Northland Securities set a $61.00 price target on RingCentral (NYSE:RNG) in a research note released on Tuesday. The firm currently has a buy rating on the software maker’s stock.

Other analysts have also issued research reports about the company. Bank of America increased their price target on RingCentral from $57.00 to $67.00 and gave the company a buy rating in a report on Tuesday. Zacks Investment Research upgraded RingCentral from a hold rating to a buy rating and set a $52.00 price target on the stock in a report on Tuesday, November 14th. Craig Hallum restated a buy rating and set a $50.00 price target (up previously from $40.00) on shares of RingCentral in a report on Thursday, November 9th. Jefferies Group restated a buy rating and set a $48.00 price target on shares of RingCentral in a report on Thursday, October 19th. Finally, Morgan Stanley set a $60.00 price target on RingCentral and gave the company a hold rating in a report on Tuesday. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus price target of $53.79.

Shares of RingCentral (RNG) opened at $57.15 on Tuesday. RingCentral has a twelve month low of $22.55 and a twelve month high of $58.70.

RingCentral (NYSE:RNG) last released its quarterly earnings results on Monday, February 12th. The software maker reported $0.07 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.06 by $0.01. RingCentral had a negative return on equity of 17.15% and a negative net margin of 5.21%. The company had revenue of $140.50 million for the quarter, compared to analyst estimates of $136.34 million. During the same quarter in the prior year, the firm posted $0.03 EPS. RingCentral’s quarterly revenue was up 34.4% compared to the same quarter last year. equities research analysts forecast that RingCentral will post -0.28 EPS for the current year.

In other RingCentral news, insider Praful Shah sold 10,000 shares of the stock in a transaction on Tuesday, November 21st. The stock was sold at an average price of $48.61, for a total value of $486,100.00. Following the sale, the insider now owns 296,050 shares in the company, valued at $14,390,990.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Mitesh Dhruv sold 3,000 shares of the stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $50.96, for a total value of $152,880.00. Following the completion of the sale, the chief financial officer now owns 132,087 shares in the company, valued at approximately $6,731,153.52. The disclosure for this sale can be found here. In the last quarter, insiders sold 230,934 shares of company stock worth $11,112,262. Insiders own 14.53% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in the business. Ameritas Investment Partners Inc. increased its stake in RingCentral by 8.3% in the second quarter. Ameritas Investment Partners Inc. now owns 5,480 shares of the software maker’s stock worth $200,000 after purchasing an additional 418 shares during the period. Amalgamated Bank increased its stake in RingCentral by 11.2% in the fourth quarter. Amalgamated Bank now owns 8,851 shares of the software maker’s stock worth $428,000 after purchasing an additional 894 shares during the period. Swiss National Bank increased its stake in RingCentral by 1.8% in the third quarter. Swiss National Bank now owns 93,800 shares of the software maker’s stock worth $3,916,000 after purchasing an additional 1,700 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in RingCentral by 108.7% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,331 shares of the software maker’s stock worth $161,000 after purchasing an additional 1,735 shares during the period. Finally, Jane Street Group LLC increased its stake in RingCentral by 21.1% in the third 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. Institutional investors and hedge funds own 75.37% of the company’s stock.

ILLEGAL ACTIVITY WARNING: This piece was reported by The Cerbat Gem and is owned by of The Cerbat Gem. If you are viewing this piece on another website, it was illegally stolen and republished in violation of United States and international trademark & copyright laws. The legal version of this piece can be viewed at https://www.thecerbatgem.com/2018/02/14/ringcentral-rng-given-a-61-00-price-target-at-northland-securities.html.

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.

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.