Oppenheimer Boosts Ringcentral (RNG) Price Target to $56.00
Ringcentral (NYSE:RNG) had its price objective increased by Oppenheimer from $50.00 to $56.00 in a research report sent to investors on Wednesday morning. Oppenheimer currently has an outperform rating on the software maker’s stock.
A number of other equities analysts also recently weighed in on the stock. Zacks Investment Research downgraded shares of Ringcentral from a buy rating to a hold rating in a research note on Wednesday, November 15th. Northland Securities reaffirmed a buy rating and set a $46.00 target price on shares of Ringcentral in a research note on Friday, November 10th. Craig Hallum reaffirmed a buy rating and set a $50.00 target price (up previously from $40.00) on shares of Ringcentral in a research note on Thursday, November 9th. Bank of America raised their target price on shares of Ringcentral from $45.00 to $50.00 and gave the company a buy rating in a research note on Wednesday, October 25th. Finally, Jefferies Group reissued a buy rating and set a $48.00 price target on shares of Ringcentral in a research report on Thursday, October 19th. Three research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Ringcentral has a consensus rating of Buy and a consensus price target of $44.62.
Ringcentral (NYSE RNG) opened at $48.30 on Wednesday. Ringcentral has a one year low of $20.55 and a one year high of $49.95.
In other Ringcentral news, CAO John H. Marlow sold 1,945 shares of Ringcentral stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $48.65, for a total value of $94,624.25. Following the completion of the sale, the chief accounting officer now owns 120,373 shares of the company’s stock, valued at approximately $5,856,146.45. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, COO David Sipes sold 7,800 shares of Ringcentral stock in a transaction that occurred on Wednesday, September 13th. The stock was sold at an average price of $42.11, for a total transaction of $328,458.00. Following the completion of the sale, the chief operating officer now directly owns 293,380 shares of the company’s stock, valued at approximately $12,354,231.80. The disclosure for this sale can be found here. Insiders have sold 361,576 shares of company stock valued at $16,249,722 in the last three months. 14.53% of the stock is owned by insiders.
A number of large investors have recently bought and sold shares of the business. Neuberger Berman Group LLC bought a new stake in Ringcentral in the 3rd quarter worth approximately $1,474,000. California Public Employees Retirement System grew its position in Ringcentral by 7.5% in the 3rd quarter. California Public Employees Retirement System now owns 196,956 shares of the software maker’s stock worth $8,223,000 after purchasing an additional 13,656 shares during the period. Crestline Management LP bought a new stake in Ringcentral in the 3rd quarter worth approximately $1,672,000. Jane Street Group LLC grew its position in Ringcentral by 21.1% in the 3rd quarter. Jane Street Group LLC now owns 10,823 shares of the software maker’s stock worth $452,000 after purchasing an additional 1,886 shares during the period. Finally, AMP Capital Investors Ltd bought a new stake in Ringcentral in the 3rd quarter worth approximately $405,000. 76.43% of the stock is owned by institutional investors and hedge funds.
Ringcentral Company Profile
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.
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