RingCentral Inc (NYSE:RNG) has been assigned a consensus recommendation of “Buy” from the seventeen ratings firms that are currently covering the firm, Marketbeat.com reports. Three investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $89.47.
RNG has been the topic of several recent research reports. Zacks Investment Research upgraded RingCentral from a “hold” rating to a “buy” rating and set a $83.00 price target on the stock in a report on Wednesday, July 11th. JPMorgan Chase & Co. increased their price target on RingCentral to $90.00 and gave the company a “neutral” rating in a report on Tuesday, August 7th. They noted that the move was a valuation call. Jefferies Financial Group reiterated a “buy” rating and issued a $97.00 target price on shares of RingCentral in a research note on Tuesday, August 7th. Dougherty & Co increased their target price on RingCentral from $85.00 to $95.00 and gave the stock a “buy” rating in a research note on Tuesday, August 7th. Finally, Oppenheimer increased their target price on RingCentral from $79.00 to $92.00 and gave the stock an “outperform” rating in a research note on Tuesday, June 19th.
NYSE:RNG traded up $5.08 during midday trading on Wednesday, hitting $80.08. 1,265,596 shares of the company traded hands, compared to its average volume of 759,125. RingCentral has a 12-month low of $40.35 and a 12-month high of $98.15. The firm has a market capitalization of $7.41 billion, a PE ratio of -228.80 and a beta of 0.81. The company has a debt-to-equity ratio of 1.24, a quick ratio of 4.32 and a current ratio of 4.32.
RingCentral (NYSE:RNG) last released its quarterly earnings results on Monday, August 6th. The software maker reported $0.19 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.15 by $0.04. RingCentral had a negative return on equity of 5.93% and a negative net margin of 3.92%. The company had revenue of $160.83 million for the quarter, compared to analyst estimates of $155.71 million. During the same quarter in the prior year, the firm posted $0.04 EPS. RingCentral’s quarterly revenue was up 34.1% compared to the same quarter last year. Equities analysts forecast that RingCentral will post -0.14 EPS for the current year.
In other news, insider Praful Shah sold 3,109 shares of the firm’s stock in a transaction on Tuesday, August 28th. The stock was sold at an average price of $93.62, for a total transaction of $291,064.58. Following the transaction, the insider now owns 308,204 shares in the company, valued at $28,854,058.48. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Vladimir Shmunis sold 13,009 shares of the firm’s stock in a transaction on Tuesday, October 9th. The shares were sold at an average price of $82.08, for a total value of $1,067,778.72. Following the transaction, the chief executive officer now owns 311,783 shares in the company, valued at approximately $25,591,148.64. The disclosure for this sale can be found here. In the last quarter, insiders sold 257,649 shares of company stock worth $22,985,768. Insiders own 11.99% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. NumerixS Investment Technologies Inc purchased a new position in shares of RingCentral during the second quarter valued at $198,000. Sei Investments Co. increased its stake in shares of RingCentral by 81.4% during the second quarter. Sei Investments Co. now owns 36,051 shares of the software maker’s stock valued at $2,536,000 after buying an additional 16,174 shares during the period. OppenheimerFunds Inc. increased its stake in shares of RingCentral by 22.4% during the second quarter. OppenheimerFunds Inc. now owns 792,971 shares of the software maker’s stock valued at $55,786,000 after buying an additional 145,343 shares during the period. Bank of Montreal Can increased its stake in shares of RingCentral by 34,571.9% during the second quarter. Bank of Montreal Can now owns 179,947 shares of the software maker’s stock valued at $12,660,000 after buying an additional 179,428 shares during the period. Finally, BlueMountain Capital Management LLC increased its stake in shares of RingCentral by 362.0% during the second quarter. BlueMountain Capital Management LLC now owns 90,563 shares of the software maker’s stock valued at $6,371,000 after buying an additional 70,962 shares during the period. Hedge funds and other institutional investors own 77.60% of the company’s stock.
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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