RingCentral (NYSE:RNG) Shares Gap Up on Analyst Upgrade

RingCentral, Inc. (NYSE:RNG) shares gapped up prior to trading on Wednesday after Piper Sandler raised their price target on the stock from $31.00 to $32.00. The stock had previously closed at $29.99, but opened at $33.34. Piper Sandler currently has a neutral rating on the stock. RingCentral shares last traded at $34.52, with a volume of 1,047,783 shares traded.

A number of other equities research analysts have also commented on RNG. Needham & Company LLC reissued a “buy” rating and set a $42.00 price objective on shares of RingCentral in a report on Wednesday. The Goldman Sachs Group cut their target price on shares of RingCentral from $38.00 to $34.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 21st. KeyCorp cut their target price on shares of RingCentral from $50.00 to $48.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 21st. Mizuho upped their target price on shares of RingCentral from $36.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Rosenblatt Securities restated a “neutral” rating and set a $35.00 target price on shares of RingCentral in a research report on Wednesday, May 1st. Nine investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, RingCentral presently has an average rating of “Moderate Buy” and an average target price of $39.28.

Insider Transactions at RingCentral

In other RingCentral news, Director Kenneth A. Goldman sold 1,287 shares of RingCentral stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $34.47, for a total value of $44,362.89. Following the sale, the director now owns 23,688 shares of the company’s stock, valued at approximately $816,525.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other RingCentral news, Director Kenneth A. Goldman sold 1,287 shares of the company’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $34.47, for a total transaction of $44,362.89. Following the completion of the transaction, the director now owns 23,688 shares of the company’s stock, valued at approximately $816,525.36. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Vaibhav Agarwal sold 14,113 shares of RingCentral stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $34.84, for a total transaction of $491,696.92. Following the completion of the sale, the chief financial officer now owns 116,640 shares in the company, valued at $4,063,737.60. The disclosure for this sale can be found here. Insiders sold 23,608 shares of company stock valued at $800,974 over the last quarter. Corporate insiders own 6.76% of the company’s stock.

Hedge Funds Weigh In On RingCentral

A number of large investors have recently modified their holdings of RNG. Sylebra Capital LLC acquired a new position in RingCentral during the third quarter valued at approximately $242,462,000. Ameriprise Financial Inc. boosted its holdings in shares of RingCentral by 515.7% in the 3rd quarter. Ameriprise Financial Inc. now owns 2,716,470 shares of the software maker’s stock valued at $80,489,000 after buying an additional 2,275,245 shares during the last quarter. Norges Bank bought a new position in shares of RingCentral in the fourth quarter valued at $30,471,000. Maple Rock Capital Partners Inc. acquired a new position in RingCentral during the third quarter worth $15,510,000. Finally, Vanguard Group Inc. raised its position in RingCentral by 4.9% during the third quarter. Vanguard Group Inc. now owns 9,988,881 shares of the software maker’s stock worth $295,971,000 after acquiring an additional 469,280 shares in the last quarter. 98.61% of the stock is currently owned by institutional investors and hedge funds.

RingCentral Stock Up 14.6 %

The business’s 50 day simple moving average is $32.83 and its 200 day simple moving average is $31.92. The stock has a market cap of $3.17 billion, a price-to-earnings ratio of -19.65, a PEG ratio of 3.24 and a beta of 0.94.

RingCentral (NYSE:RNG) last issued its earnings results on Tuesday, February 20th. The software maker reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.31). The company had revenue of $571.27 million for the quarter, compared to analyst estimates of $569.65 million. Equities research analysts forecast that RingCentral, Inc. will post 0.45 earnings per share for the current fiscal year.

RingCentral Company Profile

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.