RingCentral (NYSE:RNG) had its target price upped by JPMorgan Chase & Co. from $52.00 to $60.00 in a research note issued on Tuesday. The firm currently has a “neutral” rating on the software maker’s stock. JPMorgan Chase & Co.’s price objective points to a potential upside of 3.00% from the stock’s current price.

Several other equities research analysts have also recently weighed in on RNG. Morgan Stanley set a $60.00 price objective on shares of RingCentral and gave the stock a “hold” rating in a research report on Tuesday. Oppenheimer upped their price objective on shares of RingCentral from $45.00 to $50.00 and gave the stock an “outperform” rating in a research report on Thursday, November 9th. Zacks Investment Research cut shares of RingCentral from a “buy” rating to a “hold” rating in a research report on Wednesday, October 18th. Jefferies Group reaffirmed a “buy” rating and set a $48.00 price objective on shares of RingCentral in a research report on Thursday, October 19th. Finally, Craig Hallum reaffirmed a “buy” rating and set a $50.00 price objective (up previously from $40.00) on shares of RingCentral in a research report on Thursday, November 9th. Three research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $48.86.

RingCentral (NYSE:RNG) traded up $4.90 on Tuesday, reaching $58.25. 369,571 shares of the company traded hands, compared to its average volume of 431,410. RingCentral has a 1-year low of $22.55 and a 1-year high of $58.45. The company has a market capitalization of $4,026.12, a PE ratio of -166.43 and a beta of 0.87.

RingCentral (NYSE:RNG) last posted its quarterly earnings data on Monday, February 12th. The software maker reported $0.07 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.06 by $0.01. RingCentral had a negative net margin of 5.80% and a negative return on equity of 17.97%. The business had revenue of $140.50 million during the quarter, compared to analysts’ expectations of $136.34 million. During the same quarter in the prior year, the business posted $0.03 earnings per share. RingCentral’s revenue was up 34.4% compared to the same quarter last year. analysts expect that RingCentral will post -0.33 EPS for the current fiscal year.

In related news, CFO Mitesh Dhruv sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 17th. The shares were sold at an average price of $50.96, for a total value of $152,880.00. Following the completion of the transaction, the chief financial officer now owns 132,087 shares in the company, valued at approximately $6,731,153.52. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, COO David Sipes sold 9,300 shares of the firm’s stock in a transaction that occurred on Wednesday, January 10th. The shares were sold at an average price of $48.86, for a total transaction of $454,398.00. The disclosure for this sale can be found here. Insiders sold 230,934 shares of company stock valued at $11,112,262 in the last three months. Company insiders own 14.53% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Ameritas Investment Partners Inc. raised its holdings in RingCentral by 8.3% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,480 shares of the software maker’s stock valued at $200,000 after buying an additional 418 shares during the last quarter. Swiss National Bank raised its holdings in RingCentral by 1.8% in the 3rd quarter. Swiss National Bank now owns 93,800 shares of the software maker’s stock valued at $3,916,000 after buying an additional 1,700 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in RingCentral by 108.7% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,331 shares of the software maker’s stock valued at $161,000 after buying an additional 1,735 shares during the last quarter. Jane Street Group LLC raised its holdings in RingCentral by 21.1% in the 3rd quarter. Jane Street Group LLC now owns 10,823 shares of the software maker’s stock valued at $452,000 after buying an additional 1,886 shares during the last quarter. Finally, American International Group Inc. raised its holdings in RingCentral by 4.7% in the 4th quarter. American International Group Inc. now owns 43,831 shares of the software maker’s stock valued at $2,121,000 after buying an additional 1,971 shares during the last quarter. Institutional investors and hedge funds own 75.37% of the company’s stock.

TRADEMARK VIOLATION WARNING: “RingCentral (RNG) Given New $60.00 Price Target at JPMorgan Chase & Co.” was first reported by Daily Political and is owned by of Daily Political. If you are reading this piece of content on another website, it was illegally copied and reposted in violation of U.S. & international copyright legislation. The original version of this piece of content can be accessed at https://www.dailypolitical.com/2018/02/13/ringcentral-rng-given-new-60-00-price-target-at-jpmorgan-chase-co.html.

About RingCentral

RingCentral, Inc is a provider of software-as-a-service (SaaS) solutions for businesses to support modern communications. The Company’s cloud-based business communications solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, personal computers (PCs) and desk phones, and allow for communication across multiple channels, including high definition (HD) voice, video, short messaging service (SMS), messaging and collaboration, conferencing, online meetings, and fax.

Analyst Recommendations for RingCentral (NYSE:RNG)

Receive News & Ratings for RingCentral Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for RingCentral and related companies with MarketBeat.com's FREE daily email newsletter.