RingCentral (NYSE:RNG) Given New $40.00 Price Target at Morgan Stanley

RingCentral (NYSE:RNG) had its price target raised by Morgan Stanley from $38.00 to $40.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an equal weight rating on the software maker’s stock.

A number of other research firms also recently weighed in on RNG. Rosenblatt Securities restated a “buy” rating and issued a $45.00 price objective on shares of RingCentral in a report on Friday, November 8th. Raymond James cut their target price on RingCentral from $52.00 to $50.00 and set a “strong-buy” rating on the stock in a research report on Friday, November 8th. StockNews.com raised RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Monday, November 11th. Mizuho reaffirmed a “neutral” rating and set a $42.00 price objective on shares of RingCentral in a report on Friday, December 13th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $42.00 price target on shares of RingCentral in a research report on Monday, November 11th. Eight investment analysts have rated the stock with a hold rating, five have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, RingCentral has an average rating of “Moderate Buy” and a consensus price target of $42.00.

RingCentral Price Performance

NYSE:RNG traded down $0.61 during mid-day trading on Wednesday, reaching $37.06. The stock had a trading volume of 233,587 shares, compared to its average volume of 1,231,861. The stock has a 50-day simple moving average of $36.60 and a two-hundred day simple moving average of $33.11. RingCentral has a 12 month low of $26.98 and a 12 month high of $42.19. The stock has a market capitalization of $3.35 billion, a PE ratio of -34.96, a P/E/G ratio of 2.48 and a beta of 0.99.

RingCentral (NYSE:RNG) last announced its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.10. The business had revenue of $608.77 million during the quarter, compared to the consensus estimate of $601.91 million. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. Equities analysts expect that RingCentral will post 0.84 EPS for the current year.

Insider Activity

In other news, CEO Vladimir Shmunis sold 66,451 shares of the company’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $34.96, for a total transaction of $2,323,126.96. Following the transaction, the chief executive officer now directly owns 479,468 shares of the company’s stock, valued at approximately $16,762,201.28. This represents a 12.17 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP John H. Marlow sold 23,284 shares of RingCentral stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $34.96, for a total value of $814,008.64. Following the transaction, the senior vice president now owns 357,818 shares of the company’s stock, valued at $12,509,317.28. The trade was a 6.11 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 117,173 shares of company stock worth $4,175,376 over the last quarter. Insiders own 6.76% of the company’s stock.

Hedge Funds Weigh In On RingCentral

Institutional investors and hedge funds have recently modified their holdings of the company. Point72 DIFC Ltd purchased a new position in RingCentral during the 2nd quarter worth $39,000. Venturi Wealth Management LLC lifted its holdings in shares of RingCentral by 150.4% during the 3rd quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock worth $59,000 after acquiring an additional 1,119 shares during the period. Quarry LP lifted its position in RingCentral by 106.7% during the third quarter. Quarry LP now owns 1,902 shares of the software maker’s stock valued at $60,000 after buying an additional 982 shares in the last quarter. KBC Group NV lifted its position in RingCentral by 38.9% during the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock worth $84,000 after acquiring an additional 744 shares in the last quarter. Finally, Central Pacific Bank Trust Division purchased a new position in RingCentral in the third quarter valued at about $121,000. Institutional investors and hedge funds 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.