RingCentral (NYSE:RNG) Price Target Raised to $85.00

RingCentral (NYSE:RNG) had its price target lifted by Needham & Company LLC from $55.00 to $85.00 in a research report sent to investors on Friday, MarketBeat Ratings reports. They currently have a buy rating on the software maker’s stock.

A number of other research firms have also recently weighed in on RNG. Wells Fargo & Company boosted their price target on RingCentral from $43.00 to $65.00 and gave the stock an “equal weight” rating in a report on Tuesday, August 25th. Rosenblatt Securities reaffirmed a “buy” rating and set a $50.00 price objective on shares of RingCentral in a research note on Friday, July 24th. Morgan Stanley boosted their target price on shares of RingCentral from $33.00 to $40.00 and gave the company an “equal weight” rating in a research note on Monday, May 11th. Weiss Ratings restated a “hold (c)” rating on shares of RingCentral in a report on Friday, July 17th. Finally, Piper Sandler raised their price target on shares of RingCentral from $40.00 to $43.00 and gave the stock a “neutral” rating in a research note on Friday, July 24th. Three analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $49.60.

RingCentral Price Performance

Shares of NYSE RNG opened at $69.43 on Friday. The firm’s 50-day moving average is $51.20 and its two-hundred day moving average is $43.11. The company has a market capitalization of $5.80 billion, a PE ratio of 55.54, a price-to-earnings-growth ratio of 1.20 and a beta of 1.10. RingCentral has a 12-month low of $24.14 and a 12-month high of $70.43.

RingCentral (NYSE:RNG) last issued its quarterly earnings data on Thursday, July 23rd. The software maker reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.16 by $0.06. RingCentral had a net margin of 4.27% and a negative return on equity of 34.49%. The business had revenue of $657.01 million during the quarter, compared to analysts’ expectations of $650.53 million. During the same period last year, the company posted $1.06 EPS. The company’s revenue was up 5.9% on a year-over-year basis. RingCentral has set its FY 2026 guidance at 4.960-5.100 EPS and its Q3 2026 guidance at 1.250-1.300 EPS. On average, analysts forecast that RingCentral will post 2.89 EPS for the current fiscal year.

RingCentral Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Thursday, August 6th were paid a dividend of $0.125 per share. The ex-dividend date of this dividend was Thursday, August 6th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 0.7%. This is an increase from RingCentral’s previous quarterly dividend of $0.07. RingCentral’s dividend payout ratio is currently 40.00%.

Insider Activity at RingCentral

In other RingCentral news, Director Amy Guggenheim Shenkan sold 1,265 shares of the stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $40.59, for a total transaction of $51,346.35. Following the transaction, the director owned 29,372 shares of the company’s stock, valued at $1,192,209.48. This trade represents a 4.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Robert I. Theis sold 2,530 shares of RingCentral stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $40.28, for a total transaction of $101,908.40. Following the completion of the transaction, the director owned 30,834 shares in the company, valued at approximately $1,241,993.52. This trade represents a 7.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 19,125 shares of company stock valued at $1,020,278 over the last three months. Insiders own 7.30% of the company’s stock.

Institutional Investors Weigh In On RingCentral

A number of institutional investors have recently added to or reduced their stakes in the company. WealthCollab LLC increased its stake in RingCentral by 59.7% during the first quarter. WealthCollab LLC now owns 693 shares of the software maker’s stock worth $26,000 after acquiring an additional 259 shares during the last quarter. Meeder Asset Management Inc. lifted its stake in shares of RingCentral by 127.3% in the 1st quarter. Meeder Asset Management Inc. now owns 732 shares of the software maker’s stock valued at $27,000 after purchasing an additional 410 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of RingCentral by 269.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,012 shares of the software maker’s stock worth $29,000 after purchasing an additional 738 shares during the period. Rockefeller Capital Management L.P. grew its holdings in shares of RingCentral by 70.5% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,025 shares of the software maker’s stock worth $30,000 after purchasing an additional 424 shares during the period. Finally, Harvest Fund Management Co. Ltd acquired a new stake in RingCentral during the 3rd quarter worth approximately $30,000. Hedge funds and other institutional investors own 98.61% of the company’s stock.

RingCentral Company Profile

RingCentral, Inc is a leading provider of cloud-based business communications and collaboration solutions. The company’s flagship platform delivers unified communications as a service (UCaaS), integrating voice over IP (VoIP) phone systems, video conferencing, team messaging and SMS into a single, cloud-native application. In addition to its UCaaS offering, RingCentral provides contact center as a service (CCaaS) capabilities, enabling organizations to manage customer interactions across voice, email, chat and social channels from a centralized dashboard.

Founded in 1999 and headquartered in Belmont, California, RingCentral went public on the New York Stock Exchange under the ticker RNG in 2013.