RingCentral (NYSE:RNG) Given New $40.00 Price Target at UBS Group

RingCentral (NYSE:RNG) had its target price boosted by UBS Group from $37.00 to $40.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has a neutral rating on the software maker’s stock.

Other equities analysts also recently issued reports about the company. KeyCorp cut their price objective on RingCentral from $50.00 to $48.00 and set an overweight rating on the stock in a report on Wednesday, February 21st. Needham & Company LLC reiterated a buy rating and issued a $42.00 target price on shares of RingCentral in a research note on Wednesday. Wells Fargo & Company lowered their target price on RingCentral from $36.00 to $31.00 and set an equal weight rating for the company in a research note on Wednesday, February 21st. Piper Sandler lowered their price objective on RingCentral from $34.00 to $31.00 and set a neutral rating for the company in a research note on Wednesday, February 21st. Finally, Rosenblatt Securities restated a neutral rating and set a $35.00 price objective on shares of RingCentral in a research note on Wednesday, May 1st. Ten analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, RingCentral presently has a consensus rating of Moderate Buy and an average target price of $39.44.

RingCentral Stock Performance

NYSE RNG traded up $0.63 during trading hours on Wednesday, hitting $35.01. 289,299 shares of the company’s stock were exchanged, compared to its average volume of 1,132,664. The business’s 50 day moving average is $32.83 and its 200-day moving average is $31.92. RingCentral has a 12-month low of $25.08 and a 12-month high of $43.28. The firm has a market capitalization of $3.23 billion, a P/E ratio of -19.65, a price-to-earnings-growth ratio of 3.24 and a beta of 0.94.

RingCentral (NYSE:RNG) last released its quarterly earnings data on Tuesday, February 20th. The software maker reported ($0.33) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.31). The firm had revenue of $571.27 million during the quarter, compared to the consensus estimate of $569.65 million. As a group, equities research analysts anticipate that RingCentral will post 0.45 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Kenneth A. Goldman sold 1,287 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $34.47, for a total value of $44,362.89. Following the sale, the director now owns 23,688 shares of the company’s stock, valued at approximately $816,525.36. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CFO Vaibhav Agarwal sold 14,113 shares of the business’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $34.84, for a total value of $491,696.92. Following the sale, the chief financial officer now owns 116,640 shares of the company’s stock, valued at approximately $4,063,737.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kenneth A. Goldman sold 1,287 shares of the business’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $34.47, for a total value of $44,362.89. Following the completion of the sale, the director now directly owns 23,688 shares in the company, valued at approximately $816,525.36. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 23,608 shares of company stock valued at $800,974. Insiders own 6.76% of the company’s stock.

Hedge Funds Weigh In On RingCentral

A number of hedge funds have recently modified their holdings of RNG. GAMMA Investing LLC acquired a new position in shares of RingCentral in the 4th quarter worth $26,000. Hexagon Capital Partners LLC grew its holdings in shares of RingCentral by 116.8% during the fourth quarter. Hexagon Capital Partners LLC now owns 930 shares of the software maker’s stock valued at $32,000 after buying an additional 501 shares in the last quarter. Tennessee Valley Asset Management Partners acquired a new stake in RingCentral during the fourth quarter valued at $33,000. Nisa Investment Advisors LLC boosted its position in RingCentral by 100.0% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,000 shares of the software maker’s stock valued at $34,000 after purchasing an additional 500 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. boosted its position in RingCentral by 438.1% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 1,200 shares of the software maker’s stock valued at $41,000 after purchasing an additional 977 shares during the last quarter. 98.61% of the stock is currently owned by institutional investors and hedge funds.

RingCentral Company Profile

RingCentral, Inc, together with its subsidiaries, provides cloud communications, video meetings, collaboration, and contact center software-as-a-service solutions worldwide. The company's products include RingCentral Message Video Phone that provides a unified experience for communication and collaboration across multiple modes, including HD voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers AI-powered omnichannel and workforce engagement solutions with integrated RingCentral MVP; and RingCX, an AI-powered contact center that a native delivers omnichannel experience.