RingCentral (NYSE:RNG) Price Target Raised to $42.00 at Deutsche Bank Aktiengesellschaft

RingCentral (NYSE:RNG) had its price target increased by research analysts at Deutsche Bank Aktiengesellschaft from $38.00 to $42.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the software maker’s stock. Deutsche Bank Aktiengesellschaft’s price target suggests a potential upside of 18.31% from the company’s previous close.

RNG has been the subject of a number of other reports. UBS Group raised their price target on RingCentral from $37.00 to $40.00 and gave the stock a “neutral” rating in a research report on Wednesday. Rosenblatt Securities reaffirmed a “neutral” rating and set a $35.00 price target on shares of RingCentral in a research note on Wednesday, May 1st. Robert W. Baird increased their price objective on shares of RingCentral from $32.00 to $35.00 and gave the stock a “neutral” rating in a research report on Thursday. Wedbush reissued a “neutral” rating and issued a $40.00 price objective on shares of RingCentral in a research note on Thursday. Finally, Wells Fargo & Company upped their target price on RingCentral from $31.00 to $33.00 and gave the company an “equal weight” rating in a research note on Wednesday. Ten investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $39.58.

RingCentral Stock Performance

NYSE:RNG traded up $1.12 during trading hours on Thursday, reaching $35.50. The stock had a trading volume of 455,500 shares, compared to its average volume of 1,134,789. The stock has a market capitalization of $3.28 billion, a PE ratio of -20.17, a PEG ratio of 3.24 and a beta of 0.94. RingCentral has a 52 week low of $25.08 and a 52 week high of $43.28. The company has a 50 day moving average price of $32.83 and a two-hundred day moving average price of $31.92.

RingCentral (NYSE:RNG) last released its quarterly earnings data on Tuesday, February 20th. The software maker reported ($0.33) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.31). The business had revenue of $571.27 million for the quarter, compared to analyst estimates of $569.65 million. Equities research analysts predict that RingCentral will post 0.45 EPS for the current year.

Insider Activity

In other RingCentral news, Director Kenneth A. Goldman sold 1,287 shares of the company’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $34.47, for a total transaction of $44,362.89. Following the completion of the sale, the director now owns 23,688 shares in the company, valued at $816,525.36. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CFO Vaibhav Agarwal sold 14,113 shares of the business’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $34.84, for a total transaction of $491,696.92. Following the transaction, the chief financial officer now directly owns 116,640 shares in the company, valued at approximately $4,063,737.60. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Kenneth A. Goldman sold 1,287 shares of the company’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $34.47, for a total value of $44,362.89. Following the transaction, the director now directly owns 23,688 shares in the company, valued at $816,525.36. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 23,608 shares of company stock worth $800,974. Corporate insiders own 6.76% of the company’s stock.

Hedge Funds Weigh In On RingCentral

Several hedge funds have recently modified their holdings of RNG. Vanguard Group Inc. boosted its stake in RingCentral by 3.8% in the 4th quarter. Vanguard Group Inc. now owns 10,371,224 shares of the software maker’s stock worth $352,103,000 after purchasing an additional 382,343 shares in the last quarter. Sylebra Capital LLC acquired a new stake in shares of RingCentral during the third quarter worth $242,462,000. Ameriprise Financial Inc. grew its holdings in shares of RingCentral by 515.7% during the third quarter. Ameriprise Financial Inc. now owns 2,716,470 shares of the software maker’s stock valued at $80,489,000 after buying an additional 2,275,245 shares during the last quarter. First Trust Advisors LP grew its holdings in shares of RingCentral by 15.9% during the fourth quarter. First Trust Advisors LP now owns 1,991,917 shares of the software maker’s stock valued at $67,626,000 after buying an additional 273,109 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of RingCentral in the 4th quarter valued at $30,471,000. Institutional investors and hedge funds own 98.61% of the company’s stock.

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.