RingCentral (NYSE:RNG) Stock Price Target Raised at Needham & Company LLC

RingCentral (NYSE:RNG) had its price target lifted by Needham & Company LLC from $85.00 to $110.00 in a report issued on Friday, Benzinga reports. The firm currently has a “buy” rating on the software maker’s stock. Needham & Company LLC‘s price objective points to a potential upside of 39.04% from the stock’s current price.

RNG has been the subject of several other research reports. Oppenheimer raised their price target on shares of RingCentral from $50.00 to $85.00 and gave the company an “outperform” rating in a research report on Tuesday, September 1st. Mizuho lifted their price target on shares of RingCentral from $38.00 to $40.00 and gave the stock a “neutral” rating in a research note on Friday, July 24th. Morgan Stanley lifted their target price on shares of RingCentral from $41.00 to $91.00 and gave the stock an “equal weight” rating in a research report on Friday. Jefferies Financial Group reissued a “hold” rating and set a $75.00 price target on shares of RingCentral in a report on Friday. Finally, Evercore set a $90.00 price objective on RingCentral in a report on Friday. Five investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, RingCentral has an average rating of “Hold” and an average price target of $68.08.

RingCentral Price Performance

Shares of NYSE RNG opened at $79.11 on Friday. RingCentral has a 1 year low of $24.14 and a 1 year high of $83.71. The firm has a 50-day moving average of $73.63 and a 200 day moving average of $54.03. The stock has a market cap of $6.61 billion, a P/E ratio of 63.29, a price-to-earnings-growth ratio of 1.43 and a beta of 1.10.

RingCentral (NYSE:RNG) last announced its quarterly earnings data on Thursday, October 22nd. The software maker reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.28 by $0.05. RingCentral had a net margin of 4.27% and a negative return on equity of 34.49%. The business had revenue of $676.04 million for the quarter, compared to analysts’ expectations of $667.30 million. During the same quarter in the prior year, the company earned $1.13 earnings per share. The business’s revenue was up 5.8% compared to the same quarter last year. Research analysts expect that RingCentral will post 2.89 earnings per share for the current fiscal year.

Insider Activity at RingCentral

In related news, Director Amy Shenkan sold 1,264 shares of the business’s stock in a transaction that occurred on Friday, October 2nd. The stock was sold at an average price of $78.89, for a total transaction of $99,716.96. Following the completion of the transaction, the director directly owned 28,108 shares in the company, valued at approximately $2,217,440.12. The trade was a 4.30% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Vladimir Shmunis sold 15,556 shares of the stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $71.78, for a total transaction of $1,116,609.68. Following the completion of the sale, the chief executive officer directly owned 190,271 shares of the company’s stock, valued at $13,657,652.38. This represents a 7.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 84,625 shares of company stock valued at $6,024,953 in the last ninety days. Corporate insiders own 7.30% of the company’s stock.

Institutional Trading of RingCentral

Several institutional investors and hedge funds have recently modified their holdings of RNG. Quantinno Capital Management LP lifted its stake in shares of RingCentral by 150.4% during the 1st quarter. Quantinno Capital Management LP now owns 1,976,995 shares of the software maker’s stock valued at $73,524,000 after buying an additional 1,187,437 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in RingCentral by 8.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,308,949 shares of the software maker’s stock worth $48,676,000 after buying an additional 101,002 shares during the period. Bank of New York Mellon Corp increased its stake in RingCentral by 28.6% in the 1st quarter. Bank of New York Mellon Corp now owns 585,789 shares of the software maker’s stock worth $21,785,000 after buying an additional 130,418 shares in the last quarter. Principal Financial Group Inc. purchased a new stake in RingCentral in the 1st quarter worth $13,719,000. Finally, Hillsdale Investment Management Inc. raised its holdings in RingCentral by 0.3% during the first quarter. Hillsdale Investment Management Inc. now owns 294,050 shares of the software maker’s stock valued at $10,936,000 after acquiring an additional 800 shares during the period. 98.61% of the stock is currently owned by institutional investors.

About RingCentral

RingCentral, Inc is a provider of cloud-based business communications and collaboration solutions. Its platform enables organizations to manage business phone services, team messaging, video meetings, contact center operations and other communications through internet-based applications rather than traditional on-premises systems.

The company’s offerings include RingEX, a unified communications platform that combines voice, messaging and video; RingCentral Video for online meetings and collaboration; and RingCX, a cloud contact center solution.