RingCentral (NYSE:RNG) had its price objective increased by Raymond James from $140.00 to $175.00 in a research report released on Tuesday morning, BenzingaRatingsTable reports. The brokerage currently has a strong-buy rating on the software maker’s stock.
RNG has been the topic of several other research reports. Northland Securities upped their price objective on shares of RingCentral from $124.00 to $148.00 and gave the company an outperform rating in a research note on Tuesday, May 7th. UBS Group upped their price objective on shares of RingCentral from $117.00 to $130.00 and gave the company an outperform rating in a research note on Tuesday, May 7th. Craig Hallum upped their price objective on shares of RingCentral from $120.00 to $140.00 and gave the company a buy rating in a research note on Tuesday, May 7th. SunTrust Banks upped their price objective on shares of RingCentral to $140.00 and gave the company a buy rating in a research note on Tuesday, May 7th. Finally, Deutsche Bank increased 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. Three analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of Buy and an average price target of $131.11.
Shares of RNG traded down $1.24 on Tuesday, hitting $139.74. 1,178 shares of the stock traded hands, compared to its average volume of 695,780. The company has a quick ratio of 3.08, a current ratio of 3.08 and a debt-to-equity ratio of 1.19. The stock has a market cap of $11.39 billion, a price-to-earnings ratio of -3,475.38 and a beta of 0.79. The firm has a 50 day moving average price of $120.84. RingCentral has a 1 year low of $64.41 and a 1 year high of $146.38.
In related news, COO David Sipes sold 13,500 shares of the firm’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $124.08, for a total transaction of $1,675,080.00. Following the completion of the sale, the chief operating officer now directly owns 288,367 shares of the company’s stock, valued at approximately $35,780,577.36. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Vladimir Shmunis sold 51,923 shares of the firm’s stock in a transaction on Monday, May 20th. The shares were sold at an average price of $120.87, for a total transaction of $6,275,933.01. Following the sale, the chief executive officer now directly owns 325,018 shares of the company’s stock, valued at $39,284,925.66. The disclosure for this sale can be found here. Insiders sold 358,541 shares of company stock valued at $43,812,268 in the last three months. Company insiders own 11.03% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the business. CX Institutional bought a new position in shares of RingCentral in the 1st quarter worth about $36,000. Penserra Capital Management LLC bought a new stake in RingCentral in the 1st quarter valued at about $36,000. Signaturefd LLC lifted its position in RingCentral by 31.4% in the 1st quarter. Signaturefd LLC now owns 364 shares of the software maker’s stock valued at $39,000 after purchasing an additional 87 shares during the last quarter. Baldwin Brothers Inc. MA lifted its position in RingCentral by 90.0% in the 2nd quarter. Baldwin Brothers Inc. MA now owns 380 shares of the software maker’s stock valued at $44,000 after purchasing an additional 180 shares during the last quarter. Finally, Weaver Consulting Group bought a new stake in shares of RingCentral during the 1st quarter worth about $66,000. 81.82% of the stock is owned by institutional investors.
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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