RingCentral (NYSE:RNG) Earns Buy Rating from Analysts at MKM Partners

Equities researchers at MKM Partners initiated coverage on shares of RingCentral (NYSE:RNGGet Rating) in a research report issued to clients and investors on Thursday, MarketBeat Ratings reports. The brokerage set a “buy” rating and a $80.00 price target on the software maker’s stock. MKM Partners’ price target points to a potential upside of 67.54% from the stock’s previous close.

Several other analysts also recently commented on the company. Craig Hallum lowered their price objective on RingCentral from $270.00 to $175.00 in a research note on Tuesday, May 10th. Raymond James lowered their price objective on RingCentral from $300.00 to $135.00 in a research note on Tuesday, May 10th. Oppenheimer raised RingCentral from a “market perform” rating to an “outperform” rating and set a $100.00 price objective for the company in a research note on Tuesday, May 10th. Needham & Company LLC downgraded RingCentral from a “buy” rating to a “hold” rating in a research note on Wednesday, July 6th. Finally, Northland Securities lowered their price objective on RingCentral from $275.00 to $175.00 in a research note on Tuesday, May 10th. Five investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $140.73.

RingCentral Stock Down 2.6 %

Shares of NYSE:RNG opened at $47.75 on Thursday. The business’s 50 day simple moving average is $55.05 and its two-hundred day simple moving average is $95.31. The firm has a market cap of $4.40 billion, a P/E ratio of -7.76 and a beta of 0.94. The company has a debt-to-equity ratio of 33.52, a quick ratio of 1.25 and a current ratio of 1.25. RingCentral has a 52-week low of $47.28 and a 52-week high of $315.00.

RingCentral (NYSE:RNGGet Rating) last announced its quarterly earnings results on Monday, May 9th. The software maker reported ($0.63) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.54) by ($0.09). The firm had revenue of $467.66 million during the quarter, compared to the consensus estimate of $458.36 million. RingCentral had a negative return on equity of 160.19% and a negative net margin of 31.67%. The firm’s revenue was up 32.7% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.41) EPS. As a group, research analysts forecast that RingCentral will post -1.66 EPS for the current fiscal year.

Insiders Place Their Bets

In other RingCentral news, CFO Sonalee Elizabeth Parekh sold 15,360 shares of the firm’s stock in a transaction on Thursday, June 2nd. The stock was sold at an average price of $62.69, for a total value of $962,918.40. Following the completion of the sale, the chief financial officer now directly owns 113,528 shares of the company’s stock, valued at $7,117,070.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CAO John H. Marlow sold 7,320 shares of the firm’s stock in a transaction on Friday, May 27th. The stock was sold at an average price of $65.34, for a total value of $478,288.80. Following the completion of the transaction, the chief accounting officer now directly owns 210,774 shares of the company’s stock, valued at $13,771,973.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Sonalee Elizabeth Parekh sold 15,360 shares of the firm’s stock in a transaction on Thursday, June 2nd. The stock was sold at an average price of $62.69, for a total value of $962,918.40. Following the completion of the transaction, the chief financial officer now directly owns 113,528 shares of the company’s stock, valued at $7,117,070.32. The disclosure for this sale can be found here. Insiders sold 44,029 shares of company stock valued at $2,841,132 over the last ninety days. 7.35% of the stock is currently owned by insiders.

Hedge Funds Weigh In On RingCentral

A number of large investors have recently made changes to their positions in the stock. Capital World Investors boosted its holdings in shares of RingCentral by 3.5% in the first quarter. Capital World Investors now owns 11,577,127 shares of the software maker’s stock worth $1,356,955,000 after acquiring an additional 388,302 shares during the period. Capital International Investors boosted its holdings in shares of RingCentral by 37.5% in the fourth quarter. Capital International Investors now owns 8,901,739 shares of the software maker’s stock worth $1,667,741,000 after acquiring an additional 2,427,359 shares during the period. Vanguard Group Inc. boosted its holdings in shares of RingCentral by 1.9% in the first quarter. Vanguard Group Inc. now owns 7,584,298 shares of the software maker’s stock worth $888,955,000 after acquiring an additional 144,060 shares during the period. Goldman Sachs Group Inc. boosted its stake in RingCentral by 53.0% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,381,592 shares of the software maker’s stock valued at $446,191,000 after buying an additional 825,356 shares during the period. Finally, Sustainable Growth Advisers LP boosted its stake in RingCentral by 3.6% during the first quarter. Sustainable Growth Advisers LP now owns 1,272,145 shares of the software maker’s stock valued at $149,108,000 after buying an additional 44,406 shares during the period. 85.96% of the stock is owned by institutional investors.

RingCentral Company Profile

(Get Rating)

RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect in North America. The company offers business cloud communications and contact center solutions based on its Message Video Phone? platform. Its products include RingCentral Office that provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers omni-channel; and RingCentral Engage Digital, a digital customer engagement platform that allows enterprises to interact with their customers.

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Analyst Recommendations for RingCentral (NYSE:RNG)

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