Ringcentral (NYSE:RNG) Price Target Raised to $31.00

Ringcentral (NYSE:RNG) had its price objective lifted by Morgan Stanley from $29.00 to $31.00 in a research report sent to investors on Tuesday morning, MarketBeat.com reports. Morgan Stanley currently has an equal weight rating on the software maker’s stock.

Several other research firms also recently commented on RNG. UBS Group reduced their price objective on Ringcentral from $33.00 to $32.00 and set a “neutral” rating for the company in a research note on Wednesday, August 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ringcentral in a report on Wednesday, October 8th. Rosenblatt Securities reiterated a “buy” rating and issued a $32.00 target price on shares of Ringcentral in a research report on Tuesday. Oppenheimer upgraded shares of Ringcentral from a “market perform” rating to an “outperform” rating and set a $35.00 price target on the stock in a research report on Wednesday, August 6th. Finally, Wells Fargo & Company began coverage on shares of Ringcentral in a report on Tuesday, September 30th. They issued an “equal weight” rating and a $32.00 price objective for the company. Four equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $31.54.

Ringcentral Stock Down 1.2%

RNG opened at $26.99 on Tuesday. The company has a market cap of $2.44 billion, a PE ratio of -192.77, a price-to-earnings-growth ratio of 1.33 and a beta of 1.33. Ringcentral has a twelve month low of $20.58 and a twelve month high of $42.19. The company has a 50-day moving average price of $29.44 and a 200 day moving average price of $28.03.

Ringcentral (NYSE:RNG) last posted its quarterly earnings data on Monday, November 3rd. The software maker reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.05. Ringcentral had a negative return on equity of 19.63% and a negative net margin of 0.50%.The company had revenue of $638.66 million for the quarter, compared to analysts’ expectations of $635.39 million. During the same period in the previous year, the firm posted $0.95 EPS. Ringcentral’s revenue was up 4.9% compared to the same quarter last year. Ringcentral has set its FY 2025 guidance at 4.290-4.330 EPS. Q4 2025 guidance at 1.120-1.150 EPS. As a group, sell-side analysts expect that Ringcentral will post 1.29 earnings per share for the current year.

Insider Buying and Selling

In other Ringcentral news, CAO Tarun Arora sold 1,037 shares of Ringcentral stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of $31.09, for a total transaction of $32,240.33. Following the transaction, the chief accounting officer directly owned 110,626 shares of the company’s stock, valued at $3,439,362.34. The trade was a 0.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Vaibhav Agarwal sold 2,443 shares of the stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $30.70, for a total transaction of $75,000.10. Following the completion of the sale, the chief financial officer directly owned 226,448 shares of the company’s stock, valued at approximately $6,951,953.60. This trade represents a 1.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 77,430 shares of company stock worth $2,291,052. Insiders own 6.97% of the company’s stock.

Institutional Investors Weigh In On Ringcentral

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Global Retirement Partners LLC raised its position in Ringcentral by 98.5% in the third quarter. Global Retirement Partners LLC now owns 901 shares of the software maker’s stock valued at $26,000 after purchasing an additional 447 shares during the period. Jones Financial Companies Lllp raised its holdings in Ringcentral by 61.6% in the 3rd quarter. Jones Financial Companies Lllp now owns 1,217 shares of the software maker’s stock valued at $37,000 after buying an additional 464 shares during the period. Parallel Advisors LLC lifted its position in Ringcentral by 256.9% in the second quarter. Parallel Advisors LLC now owns 1,481 shares of the software maker’s stock valued at $42,000 after buying an additional 1,066 shares during the last quarter. New Age Alpha Advisors LLC purchased a new position in Ringcentral during the first quarter worth about $49,000. Finally, Ameritas Advisory Services LLC acquired a new stake in shares of Ringcentral during the second quarter valued at about $49,000. 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.