RingCentral (NYSE:RNG) Price Target Raised to $40.00 at Morgan Stanley

RingCentral (NYSE:RNG) had its target price upped by Morgan Stanley from $38.00 to $40.00 in a research report released on Wednesday,Benzinga reports. Morgan Stanley currently has an equal weight rating on the software maker’s stock.

A number of other equities research analysts have also issued reports on the company. Rosenblatt Securities reaffirmed a “buy” rating and issued a $45.00 target price on shares of RingCentral in a research note on Friday, November 8th. Needham & Company LLC restated a “buy” rating and issued a $42.00 price objective on shares of RingCentral in a research report on Monday, November 11th. Piper Sandler lifted their price objective on RingCentral from $31.00 to $38.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Wedbush raised their price target on shares of RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Finally, Raymond James cut their price objective on shares of RingCentral from $52.00 to $50.00 and set a “strong-buy” rating for the company in a research report on Friday, November 8th. Eight investment analysts have rated the stock with a hold rating, five have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $42.00.

RingCentral Stock Performance

RingCentral stock opened at $37.45 on Wednesday. RingCentral has a fifty-two week low of $26.98 and a fifty-two week high of $42.19. The firm has a market capitalization of $3.39 billion, a price-to-earnings ratio of -35.33, a price-to-earnings-growth ratio of 2.48 and a beta of 0.99. The stock’s fifty day moving average is $36.72 and its two-hundred day moving average is $33.14.

RingCentral (NYSE:RNG) last posted its earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.10. RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. The firm had revenue of $608.77 million during the quarter, compared to the consensus estimate of $601.91 million. As a group, sell-side analysts forecast that RingCentral will post 0.84 EPS for the current fiscal year.

Insider Buying and Selling

In other RingCentral news, CFO Vaibhav Agarwal sold 1,985 shares of the company’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $31.40, for a total transaction of $62,329.00. Following the completion of the sale, the chief financial officer now directly owns 135,560 shares in the company, valued at $4,256,584. This represents a 1.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Robert I. Theis sold 1,457 shares of RingCentral stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $37.79, for a total value of $55,060.03. Following the completion of the transaction, the director now directly owns 28,690 shares in the company, valued at $1,084,195.10. This represents a 4.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 117,173 shares of company stock valued at $4,175,376. 6.97% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On RingCentral

Large investors have recently made changes to their positions in the business. Point72 DIFC Ltd acquired a new position in shares of RingCentral during the 2nd quarter valued at $39,000. Venturi Wealth Management LLC grew its stake in shares of RingCentral by 150.4% in the third quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock valued at $59,000 after buying an additional 1,119 shares in the last quarter. Quarry LP grew its stake in shares of RingCentral by 106.7% in the third quarter. Quarry LP now owns 1,902 shares of the software maker’s stock valued at $60,000 after buying an additional 982 shares in the last quarter. KBC Group NV raised its stake in shares of RingCentral by 38.9% during the third quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock valued at $84,000 after purchasing an additional 744 shares during the period. Finally, Central Pacific Bank Trust Division purchased a new stake in RingCentral during the 3rd quarter worth $121,000. Institutional investors and hedge funds 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.