RingCentral (NYSE:RNG) had its target price lifted by Goldman Sachs Group from $230.00 to $255.00 in a report released on Tuesday morning, The Fly reports. Goldman Sachs Group currently has a buy rating on the software maker’s stock.
A number of other brokerages have also commented on RNG. Zacks Investment Research lowered RingCentral from a buy rating to a hold rating in a research report on Saturday, November 9th. SunTrust Banks reiterated a positive rating and set a $225.00 price target on shares of RingCentral in a report on Tuesday, February 4th. William Blair reiterated a buy rating on shares of RingCentral in a report on Thursday, February 6th. Morgan Stanley lifted their price target on RingCentral from $170.00 to $195.00 and gave the company an equal weight rating in a report on Monday, January 13th. Finally, Raymond James lifted their price target on RingCentral from $175.00 to $190.00 and gave the company a strong-buy rating in a report on Tuesday, November 5th. Four analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. RingCentral has an average rating of Buy and an average price target of $224.10.
NYSE RNG traded down $1.02 during trading on Tuesday, reaching $241.83. 38,228 shares of the company’s stock were exchanged, compared to its average volume of 1,132,265. RingCentral has a fifty-two week low of $98.19 and a fifty-two week high of $244.63. The firm has a market capitalization of $20.26 billion, a PE ratio of -377.61 and a beta of 0.81. The company has a current ratio of 2.85, a quick ratio of 2.85 and a debt-to-equity ratio of 1.12. The company’s fifty day simple moving average is $192.55 and its 200-day simple moving average is $162.36.
In related news, CAO John H. Marlow sold 11,756 shares of the firm’s stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $171.32, for a total value of $2,014,037.92. Following the transaction, the chief accounting officer now directly owns 158,170 shares of the company’s stock, valued at approximately $27,097,684.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO David Sipes sold 14,613 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $169.68, for a total value of $2,479,533.84. Following the completion of the transaction, the chief operating officer now directly owns 228,717 shares in the company, valued at $38,808,700.56. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 210,437 shares of company stock valued at $35,641,084. 11.03% of the stock is owned by corporate insiders.
Hedge funds have recently modified their holdings of the stock. Granahan Investment Management Inc. MA bought a new position in RingCentral in the 3rd quarter worth approximately $204,000. IFM Investors Pty Ltd bought a new position in RingCentral in the 4th quarter worth approximately $1,191,000. SG Americas Securities LLC increased its position in RingCentral by 180.2% in the 3rd quarter. SG Americas Securities LLC now owns 12,775 shares of the software maker’s stock worth $1,605,000 after buying an additional 8,215 shares during the period. Virtu Financial LLC increased its position in RingCentral by 34.7% in the 3rd quarter. Virtu Financial LLC now owns 6,385 shares of the software maker’s stock worth $802,000 after buying an additional 1,646 shares during the period. Finally, Virginia Retirement Systems ET AL increased its position in RingCentral by 42.6% in the 3rd quarter. Virginia Retirement Systems ET AL now owns 8,700 shares of the software maker’s stock worth $1,093,000 after buying an additional 2,600 shares during the period. 83.31% of the stock is currently owned by institutional investors and hedge funds.
RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect primarily in North America. The company's products include RingCentral Office, provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax through smartphones, tablets, PCs, and desk phones; RingCentral Professional, a cloud based virtual telephone service for professionals, as well as provides inbound call answering and management services, and includes inbound local, long-distance, and toll-free minutes; and RingCentral Fax that provides online fax capabilities that allow businesses to send and receive fax documents without a fax machine.
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