RingCentral Inc (NYSE:RNG) has earned an average recommendation of “Buy” from the sixteen analysts that are covering the company, Marketbeat Ratings reports. Four investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $65.00.
A number of analysts have issued reports on RNG shares. SunTrust Banks lifted their price target on shares of RingCentral to $80.00 and gave the company a “buy” rating in a report on Thursday, May 10th. Craig Hallum lifted their price target on shares of RingCentral from $65.00 to $84.00 and gave the company a “buy” rating in a report on Thursday, May 10th. JPMorgan Chase & Co. lifted their price target on shares of RingCentral to $76.00 and gave the company a “neutral” rating in a report on Thursday, May 10th. They noted that the move was a valuation call. Oppenheimer lifted their price target on shares of RingCentral from $79.00 to $92.00 and gave the company an “outperform” rating in a report on Tuesday, June 19th. Finally, Jefferies Financial Group reiterated a “buy” rating on shares of RingCentral in a report on Friday, June 15th.
In other RingCentral news, CAO John H. Marlow sold 12,500 shares of RingCentral 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 completion of the transaction, the chief accounting officer now directly owns 155,119 shares of the company’s stock, valued at approximately $11,519,136.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO David Sipes sold 9,300 shares of RingCentral 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. Insiders sold a total of 251,472 shares of company stock valued at $18,306,258 over the last three months. Corporate insiders own 11.99% of the company’s stock.
Several large investors have recently modified their holdings of RNG. IFP Advisors Inc purchased a new position in shares of RingCentral in the 1st quarter worth $198,000. Stifel Financial Corp purchased a new position in shares of RingCentral during the 1st quarter worth about $201,000. Verition Fund Management LLC purchased a new position in shares of RingCentral during the 1st quarter worth about $208,000. Brinker Capital Inc. purchased a new position in shares of RingCentral during the 1st quarter worth about $238,000. Finally, Invictus RG purchased a new position in shares of RingCentral during the 4th quarter worth about $269,000. 77.11% of the stock is owned by institutional investors and hedge funds.
Shares of RNG stock opened at $70.35 on Monday. The firm has a market cap of $5.54 billion, a PE ratio of -201.00 and a beta of 0.70. RingCentral has a one year low of $34.10 and a one year high of $81.20. The company has a debt-to-equity ratio of 1.29, a quick ratio of 4.71 and a current ratio of 4.71.
RingCentral (NYSE:RNG) last announced its quarterly earnings data on Wednesday, May 9th. The software maker reported $0.16 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.12 by $0.04. The firm had revenue of $150.00 million for the quarter, compared to the consensus estimate of $145.41 million. RingCentral had a negative net margin of 3.99% and a negative return on equity of 9.90%. The company’s revenue was up 33.9% on a year-over-year basis. During the same period last year, the firm earned $0.03 EPS. equities analysts forecast that RingCentral will post -0.2 EPS for the current fiscal year.
RingCentral Company Profile
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.
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