Bank of America Boosts RingCentral (RNG) Price Target to $67.00
RingCentral (NYSE:RNG) had its price objective boosted by analysts at Bank of America from $57.00 to $67.00 in a research note issued on Tuesday. The firm presently has a “buy” rating on the software maker’s stock. Bank of America’s target price would indicate a potential upside of 15.82% from the stock’s current price.
Several other equities research analysts have also issued reports on RNG. Zacks Investment Research lowered shares of RingCentral from a “buy” rating to a “hold” rating in a report on Wednesday, October 18th. Jefferies Group reissued a “buy” rating and issued a $48.00 price target on shares of RingCentral in a report on Thursday, October 19th. Oppenheimer boosted their price target on shares of RingCentral from $45.00 to $50.00 and gave the company an “outperform” rating in a report on Thursday, November 9th. Craig Hallum reissued a “buy” rating and issued a $50.00 price target (up previously from $40.00) on shares of RingCentral in a report on Thursday, November 9th. Finally, Northland Securities reissued a “buy” rating and issued a $46.00 price target on shares of RingCentral in a report on Friday, November 10th. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $53.79.
Shares of RingCentral (NYSE RNG) opened at $57.85 on Tuesday. RingCentral has a fifty-two week low of $23.90 and a fifty-two week high of $58.85.
In other news, CFO Mitesh Dhruv sold 3,000 shares of the company’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 sale, the chief financial officer now owns 132,087 shares of the company’s stock, valued at approximately $6,731,153.52. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO John H. Marlow sold 1,945 shares of the company’s stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $48.65, for a total transaction of $94,624.25. Following the completion of the sale, the chief accounting officer now directly owns 120,373 shares in the company, valued at approximately $5,856,146.45. The disclosure for this sale can be found here. In the last ninety days, insiders sold 230,934 shares of company stock worth $11,112,262. 14.53% of the stock is owned by insiders.
Institutional investors and hedge funds have recently bought and sold shares of the company. State Street Corp grew its holdings in shares of RingCentral by 7.3% in the 2nd quarter. State Street Corp now owns 1,253,662 shares of the software maker’s stock worth $45,824,000 after purchasing an additional 85,404 shares during the last quarter. Bank of Nova Scotia bought a new stake in shares of RingCentral in the 2nd quarter worth about $1,871,000. Los Angeles Capital Management & Equity Research Inc. grew its holdings in shares of RingCentral by 91.8% in the 3rd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 20,291 shares of the software maker’s stock worth $847,000 after purchasing an additional 9,710 shares during the last quarter. Fox Run Management L.L.C. bought a new stake in shares of RingCentral in the 4th quarter worth about $576,000. Finally, Schwab Charles Investment Management Inc. grew its holdings in shares of RingCentral by 8.4% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 287,380 shares of the software maker’s stock worth $11,999,000 after purchasing an additional 22,347 shares during the last quarter. 75.37% of the stock is currently owned by institutional investors and hedge funds.
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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