RingCentral (RNG) Shares Up 6% Following Strong Earnings

RingCentral Inc (NYSE:RNG) shares traded up 6% during mid-day trading on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $109.84 and last traded at $105.91. 2,763,901 shares were traded during mid-day trading, an increase of 236% from the average session volume of 821,738 shares. The stock had previously closed at $99.87.

The software maker reported $0.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.05. RingCentral had a negative return on equity of 3.64% and a negative net margin of 4.25%. The business had revenue of $188.62 million during the quarter, compared to the consensus estimate of $180.91 million.

A number of research analysts recently weighed in on the stock. Oppenheimer lifted their price objective on shares of RingCentral from $101.00 to $117.00 and gave the company an “outperform” rating in a research note on Tuesday. Jefferies Financial Group upped their target price on shares of RingCentral from $105.00 to $115.00 and gave the stock a “buy” rating in a research report on Tuesday. Stephens reissued an “equal weight” rating on shares of RingCentral in a research note on Tuesday. They noted that the move was a valuation call. Zacks Investment Research downgraded shares of RingCentral from a “buy” rating to a “hold” rating in a research note on Saturday, February 9th. Finally, Deutsche Bank upped their price objective on shares of RingCentral from $105.00 to $115.00 and gave the company a “buy” rating in a research note on Tuesday. Four analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the stock. RingCentral currently has an average rating of “Buy” and an average target price of $108.50.

In other RingCentral news, Director Mckenna Michelle sold 2,500 shares of the business’s stock in a transaction that occurred on Wednesday, December 12th. The shares were sold at an average price of $88.00, for a total transaction of $220,000.00. Following the sale, the director now owns 8,662 shares of the company’s stock, valued at approximately $762,256. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Praful Shah sold 1,250 shares of the business’s stock in a transaction that occurred on Monday, December 3rd. The stock was sold at an average price of $86.40, for a total transaction of $108,000.00. Following the sale, the insider now directly owns 286,974 shares in the company, valued at approximately $24,794,553.60. The disclosure for this sale can be found here. Insiders have sold a total of 243,484 shares of company stock valued at $19,716,779 in the last quarter. 11.99% of the stock is currently owned by company insiders.

Several hedge funds have recently added to or reduced their stakes in RNG. Neuburgh Advisers LLC acquired a new position in shares of RingCentral in the 4th quarter valued at $25,000. Ffcm LLC acquired a new position in RingCentral during the fourth quarter worth $27,000. Karp Capital Management Corp acquired a new stake in shares of RingCentral in the fourth quarter valued at about $41,000. Evolution Wealth Advisors LLC acquired a new stake in shares of RingCentral in the fourth quarter valued at about $99,000. Finally, DekaBank Deutsche Girozentrale raised its position in shares of RingCentral by 75.1% in the third quarter. DekaBank Deutsche Girozentrale now owns 1,401 shares of the software maker’s stock valued at $130,000 after buying an additional 601 shares during the last quarter. 77.75% of the stock is currently owned by institutional investors and hedge funds.

The company has a debt-to-equity ratio of 1.22, a quick ratio of 4.07 and a current ratio of 4.07. The firm has a market cap of $8.11 billion, a PE ratio of -294.60 and a beta of 0.99.

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RingCentral Company Profile (NYSE:RNG)

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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