RingCentral (RNG) Given a $61.00 Price Target at Northland Securities
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.
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.
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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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