Oppenheimer reissued their buy rating on shares of RingCentral (NYSE:RNG) in a research report sent to investors on Tuesday morning, BenzingaRatingsTable reports. The firm currently has a $250.00 price target on the software maker’s stock, up from their prior price target of $210.00. Oppenheimer also issued estimates for RingCentral’s Q1 2020 earnings at ($0.14) EPS, Q2 2020 earnings at ($0.20) EPS, Q3 2020 earnings at ($0.18) EPS, Q4 2020 earnings at ($0.14) EPS and FY2020 earnings at ($0.65) EPS.
Several other equities analysts have also recently commented on RNG. Morgan Stanley increased their target price on RingCentral from $170.00 to $195.00 and gave the company an equal weight rating in a research note on Monday, January 13th. Wells Fargo & Co assumed coverage on RingCentral in a research note on Monday, January 27th. They set an overweight rating and a $240.00 price objective on the stock. Piper Jaffray Companies assumed coverage on RingCentral in a research note on Tuesday, December 10th. They set an overweight rating and a $194.00 price objective on the stock. Craig Hallum raised their price objective on RingCentral from $150.00 to $175.00 and gave the stock a buy rating in a research note on Tuesday, November 5th. Finally, Bank of America raised their price objective on RingCentral from $198.00 to $237.00 and gave the stock a buy rating in a research note on Wednesday, February 5th. Four research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of Buy and a consensus target price of $224.10.
RingCentral stock opened at $242.39 on Tuesday. The stock has a market cap of $20.26 billion, a P/E ratio of -378.73 and a beta of 0.81. The company has a current ratio of 2.85, a quick ratio of 2.85 and a debt-to-equity ratio of 1.12. The stock has a 50 day moving average of $194.02 and a 200-day moving average of $162.93. RingCentral has a 52 week low of $98.19 and a 52 week high of $246.46.
RingCentral (NYSE:RNG) last released its earnings results on Monday, February 10th. The software maker reported $0.22 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.21 by $0.01. The company had revenue of $252.87 million during the quarter, compared to analysts’ expectations of $237.38 million. RingCentral had a negative return on equity of 3.67% and a negative net margin of 5.94%. The business’s revenue was up 34.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.23 EPS. As a group, equities analysts predict that RingCentral will post -0.22 earnings per share for the current fiscal year.
In other RingCentral news, CAO Vaibhav Agarwal sold 411 shares of the firm’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $196.71, for a total value of $80,847.81. Following the sale, the chief accounting officer now directly owns 19,024 shares in the company, valued at $3,742,211.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Praful Shah sold 6,230 shares of the firm’s stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $190.83, for a total value of $1,188,870.90. Following the completion of the sale, the insider now owns 248,360 shares in the company, valued at $47,394,538.80. The disclosure for this sale can be found here. Insiders sold 210,437 shares of company stock worth $35,641,084 over the last quarter. 11.03% of the stock is currently owned by company insiders.
Hedge funds have recently bought and sold shares of the business. Security National Trust Co. bought a new stake in RingCentral in the fourth quarter valued at $25,000. Penserra Capital Management LLC acquired a new position in shares of RingCentral during the fourth quarter valued at $45,000. Orion Portfolio Solutions LLC acquired a new position in shares of RingCentral during the fourth quarter valued at $49,000. Mine & Arao Wealth Creation & Management LLC. acquired a new position in shares of RingCentral during the fourth quarter valued at $51,000. Finally, Banque Cantonale Vaudoise acquired a new position in shares of RingCentral during the fourth quarter valued at $62,000. Institutional investors own 83.31% of the company’s stock.
RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect primarily in North America. The company's products include RingCentral Office, provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax through smartphones, tablets, PCs, and desk phones; RingCentral Professional, a cloud based virtual telephone service for professionals, as well as provides inbound call answering and management services, and includes inbound local, long-distance, and toll-free minutes; and RingCentral Fax that provides online fax capabilities that allow businesses to send and receive fax documents without a fax machine.
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