RingCentral (NYSE:RNG) Shares Gap Up to $29.50

Shares of RingCentral, Inc. (NYSE:RNG – Get Rating) gapped up before the market opened on Friday . The stock had previously closed at $29.50, but opened at $30.82. RingCentral shares last traded at $30.64, with a volume of 350,746 shares.

Wall Street Analyst Weigh In

RNG has been the topic of several research reports. Jefferies Financial Group dropped their price objective on RingCentral from $50.00 to $45.00 in a report on Friday, February 24th. Piper Sandler decreased their target price on shares of RingCentral from $45.00 to $29.00 in a research note on Wednesday, May 10th. Mizuho decreased their target price on shares of RingCentral from $50.00 to $45.00 and set a “buy” rating for the company in a research note on Tuesday, February 21st. Robert W. Baird decreased their target price on shares of RingCentral from $45.00 to $32.00 in a research note on Friday, May 12th. Finally, KeyCorp increased their target price on shares of RingCentral from $40.00 to $45.00 in a research note on Wednesday, May 10th. Ten research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, RingCentral presently has a consensus rating of “Moderate Buy” and an average target price of $47.17.

RingCentral Stock Performance

The company has a market cap of $3.13 billion, a price-to-earnings ratio of -3.82, a price-to-earnings-growth ratio of 46.36 and a beta of 0.94. The stock’s fifty day simple moving average is $28.69 and its two-hundred day simple moving average is $33.95.

Insider Buying and Selling at RingCentral

In other RingCentral news, CFO Sonalee Elizabeth Parekh sold 4,250 shares of RingCentral stock in a transaction on Tuesday, May 16th. The shares were sold at an average price of $27.24, for a total value of $115,770.00. Following the transaction, the chief financial officer now owns 129,005 shares in the company, valued at approximately $3,514,096.20. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 6.49% of the stock is owned by company insiders.

Hedge Funds Weigh In On RingCentral

Several hedge funds and other institutional investors have recently made changes to their positions in RNG. Amalgamated Bank boosted its stake in RingCentral by 1.3% in the 4th quarter. Amalgamated Bank now owns 19,604 shares of the software maker’s stock worth $694,000 after purchasing an additional 253 shares during the period. Ensign Peak Advisors Inc boosted its stake in RingCentral by 1.0% in the 3rd quarter. Ensign Peak Advisors Inc now owns 25,820 shares of the software maker’s stock worth $1,032,000 after purchasing an additional 260 shares during the period. Advisors Asset Management Inc. boosted its stake in RingCentral by 51.5% in the 1st quarter. Advisors Asset Management Inc. now owns 886 shares of the software maker’s stock worth $104,000 after purchasing an additional 301 shares during the period. Xponance Inc. boosted its stake in RingCentral by 3.0% in the 1st quarter. Xponance Inc. now owns 11,799 shares of the software maker’s stock worth $362,000 after purchasing an additional 345 shares during the period. Finally, Treasurer of the State of North Carolina lifted its position in RingCentral by 1.3% in the 4th quarter. Treasurer of the State of North Carolina now owns 36,982 shares of the software maker’s stock worth $1,309,000 after buying an additional 470 shares in the last quarter. Institutional investors and hedge funds own 88.09% of the company’s stock.

About RingCentral

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RingCentral, Inc engages in the provision of global enterprise cloud communications and collaboration solutions. The firm’s solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, PCs and desk phones, and allows for communication across multiple modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings and fax.