RingCentral (NYSE:RNG) had its price target raised by SunTrust Banks to $60.00 in a research report report published on Tuesday. The firm currently has a buy rating on the software maker’s stock.

Other analysts also recently issued research reports about the stock. Craig Hallum raised their price objective on shares of RingCentral from $50.00 to $65.00 and gave the stock a buy rating in a report on Tuesday. Oppenheimer raised their price objective on shares of RingCentral from $60.00 to $66.00 and gave the stock an outperform rating in a report on Tuesday. Northland Securities set a $61.00 price objective on shares of RingCentral and gave the stock a buy rating in a report on Tuesday. Bank of America raised their price objective on shares of RingCentral from $57.00 to $67.00 and gave the stock a buy rating in a report on Tuesday. Finally, JPMorgan Chase & Co. raised their price objective on shares of RingCentral from $52.00 to $60.00 and gave the stock a neutral rating in a report on Tuesday. Four equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. RingCentral currently has an average rating of Buy and an average price target of $53.79.

Shares of RingCentral (NYSE RNG) opened at $57.15 on Tuesday. RingCentral has a 1-year low of $22.55 and a 1-year high of $58.70.

RingCentral (NYSE:RNG) last announced its earnings results on Monday, February 12th. The software maker reported $0.07 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.06 by $0.01. The company had revenue of $140.50 million during the quarter, compared to the consensus estimate of $136.34 million. RingCentral had a negative net margin of 5.21% and a negative return on equity of 17.15%. The firm’s revenue for the quarter was up 34.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.03 earnings per share. analysts forecast that RingCentral will post -0.28 earnings per share for the current fiscal year.

In other RingCentral news, insider Praful Shah sold 10,000 shares of the stock in a transaction dated Tuesday, November 21st. The shares were sold at an average price of $48.61, for a total transaction of $486,100.00. Following the completion of the transaction, the insider now owns 296,050 shares in the company, valued at $14,390,990.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Vladimir Shmunis sold 48,666 shares of the stock in a transaction dated Tuesday, December 12th. The stock was sold at an average price of $47.12, for a total transaction of $2,293,141.92. Following the transaction, the chief executive officer now owns 355,041 shares of the company’s stock, valued at approximately $16,729,531.92. The disclosure for this sale can be found here. Insiders have sold 230,934 shares of company stock valued at $11,112,262 in the last quarter. Company insiders own 14.53% of the company’s stock.

A number of large investors have recently modified their holdings of the business. Renaissance Technologies LLC boosted its position in RingCentral by 14.8% during the fourth quarter. Renaissance Technologies LLC now owns 1,769,500 shares of the software maker’s stock worth $85,644,000 after purchasing an additional 228,200 shares during the period. Invictus RG bought a new position in RingCentral during the fourth quarter worth about $269,000. Geode Capital Management LLC boosted its position in RingCentral by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 530,786 shares of the software maker’s stock worth $25,689,000 after purchasing an additional 6,043 shares during the period. Amalgamated Bank boosted its position in RingCentral by 11.2% during the fourth quarter. Amalgamated Bank now owns 8,851 shares of the software maker’s stock worth $428,000 after purchasing an additional 894 shares during the period. Finally, OppenheimerFunds Inc. boosted its position in RingCentral by 3.6% during the fourth quarter. OppenheimerFunds Inc. now owns 640,825 shares of the software maker’s stock worth $31,015,000 after purchasing an additional 22,530 shares during the period. Hedge funds and other institutional investors own 75.37% of the company’s stock.

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RingCentral Company Profile

RingCentral, Inc is a provider of software-as-a-service (SaaS) solutions for businesses to support modern communications. The Company’s cloud-based business communications solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, personal computers (PCs) and desk phones, and allow for communication across multiple channels, including high definition (HD) voice, video, short messaging service (SMS), messaging and collaboration, conferencing, online meetings, and fax.

Analyst Recommendations for RingCentral (NYSE:RNG)

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