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

Ringcentral (NYSE:RNG) had its price target boosted by equities researchers at Morgan Stanley from $29.00 to $31.00 in a report issued on Tuesday, MarketBeat reports. The brokerage presently has an “equal weight” rating on the software maker’s stock. Morgan Stanley’s price objective would indicate a potential upside of 11.71% from the company’s previous close.

RNG has been the subject of a number of other reports. UBS Group decreased their target price on Ringcentral from $33.00 to $32.00 and set a “neutral” rating for the company in a research report on Wednesday, August 6th. Needham & Company LLC reissued a “buy” rating and issued a $36.00 price objective on shares of Ringcentral in a report on Tuesday. Wells Fargo & Company initiated coverage on Ringcentral in a report on Tuesday, September 30th. They issued an “equal weight” rating and a $32.00 price objective for the company. Oppenheimer upgraded shares of Ringcentral from a “market perform” rating to an “outperform” rating and set a $35.00 target price for the company in a research note on Wednesday, August 6th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Ringcentral in a research report on Wednesday, October 8th. 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 presently has an average rating of “Hold” and an average price target of $31.54.

Ringcentral Stock Down 7.3%

NYSE RNG traded down $2.19 during trading hours on Tuesday, reaching $27.75. 1,113,788 shares of the company were exchanged, compared to its average volume of 1,476,175. Ringcentral has a 1 year low of $20.58 and a 1 year high of $42.19. The business’s 50 day simple moving average is $29.64 and its 200-day simple moving average is $28.01. The stock has a market capitalization of $2.51 billion, a P/E ratio of -198.44, a P/E/G ratio of 1.33 and a beta of 1.32.

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 analysts’ consensus estimates of $1.08 by $0.05. Ringcentral had a negative net margin of 0.50% and a negative return on equity of 19.63%. The business had revenue of $638.66 million during the quarter, compared to the consensus estimate of $635.39 million. During the same quarter last year, the company posted $0.95 earnings per share. The firm’s quarterly 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 anticipate that Ringcentral will post 1.29 earnings per share for the current year.

Insider Transactions at Ringcentral

In other news, CAO Tarun Arora sold 1,037 shares of the company’s stock in a transaction dated Tuesday, August 26th. The stock was sold at an average price of $31.09, for a total value of $32,240.33. Following the completion of the transaction, the chief accounting officer directly owned 110,626 shares in the company, valued at approximately $3,439,362.34. This represents a 0.93% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Vladimir Shmunis sold 46,932 shares of the company’s stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $28.95, for a total value of $1,358,681.40. Following the completion of the sale, the chief executive officer directly owned 462,429 shares of the company’s stock, valued at approximately $13,387,319.55. This represents a 9.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 77,430 shares of company stock worth $2,291,052. 6.97% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Ringcentral

Several institutional investors have recently bought and sold shares of the stock. Ameriprise Financial Inc. boosted its holdings in Ringcentral by 7.9% during the 1st quarter. Ameriprise Financial Inc. now owns 7,026,565 shares of the software maker’s stock valued at $173,987,000 after acquiring an additional 512,834 shares during the period. Contour Asset Management LLC purchased a new stake in shares of Ringcentral during the first quarter valued at approximately $45,650,000. Marshall Wace LLP boosted its stake in shares of Ringcentral by 17.0% during the second quarter. Marshall Wace LLP now owns 1,719,269 shares of the software maker’s stock valued at $48,741,000 after purchasing an additional 249,329 shares during the period. AQR Capital Management LLC boosted its position in Ringcentral by 27.6% during the 2nd quarter. AQR Capital Management LLC now owns 1,626,454 shares of the software maker’s stock valued at $45,728,000 after buying an additional 351,347 shares during the period. Finally, Geode Capital Management LLC boosted its position in Ringcentral by 4.6% during the 2nd quarter. Geode Capital Management LLC now owns 1,495,163 shares of the software maker’s stock valued at $42,395,000 after buying an additional 65,294 shares during the period. 98.61% of the stock is currently owned by hedge funds and other institutional investors.

About Ringcentral

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.