UBS Group Boosts RingCentral (NYSE:RNG) Price Target to $40.00

RingCentral (NYSE:RNG) had its price target boosted by analysts at UBS Group from $37.00 to $40.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the software maker’s stock. UBS Group’s target price points to a potential upside of 16.79% from the company’s previous close.

A number of other research analysts have also recently weighed in on RNG. The Goldman Sachs Group dropped their price target on RingCentral from $38.00 to $34.00 and set a “neutral” rating for the company in a research report on Wednesday, February 21st. Piper Sandler decreased their price objective on shares of RingCentral from $34.00 to $31.00 and set a “neutral” rating for the company in a research note on Wednesday, February 21st. Needham & Company LLC reissued a “buy” rating and issued a $42.00 price objective on shares of RingCentral in a research report on Wednesday. Mizuho increased their price objective on shares of RingCentral from $36.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Morgan Stanley cut their price objective on shares of RingCentral from $35.00 to $32.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 17th. Nine research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $39.11.

RingCentral Price Performance

Shares of NYSE:RNG traded up $4.26 during midday trading on Wednesday, reaching $34.25. 1,012,798 shares of the company’s stock were exchanged, compared to its average volume of 1,115,862. The firm’s 50 day simple moving average is $32.80 and its two-hundred day simple moving average is $31.90. The stock has a market cap of $3.16 billion, a price-to-earnings ratio of -19.65, a P/E/G ratio of 3.24 and a beta of 0.94. RingCentral has a fifty-two week low of $25.08 and a fifty-two week high of $43.28.

RingCentral (NYSE:RNG) last released its earnings results on Tuesday, February 20th. The software maker reported ($0.33) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.31). The company had revenue of $571.27 million during the quarter, compared to analysts’ expectations of $569.65 million. Equities research analysts predict that RingCentral will post 0.45 earnings per share for the current fiscal year.

Insider Transactions at RingCentral

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

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. SG Americas Securities LLC increased its position in RingCentral by 9.3% during the third quarter. SG Americas Securities LLC now owns 14,324 shares of the software maker’s stock valued at $424,000 after acquiring an additional 1,213 shares during the last quarter. Commonwealth Equity Services LLC lifted its holdings in RingCentral by 14.6% during the third quarter. Commonwealth Equity Services LLC now owns 15,426 shares of the software maker’s stock valued at $457,000 after purchasing an additional 1,964 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of RingCentral by 9.2% during the third quarter. Bank of New York Mellon Corp now owns 678,036 shares of the software maker’s stock worth $20,090,000 after purchasing an additional 57,358 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of RingCentral by 15.6% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,628 shares of the software maker’s stock valued at $433,000 after purchasing an additional 1,972 shares in the last quarter. Finally, Mackenzie Financial Corp grew its holdings in shares of RingCentral by 303.2% in the third quarter. Mackenzie Financial Corp now owns 56,623 shares of the software maker’s stock valued at $1,625,000 after purchasing an additional 42,581 shares in the last quarter. 98.61% of the stock is owned by hedge funds and other institutional investors.

About RingCentral

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.