Piper Sandler Forecasts Strong Price Appreciation for RingCentral (NYSE:RNG) Stock

RingCentral (NYSE:RNG) had its target price boosted by Piper Sandler from $31.00 to $38.00 in a research report released on Friday morning,Benzinga reports. Piper Sandler currently has a neutral rating on the software maker’s stock.

A number of other research firms have also recently commented on RNG. Needham & Company LLC restated a “buy” rating and issued a $42.00 price target on shares of RingCentral in a report on Monday, August 5th. Wells Fargo & Company raised their price target on shares of RingCentral from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Friday, August 2nd. Deutsche Bank Aktiengesellschaft raised their target price on shares of RingCentral from $42.00 to $45.00 and gave the company a “buy” rating in a research report on Tuesday, August 6th. Robert W. Baird raised their target price on shares of RingCentral from $35.00 to $36.00 and gave the company a “neutral” rating in a research report on Monday, August 5th. Finally, Northland Securities raised their target price on shares of RingCentral from $43.00 to $50.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Eight analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $40.60.

RingCentral Price Performance

RingCentral stock opened at $37.97 on Friday. The stock has a market cap of $3.49 billion, a P/E ratio of -35.82, a PEG ratio of 2.96 and a beta of 0.99. RingCentral has a 1 year low of $26.23 and a 1 year high of $40.98. The firm’s 50 day moving average price is $32.13 and its 200-day moving average price is $32.26.

RingCentral (NYSE:RNG) last released its quarterly earnings results on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, topping the consensus estimate of $0.14 by $0.10. RingCentral had a negative return on equity of 2.58% and a negative net margin of 4.17%. The company had revenue of $608.77 million during the quarter, compared to analyst estimates of $601.91 million. As a group, equities analysts expect that RingCentral will post 0.63 EPS for the current year.

Insider Buying and Selling

In other RingCentral news, CFO Vaibhav Agarwal sold 1,985 shares of the stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $31.40, for a total value of $62,329.00. Following the transaction, the chief financial officer now directly owns 135,560 shares in the company, valued at $4,256,584. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other RingCentral news, CEO Vladimir Shmunis sold 62,244 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $32.51, for a total value of $2,023,552.44. Following the completion of the sale, the chief executive officer now owns 573,725 shares of the company’s stock, valued at approximately $18,651,799.75. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Vaibhav Agarwal sold 1,985 shares of the firm’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $31.40, for a total value of $62,329.00. Following the completion of the transaction, the chief financial officer now owns 135,560 shares of the company’s stock, valued at approximately $4,256,584. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 103,824 shares of company stock worth $3,386,396. Company insiders own 6.76% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in RNG. Sei Investments Co. raised its stake in RingCentral by 2.3% in the 1st quarter. Sei Investments Co. now owns 23,485 shares of the software maker’s stock valued at $816,000 after purchasing an additional 539 shares during the last quarter. Sovereign Financial Group Inc. increased its stake in shares of RingCentral by 6.9% during the 3rd quarter. Sovereign Financial Group Inc. now owns 9,693 shares of the software maker’s stock valued at $307,000 after acquiring an additional 625 shares during the last quarter. Versant Capital Management Inc increased its stake in shares of RingCentral by 138.3% during the 2nd quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker’s stock valued at $32,000 after acquiring an additional 664 shares during the last quarter. Xponance Inc. increased its stake in shares of RingCentral by 6.8% during the 2nd quarter. Xponance Inc. now owns 11,122 shares of the software maker’s stock valued at $314,000 after acquiring an additional 704 shares during the last quarter. Finally, KBC Group NV increased its stake in shares of RingCentral by 38.9% during the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock valued at $84,000 after acquiring an additional 744 shares during the last quarter. Hedge funds and other institutional investors 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.