,437 shares of company stock worth $35,641,084. Corporate insiders own 11.03% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. Cerebellum GP LLC grew its holdings in RingCentral by 16.0% during the 3rd quarter. Cerebellum GP LLC now owns 3,390 shares of the software maker’s stock valued at $426,000 after purchasing an additional 468 shares in the last quarter. Tributary Capital Management LLC acquired a new stake in RingCentral during the 3rd quarter valued at $842,000. NewSquare Capital LLC grew its holdings in RingCentral by 22.2% during the 3rd quarter. NewSquare Capital LLC now owns 4,737 shares of the software maker’s stock valued at $595,000 after purchasing an additional 860 shares in the last quarter. Winslow Evans & Crocker Inc. grew its holdings in RingCentral by 63.7% during the 3rd quarter. Winslow Evans & Crocker Inc. now owns 1,090 shares of the software maker’s stock valued at $138,000 after purchasing an additional 424 shares in the last quarter. Finally, Scott & Selber Inc. grew its holdings in RingCentral by 0.8% during the 3rd quarter. Scott & Selber Inc. now owns 21,830 shares of the software maker’s stock valued at $2,743,000 after purchasing an additional 168 shares in the last quarter. 83.31% of the stock is owned by institutional investors.

RingCentral Company Profile

RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect primarily in North America. The company's products include RingCentral Office, provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax through smartphones, tablets, PCs, and desk phones; RingCentral Professional, a cloud based virtual telephone service for professionals, as well as provides inbound call answering and management services, and includes inbound local, long-distance, and toll-free minutes; and RingCentral Fax that provides online fax capabilities that allow businesses to send and receive fax documents without a fax machine.

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