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

RingCentral (NYSE:RNG) had its price target lifted by equities research analysts at Morgan Stanley from $38.00 to $40.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the software maker’s stock. Morgan Stanley’s target price suggests a potential upside of 7.64% from the company’s previous close.

Several other equities analysts have also recently issued reports on the company. Raymond James lowered their price objective on RingCentral from $52.00 to $50.00 and set a “strong-buy” rating on the stock in a research report on Friday, November 8th. Rosenblatt Securities reaffirmed a “buy” rating and set a $45.00 price target on shares of RingCentral in a report on Friday, November 8th. Mizuho reiterated a “neutral” rating and issued a $42.00 price objective on shares of RingCentral in a report on Friday, December 13th. StockNews.com raised RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Monday, November 11th. Finally, Robert W. Baird raised their price target on shares of RingCentral from $36.00 to $38.00 and gave the company a “neutral” rating in a report on Monday, November 11th. Eight equities research analysts have rated the stock with a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $42.00.

RingCentral Trading Down 1.4 %

RingCentral stock opened at $37.16 on Wednesday. RingCentral has a 12 month low of $26.98 and a 12 month high of $42.19. The company has a market capitalization of $3.36 billion, a price-to-earnings ratio of -35.06, a price-to-earnings-growth ratio of 2.48 and a beta of 0.99. The business’s fifty day simple moving average is $36.72 and its two-hundred day simple moving average is $33.14.

RingCentral (NYSE:RNG) last announced its quarterly earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.10. The company had revenue of $608.77 million for the quarter, compared to analysts’ expectations of $601.91 million. RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. On average, equities research analysts predict that RingCentral will post 0.84 EPS for the current year.

Insider Transactions at RingCentral

In other news, CFO Vaibhav Agarwal sold 1,985 shares of the company’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $31.40, for a total value 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 position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Robert I. Theis sold 1,457 shares of RingCentral stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $37.79, for a total value of $55,060.03. Following the transaction, the director now owns 28,690 shares in the company, valued at $1,084,195.10. This trade represents a 4.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 117,173 shares of company stock worth $4,175,376 in the last 90 days. 6.97% of the stock is currently owned by insiders.

Institutional Investors Weigh In On RingCentral

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RNG. Point72 DIFC Ltd purchased a new position in RingCentral during the second quarter valued at approximately $39,000. Venturi Wealth Management LLC raised its position in shares of RingCentral by 150.4% during the 3rd quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock valued at $59,000 after purchasing an additional 1,119 shares during the period. Quarry LP lifted its stake in shares of RingCentral by 106.7% during the 3rd 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 boosted its holdings in RingCentral by 38.9% in the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock worth $84,000 after buying an additional 744 shares during the period. Finally, Central Pacific Bank Trust Division purchased a new stake in RingCentral in the 3rd quarter worth $121,000. 98.61% of the stock is owned by hedge funds and other institutional investors.

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.