RingCentral (NYSE:RNG) Given New $105.00 Price Target at Rosenblatt Securities

RingCentral (NYSE:RNG) had its price target boosted by research analysts at Rosenblatt Securities from $80.00 to $105.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm presently has a “buy” rating on the software maker’s stock. Rosenblatt Securities‘s target price would indicate a potential upside of 25.80% from the company’s current price.

Several other equities analysts have also issued reports on the stock. Mizuho set a $85.00 price objective on shares of RingCentral in a report on Friday. Robert W. Baird set a $95.00 price objective on shares of RingCentral in a report on Friday. Royal Bank Of Canada initiated coverage on RingCentral in a research note on Thursday, September 3rd. They issued an “outperform” rating and a $85.00 target price for the company. Oppenheimer lifted their price target on RingCentral from $85.00 to $110.00 and gave the stock an “outperform” rating in a research report on Friday. Finally, UBS Group set a $91.00 price target on RingCentral in a research note on Friday. Six equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat, RingCentral has an average rating of “Hold” and an average target price of $93.92.

RingCentral Stock Up 0.1%

RNG stock opened at $83.46 on Monday. The business’s fifty day simple moving average is $74.01 and its two-hundred day simple moving average is $54.35. The firm has a market cap of $6.97 billion, a price-to-earnings ratio of 11.04, a PEG ratio of 1.44 and a beta of 1.10. RingCentral has a twelve month low of $24.14 and a twelve month high of $98.14.

RingCentral (NYSE:RNG) last posted its quarterly earnings results on Thursday, October 22nd. The software maker reported $1.33 EPS for the quarter, topping the consensus estimate of $1.28 by $0.05. The company had revenue of $676.04 million for the quarter, compared to the consensus estimate of $667.30 million. RingCentral had a net margin of 25.27% and a negative return on equity of 50.15%. The firm’s revenue was up 5.8% compared to the same quarter last year. During the same quarter last year, the firm posted $1.13 EPS. Research analysts expect that RingCentral will post 2.89 EPS for the current year.

Insider Buying and Selling

In other RingCentral news, Director Amy Shenkan sold 1,264 shares of the stock in a transaction dated Friday, October 2nd. The stock was sold at an average price of $78.89, for a total transaction of $99,716.96. Following the sale, the director directly owned 28,108 shares of the company’s stock, valued at approximately $2,217,440.12. This trade represents a 4.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Vaibhav Agarwal sold 7,046 shares of the stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $72.10, for a total value of $508,016.60. Following the sale, the chief financial officer directly owned 146,700 shares in the company, valued at $10,577,070. This represents a 4.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 84,625 shares of company stock valued at $6,024,953 in the last 90 days. 7.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On RingCentral

A number of hedge funds have recently bought and sold shares of RNG. Access Investment Management LLC purchased a new position in shares of RingCentral during the 3rd quarter worth $7,793,000. Signaturefd LLC grew its holdings in shares of RingCentral by 77.2% in the third quarter. Signaturefd LLC now owns 1,552 shares of the software maker’s stock valued at $116,000 after purchasing an additional 676 shares during the period. Bond & Devick Financial Network Inc. purchased a new stake in shares of RingCentral in the third quarter valued at about $224,000. Citizens Financial Group Inc. RI purchased a new stake in shares of RingCentral in the third quarter valued at about $311,000. Finally, Fifth Third Wealth Advisors LLC acquired a new stake in RingCentral during the third quarter worth about $246,000. Hedge funds and other institutional investors own 98.61% of the company’s stock.

RingCentral Company Profile

RingCentral, Inc is a provider of cloud-based business communications and collaboration solutions. Its platform enables organizations to manage business phone services, team messaging, video meetings, contact center operations and other communications through internet-based applications rather than traditional on-premises systems.

The company’s offerings include RingEX, a unified communications platform that combines voice, messaging and video; RingCentral Video for online meetings and collaboration; and RingCX, a cloud contact center solution.