RingCentral (RNG) Earning Somewhat Positive News Coverage, Analysis Shows

Press coverage about RingCentral (NYSE:RNG) has been trending somewhat positive recently, Accern Sentiment reports. The research group ranks the sentiment of news coverage by analyzing more than twenty million blog and news sources in real time. Accern ranks coverage of companies on a scale of -1 to 1, with scores nearest to one being the most favorable. RingCentral earned a coverage optimism score of 0.16 on Accern’s scale. Accern also gave headlines about the software maker an impact score of 45.0016775968231 out of 100, indicating that recent news coverage is somewhat unlikely to have an impact on the stock’s share price in the next few days.

These are some of the news headlines that may have impacted Accern Sentiment’s scoring:

Several analysts have recently commented on RNG shares. Zacks Investment Research raised shares of RingCentral from a “hold” rating to a “buy” rating and set a $75.00 price target on the stock in a research note on Wednesday, April 18th. Morgan Stanley increased their price target on shares of RingCentral from $60.00 to $66.00 and gave the company a “hold” rating in a research note on Friday, April 27th. ValuEngine raised shares of RingCentral from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, May 2nd. JPMorgan Chase & Co. increased their price target on shares of RingCentral to $76.00 and gave the company a “neutral” rating in a research note on Thursday, May 10th. They noted that the move was a valuation call. Finally, Jefferies Financial Group increased their price target on shares of RingCentral from $81.00 to $84.00 and gave the company a “buy” rating in a research note on Thursday, May 10th. Four analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $67.23.

Shares of NYSE RNG opened at $77.10 on Thursday. RingCentral has a fifty-two week low of $34.10 and a fifty-two week high of $81.20. The company has a market capitalization of $6.32 billion, a P/E ratio of -220.29 and a beta of 0.70. The company has a current ratio of 4.71, a quick ratio of 4.71 and a debt-to-equity ratio of 1.29.

RingCentral (NYSE:RNG) last announced its quarterly earnings data on Wednesday, May 9th. The software maker reported $0.16 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.12 by $0.04. RingCentral had a negative net margin of 3.99% and a negative return on equity of 9.90%. The business had revenue of $150.00 million for the quarter, compared to analyst estimates of $145.41 million. During the same period in the prior year, the business posted $0.03 earnings per share. RingCentral’s revenue was up 33.9% compared to the same quarter last year. research analysts predict that RingCentral will post -0.2 EPS for the current fiscal year.

RingCentral announced that its board has authorized a stock buyback program on Tuesday, February 27th that permits the company to repurchase $35.00 million in outstanding shares. This repurchase authorization permits the software maker to repurchase shares of its stock through a private placement purchase. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

In other RingCentral news, CAO John H. Marlow sold 12,500 shares of the stock in a transaction on Tuesday, May 29th. The shares were sold at an average price of $74.26, for a total value of $928,250.00. Following the sale, the chief accounting officer now directly owns 155,119 shares in the company, valued at $11,519,136.94. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO David Sipes sold 9,300 shares of the stock in a transaction on Wednesday, June 13th. The stock was sold at an average price of $77.71, for a total transaction of $722,703.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 251,472 shares of company stock worth $18,306,258. Company insiders own 11.99% of the company’s stock.

About RingCentral

RingCentral, Inc provides software-as-a-service solutions for business communications and collaboration primarily in the United States. The company's products include RingCentral Office, a multi-tenant, multi-location, and enterprise-grade communications and collaboration solution that enables employees to communicate through voice, text, team messaging and collaboration, and HD video and Web conferencing through smartphones, tablets, PCs, and desk phones for businesses, which require a communications solution; RingCentral Professional, an inbound call routing subscription with additional text and fax capabilities primarily for smaller businesses; and RingCentral Fax solution that offers Internet fax capabilities, which allow businesses to send and receive fax documents without the need for a fax machine.

Insider Buying and Selling by Quarter for RingCentral (NYSE:RNG)

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