RingCentral (NYSE:RNG) had its price objective lifted by Bank of America from $135.00 to $150.00 in a research note issued to investors on Tuesday, July 30th, BenzingaRatingsTable reports. They currently have a buy rating on the software maker’s stock.
Several other research firms also recently commented on RNG. Stephens reissued a hold rating and set a $95.00 price target on shares of RingCentral in a research note on Monday, May 6th. Zacks Investment Research raised shares of RingCentral from a hold rating to a buy rating and set a $129.00 price target on the stock in a research note on Thursday, July 4th. UBS Group lifted their price target on shares of RingCentral from $117.00 to $130.00 and gave the stock an outperform rating in a research note on Tuesday, May 7th. Deutsche Bank lifted their price target on shares of RingCentral from $125.00 to $135.00 and gave the stock a buy rating in a research note on Tuesday, May 7th. Finally, Craig Hallum lifted their target price on shares of RingCentral from $140.00 to $150.00 and gave the stock a buy rating in a research note on Tuesday, July 30th. Two research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of Buy and an average target price of $135.94.
Shares of RingCentral stock opened at $139.20 on Tuesday. RingCentral has a 1 year low of $64.41 and a 1 year high of $146.38. The firm has a market cap of $11.35 billion, a PE ratio of -3,480.00 and a beta of 0.79. The company has a debt-to-equity ratio of 1.19, a current ratio of 3.08 and a quick ratio of 3.08. The company has a 50 day simple moving average of $127.02 and a two-hundred day simple moving average of $114.85.
In other news, CAO John H. Marlow sold 30,986 shares of the business’s stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $121.83, for a total transaction of $3,775,024.38. Following the sale, the chief accounting officer now owns 125,549 shares in the company, valued at approximately $15,295,634.67. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO John H. Marlow sold 27,000 shares of the business’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $143.06, for a total transaction of $3,862,620.00. Following the sale, the chief accounting officer now owns 175,408 shares in the company, valued at approximately $25,093,868.48. The disclosure for this sale can be found here. Over the last three months, insiders have sold 345,041 shares of company stock worth $42,137,188. Insiders own 11.03% of the company’s stock.
Several hedge funds have recently made changes to their positions in RNG. Nuveen Asset Management LLC bought a new stake in shares of RingCentral during the 2nd quarter valued at $94,704,000. Norges Bank bought a new stake in shares of RingCentral during the 4th quarter valued at $53,247,000. FIL Ltd bought a new position in RingCentral in the 1st quarter worth about $67,944,000. Eagle Asset Management Inc. boosted its stake in RingCentral by 294.0% in the 1st quarter. Eagle Asset Management Inc. now owns 683,008 shares of the software maker’s stock worth $73,628,000 after purchasing an additional 509,661 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its stake in RingCentral by 35.7% in the 1st quarter. Victory Capital Management Inc. now owns 1,929,832 shares of the software maker’s stock worth $208,036,000 after purchasing an additional 507,225 shares in the last quarter. Hedge funds and other institutional investors own 81.54% of the company’s stock.
RingCentral Company Profile
RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect primarily in North America. The company's products include RingCentral Office, provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax through smartphones, tablets, PCs, and desk phones; RingCentral Professional, a cloud based virtual telephone service for professionals, as well as provides inbound call answering and management services, and includes inbound local, long-distance, and toll-free minutes; and RingCentral Fax that provides online fax capabilities that allow businesses to send and receive fax documents without a fax machine.
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