RingCentral (RNG) PT Raised to $65.00 at Craig Hallum
RingCentral (NYSE:RNG) had its price target hoisted by Craig Hallum from $50.00 to $65.00 in a note issued to investors on Tuesday. The firm currently has a “buy” rating on the software maker’s stock. Craig Hallum’s target price indicates a potential upside of 13.74% from the stock’s previous close.
Other research analysts have also recently issued reports about the company. Northland Securities set a $61.00 price objective on RingCentral and gave the company a “buy” rating in a research note on Tuesday. Bank of America increased their target price on shares of RingCentral from $57.00 to $67.00 and gave the stock a “buy” rating in a report on Tuesday. JPMorgan Chase & Co. increased their target price on shares of RingCentral from $52.00 to $60.00 and gave the stock a “neutral” rating in a report on Tuesday. Morgan Stanley set a $60.00 target price on shares of RingCentral and gave the stock a “hold” rating in a report on Tuesday. Finally, Oppenheimer increased their target price on shares of RingCentral from $60.00 to $66.00 and gave the stock an “outperform” rating in a report on Tuesday. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $51.71.
Shares of RingCentral (NYSE RNG) traded up $3.80 during trading hours on Tuesday, hitting $57.15. The stock had a trading volume of 1,290,562 shares, compared to its average volume of 470,912. RingCentral has a 52-week low of $22.55 and a 52-week high of $58.70. The company has a market capitalization of $4,026.12, a PE ratio of -163.29 and a beta of 0.87.
In other RingCentral news, CFO Mitesh Dhruv sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, January 17th. The shares were sold at an average price of $50.96, for a total value of $152,880.00. Following the completion of the sale, the chief financial officer now directly owns 132,087 shares in the company, valued at $6,731,153.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Vladimir Shmunis sold 101,453 shares of the firm’s stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $48.34, for a total transaction of $4,904,238.02. Following the completion of the sale, the chief executive officer now owns 355,041 shares of the company’s stock, valued at $17,162,681.94. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 230,934 shares of company stock valued at $11,112,262. 14.53% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in RingCentral by 2.9% in the second quarter. Vanguard Group Inc. now owns 5,335,616 shares of the software maker’s stock worth $195,017,000 after buying an additional 151,567 shares during the period. BlackRock Inc. lifted its holdings in shares of RingCentral by 17.2% during the fourth quarter. BlackRock Inc. now owns 5,110,028 shares of the software maker’s stock valued at $247,325,000 after purchasing an additional 750,564 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in shares of RingCentral by 14.8% during the fourth quarter. Renaissance Technologies LLC now owns 1,769,500 shares of the software maker’s stock valued at $85,644,000 after purchasing an additional 228,200 shares during the last quarter. State Street Corp lifted its holdings in shares of RingCentral by 7.3% during the second quarter. State Street Corp now owns 1,253,662 shares of the software maker’s stock valued at $45,824,000 after purchasing an additional 85,404 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in shares of RingCentral by 2.3% during the third quarter. JPMorgan Chase & Co. now owns 1,216,115 shares of the software maker’s stock valued at $48,828,000 after purchasing an additional 27,040 shares during the last quarter. Institutional investors and hedge funds own 75.37% of the company’s stock.
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RingCentral, Inc is a provider of software-as-a-service (SaaS) solutions for businesses to support modern communications. The Company’s cloud-based business communications solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, personal computers (PCs) and desk phones, and allow for communication across multiple channels, including high definition (HD) voice, video, short messaging service (SMS), messaging and collaboration, conferencing, online meetings, and fax.
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