RingCentral (NYSE:RNG) Given New $38.00 Price Target at Piper Sandler

RingCentral (NYSE:RNG) had its price objective boosted by Piper Sandler from $31.00 to $38.00 in a report published on Friday,Benzinga reports. The brokerage currently has a neutral rating on the software maker’s stock.

RNG has been the topic of a number of other research reports. Northland Securities lifted their price target on shares of RingCentral from $43.00 to $50.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Rosenblatt Securities reiterated a “buy” rating and set a $45.00 price target on shares of RingCentral in a research note on Friday, November 1st. Needham & Company LLC reiterated a “buy” rating and set a $42.00 price target on shares of RingCentral in a research note on Monday, August 5th. StockNews.com cut RingCentral from a “strong-buy” rating to a “buy” rating in a report on Saturday, October 19th. Finally, Wedbush raised RingCentral to a “hold” rating in a report on Thursday, October 17th. Eight research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $40.60.

RingCentral Stock Performance

Shares of NYSE RNG traded down $0.83 during mid-day trading on Friday, reaching $37.97. The company had a trading volume of 2,624,389 shares, compared to its average volume of 1,218,857. The stock has a fifty day moving average of $32.13 and a two-hundred day moving average of $32.24. The company has a market capitalization of $3.49 billion, a price-to-earnings ratio of -35.77, a PEG ratio of 2.92 and a beta of 0.99. RingCentral has a 12-month low of $26.23 and a 12-month high of $40.98.

RingCentral (NYSE:RNG) last released its quarterly earnings results on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.10. The firm had revenue of $608.77 million during the quarter, compared to the consensus estimate of $601.91 million. Sell-side analysts forecast that RingCentral will post 0.63 earnings per share for the current fiscal year.

Insider Transactions at RingCentral

In related news, CFO Sonalee Elizabeth Parekh sold 9,913 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $33.45, for a total value of $331,589.85. Following the completion of the transaction, the chief financial officer now directly owns 358,622 shares in the company, valued at approximately $11,995,905.90. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CAO John H. Marlow sold 19,498 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $32.52, for a total transaction of $634,074.96. Following the sale, the chief accounting officer now owns 391,542 shares in the company, valued at $12,732,945.84. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Sonalee Elizabeth Parekh sold 9,913 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $33.45, for a total value of $331,589.85. Following the sale, the chief financial officer now owns 358,622 shares in the company, valued at approximately $11,995,905.90. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 103,824 shares of company stock worth $3,386,396. 6.76% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On RingCentral

Large investors have recently added to or reduced their stakes in the business. Foundry Partners LLC acquired a new stake in RingCentral in the third quarter valued at about $8,886,000. Landscape Capital Management L.L.C. acquired a new stake in RingCentral in the third quarter valued at about $684,000. Primecap Management Co. CA boosted its stake in RingCentral by 15.7% in the third quarter. Primecap Management Co. CA now owns 62,500 shares of the software maker’s stock valued at $1,977,000 after buying an additional 8,500 shares in the last quarter. Intech Investment Management LLC bought a new position in RingCentral in the third quarter valued at about $1,152,000. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in RingCentral by 65.9% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 381,178 shares of the software maker’s stock valued at $12,057,000 after purchasing an additional 151,433 shares during the last quarter. Institutional investors own 98.61% of the company’s stock.

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.