RingCentral (RNG) Given a $60.00 Price Target at Morgan Stanley
RingCentral (NYSE:RNG) received a $60.00 price objective from stock analysts at Morgan Stanley in a note issued to investors on Tuesday. The brokerage presently has a “hold” rating on the software maker’s stock. Morgan Stanley’s price objective would indicate a potential upside of 3.72% from the company’s current price.
A number of other analysts also recently weighed in on the stock. JPMorgan Chase & Co. downgraded shares of RingCentral from an “overweight” rating to a “neutral” rating and set a $52.00 price target on the stock. in a research report on Tuesday, December 12th. Oppenheimer increased their price target on shares of RingCentral from $50.00 to $56.00 and gave the company an “outperform” rating in a research report on Wednesday, December 6th. Zacks Investment Research downgraded shares of RingCentral from a “buy” rating to a “hold” rating in a research report on Wednesday, November 15th. Northland Securities reiterated a “buy” rating and issued a $46.00 price target on shares of RingCentral in a research report on Friday, November 10th. Finally, Craig Hallum reiterated a “buy” rating and issued a $50.00 price target (up from $40.00) on shares of RingCentral in a research report on Thursday, November 9th. Four equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. RingCentral presently has an average rating of “Buy” and an average target price of $53.79.
Shares of RingCentral (NYSE RNG) opened at $57.85 on Tuesday. RingCentral has a 52-week low of $23.90 and a 52-week high of $58.85.
In related news, COO David Sipes sold 9,300 shares of the stock in a transaction that occurred on Wednesday, January 10th. The stock was sold at an average price of $48.86, for a total transaction of $454,398.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Mitesh Dhruv sold 3,000 shares of the stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 132,087 shares of the company’s stock, valued at $6,731,153.52. The disclosure for this sale can be found here. Over the last three months, insiders have sold 230,934 shares of company stock valued at $11,112,262. 14.53% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its stake in RingCentral by 2.9% during the 2nd quarter. Vanguard Group Inc. now owns 5,335,616 shares of the software maker’s stock worth $195,017,000 after purchasing an additional 151,567 shares in the last quarter. BlackRock Inc. increased its stake in RingCentral by 17.2% during the 4th quarter. BlackRock Inc. now owns 5,110,028 shares of the software maker’s stock worth $247,325,000 after purchasing an additional 750,564 shares in the last quarter. Renaissance Technologies LLC grew its stake in shares of RingCentral by 14.8% during the 4th quarter. Renaissance Technologies LLC now owns 1,769,500 shares of the software maker’s stock worth $85,644,000 after acquiring an additional 228,200 shares in the last quarter. State Street Corp grew its stake in shares of RingCentral by 7.3% during the 2nd quarter. State Street Corp now owns 1,253,662 shares of the software maker’s stock worth $45,824,000 after acquiring an additional 85,404 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its stake in shares of RingCentral by 2.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,216,115 shares of the software maker’s stock worth $48,828,000 after acquiring an additional 27,040 shares in the last quarter. 75.37% of the stock is owned by institutional investors and hedge funds.
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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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