UBS Group Increases RingCentral (NYSE:RNG) Price Target to $40.00

RingCentral (NYSE:RNG) had its target price upped by analysts at UBS Group from $37.00 to $40.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has a “neutral” rating on the software maker’s stock. UBS Group’s price target would suggest a potential upside of 12.23% from the company’s current price.

RNG has been the subject of several other reports. Rosenblatt Securities restated a “neutral” rating and set a $35.00 price objective on shares of RingCentral in a research note on Wednesday, May 1st. Mizuho lifted their price objective on shares of RingCentral from $36.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday. Wells Fargo & Company dropped their target price on RingCentral from $36.00 to $31.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 21st. Wedbush reiterated a “neutral” rating and set a $40.00 price target on shares of RingCentral in a research report on Friday, February 16th. Finally, The Goldman Sachs Group dropped their price target on shares of RingCentral from $38.00 to $34.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 21st. Ten equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, RingCentral has an average rating of “Moderate Buy” and an average target price of $39.58.

RingCentral Stock Up 0.5 %

RNG stock traded up $0.18 during trading on Wednesday, hitting $35.64. The company had a trading volume of 66,422 shares, compared to its average volume of 1,132,723. The firm has a market capitalization of $3.29 billion, a P/E ratio of -20.26, a PEG ratio of 3.24 and a beta of 0.94. The company has a 50 day simple moving average of $32.87 and a 200-day simple moving average of $31.94. RingCentral has a 52-week low of $25.08 and a 52-week high of $43.28.

RingCentral (NYSE:RNG) last announced its quarterly earnings results on Tuesday, February 20th. The software maker reported ($0.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.31). The firm had revenue of $571.27 million during the quarter, compared to analyst estimates of $569.65 million. Sell-side analysts forecast that RingCentral will post 0.45 earnings per share for the current year.

Insider Transactions at RingCentral

In other RingCentral news, CFO Vaibhav Agarwal sold 6,224 shares of the company’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $31.55, for a total transaction of $196,367.20. Following the completion of the transaction, the chief financial officer now owns 130,753 shares in the company, valued at approximately $4,125,257.15. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CFO Vaibhav Agarwal sold 6,224 shares of the company’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $31.55, for a total transaction of $196,367.20. Following the transaction, the chief financial officer now owns 130,753 shares of the company’s stock, valued at $4,125,257.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kenneth A. Goldman sold 1,287 shares of the firm’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $34.47, for a total value of $44,362.89. Following the completion of the sale, the director now directly owns 23,688 shares of the company’s stock, valued at approximately $816,525.36. The disclosure for this sale can be found here. Insiders sold 23,608 shares of company stock worth $800,974 over the last 90 days. 6.76% of the stock is currently owned by insiders.

Institutional Trading of RingCentral

Institutional investors and hedge funds have recently modified their holdings of the business. Jupiter Asset Management Ltd. purchased a new position in RingCentral during the first quarter worth approximately $1,510,000. State Board of Administration of Florida Retirement System raised its position in shares of RingCentral by 6.2% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 92,189 shares of the software maker’s stock valued at $3,203,000 after purchasing an additional 5,376 shares in the last quarter. Russell Investments Group Ltd. increased its holdings in RingCentral by 289.4% in the first quarter. Russell Investments Group Ltd. now owns 153,806 shares of the software maker’s stock valued at $5,343,000 after buying an additional 114,304 shares during the last quarter. Sei Investments Co. lifted its stake in RingCentral by 2.3% during the first quarter. Sei Investments Co. now owns 23,485 shares of the software maker’s stock worth $816,000 after purchasing an additional 539 shares during the last quarter. Finally, GSA Capital Partners LLP bought a new stake in shares of RingCentral during the 1st quarter valued at about $704,000. Hedge funds and other institutional investors own 98.61% of the company’s stock.

About RingCentral

RingCentral, Inc, together with its subsidiaries, provides cloud communications, video meetings, collaboration, and contact center software-as-a-service solutions worldwide. The company's products include RingCentral Message Video Phone that provides a unified experience for communication and collaboration across multiple modes, including HD voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers AI-powered omnichannel and workforce engagement solutions with integrated RingCentral MVP; and RingCX, an AI-powered contact center that a native delivers omnichannel experience.