RingCentral (NYSE:RNG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Friday. The brokerage presently has a $108.00 target price on the software maker’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 7.04% from the stock’s current price.

According to Zacks, “RingCentral, Inc. provides solutions for business communications primarily in the United States. The Company’s products include RingCentral Office, RingCentral Mobile and RingCentral Fax. It provides solutions such as auto-receptionist, flexible extension structure, multiple voicemail boxes, smart call routing, business answering rules, extension dialing, call transfers and elegant integration with Smartphones. RingCentral, Inc. is headquartered in San Mateo, California. “

RNG has been the subject of a number of other research reports. TheStreet lowered RingCentral from a “c” rating to a “d+” rating in a research note on Tuesday, November 6th. Stephens started coverage on RingCentral in a research note on Thursday, January 3rd. They set an “equal weight” rating for the company. Bank of America reiterated a “buy” rating and set a $110.00 price objective (up previously from $93.00) on shares of RingCentral in a research note on Thursday. Morgan Stanley lifted their price objective on RingCentral from $84.00 to $93.00 and gave the company an “equal weight” rating in a research note on Monday, January 7th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $100.00 price objective on shares of RingCentral in a research note on Wednesday, November 7th. Four equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. RingCentral presently has an average rating of “Buy” and an average price target of $94.27.

NYSE RNG opened at $100.90 on Friday. The stock has a market cap of $7.79 billion, a price-to-earnings ratio of -288.29 and a beta of 0.99. RingCentral has a fifty-two week low of $49.55 and a fifty-two week high of $101.07. The company has a quick ratio of 4.07, a current ratio of 4.07 and a debt-to-equity ratio of 1.22.

In related news, insider Praful Shah sold 1,250 shares of RingCentral stock in a transaction dated Monday, December 3rd. The stock was sold at an average price of $86.40, for a total value of $108,000.00. Following the completion of the transaction, the insider now owns 286,974 shares in the company, valued at approximately $24,794,553.60. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Vladimir Shmunis sold 46,048 shares of RingCentral stock in a transaction dated Tuesday, November 20th. The shares were sold at an average price of $68.76, for a total value of $3,166,260.48. Following the completion of the transaction, the chief executive officer now owns 309,799 shares of the company’s stock, valued at approximately $21,301,779.24. The disclosure for this sale can be found here. In the last 90 days, insiders sold 243,484 shares of company stock valued at $19,716,779. 11.99% of the stock is owned by company insiders.

Institutional investors have recently made changes to their positions in the stock. Teachers Advisors LLC increased its stake in shares of RingCentral by 8.3% in the 3rd quarter. Teachers Advisors LLC now owns 329,177 shares of the software maker’s stock valued at $30,630,000 after purchasing an additional 25,247 shares in the last quarter. JPMorgan Chase & Co. increased its stake in RingCentral by 6.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 992,948 shares of the software maker’s stock worth $92,393,000 after buying an additional 59,673 shares in the last quarter. Neuberger Berman Group LLC increased its stake in RingCentral by 26.2% during the 3rd quarter. Neuberger Berman Group LLC now owns 330,300 shares of the software maker’s stock worth $30,734,000 after buying an additional 68,600 shares in the last quarter. US Bancorp DE increased its stake in RingCentral by 4,314.7% during the 3rd quarter. US Bancorp DE now owns 77,037 shares of the software maker’s stock worth $7,168,000 after buying an additional 75,292 shares in the last quarter. Finally, Oakbrook Investments LLC purchased a new stake in RingCentral during the 3rd quarter worth approximately $205,000. Hedge funds and other institutional investors own 78.01% of the company’s stock.

RingCentral Company Profile

RingCentral, Inc provides software-as-a-service solutions for business communications and collaboration primarily in the United States. The company's products include RingCentral Office, a multi-tenant, multi-location, and enterprise-grade communications and collaboration solution that enables employees to communicate through voice, text, team messaging and collaboration, and HD video and Web conferencing through smartphones, tablets, PCs, and desk phones for businesses, which require a communications solution; RingCentral Professional, an inbound call routing subscription with additional text and fax capabilities primarily for smaller businesses; and RingCentral Fax solution that offers Internet fax capabilities, which allow businesses to send and receive fax documents without the need for a fax machine.

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