RingCentral (NYSE:RNG) had its price objective hoisted by Bank of America from $135.00 to $150.00 in a research report sent to investors on Tuesday, BenzingaRatingsTable reports. The brokerage currently has a buy rating on the software maker’s stock.
A number of other research firms also recently issued reports on RNG. Raymond James upped their target price on shares of RingCentral from $140.00 to $175.00 and gave the company a strong-buy rating in a research report on Tuesday. Craig Hallum increased their price target on shares of RingCentral from $140.00 to $150.00 and gave the company a buy rating in a research report on Tuesday. SunTrust Banks increased their price target on shares of RingCentral to $163.00 and gave the company a buy rating in a research report on Tuesday. Northland Securities increased their price target on shares of RingCentral from $124.00 to $148.00 and gave the company an outperform rating in a research report on Tuesday, May 7th. Finally, UBS Group increased their price target on shares of RingCentral from $117.00 to $130.00 and gave the company an outperform rating in a research report on Tuesday, May 7th. Three analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus target price of $131.11.
Shares of RNG traded down $1.24 during trading hours on Tuesday, hitting $139.74. The stock had a trading volume of 1,178 shares, compared to its average volume of 695,780. The company’s fifty day moving average price is $120.84. The company has a debt-to-equity ratio of 1.19, a current ratio of 3.08 and a quick ratio of 3.08. RingCentral has a 52 week low of $64.41 and a 52 week high of $146.38. The stock has a market capitalization of $11.39 billion, a PE ratio of -3,475.38 and a beta of 0.79.
RingCentral (NYSE:RNG) last posted its earnings results on Monday, July 29th. The software maker reported ($0.03) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.16) by $0.13. The business had revenue of $215.20 million for the quarter, compared to analyst estimates of $204.70 million. RingCentral had a negative net margin of 3.95% and a negative return on equity of 1.16%. The firm’s quarterly revenue was up 33.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.19 EPS. On average, analysts anticipate that RingCentral will post -0.14 EPS for the current fiscal year.
In other RingCentral news, CEO Vladimir Shmunis sold 51,923 shares of RingCentral stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $120.87, for a total value of $6,275,933.01. Following the transaction, the chief executive officer now owns 325,018 shares in the company, valued at $39,284,925.66. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO John H. Marlow sold 27,000 shares of RingCentral stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $143.06, for a total value of $3,862,620.00. Following the completion of the transaction, the chief accounting officer now owns 175,408 shares in the company, valued at approximately $25,093,868.48. The disclosure for this sale can be found here. Insiders have sold 358,541 shares of company stock valued at $43,812,268 in the last three months. Insiders own 11.03% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in RNG. CX Institutional bought a new stake in shares of RingCentral during the first quarter worth about $36,000. Penserra Capital Management LLC bought a new stake in shares of RingCentral during the first quarter worth about $36,000. Signaturefd LLC grew its holdings in shares of RingCentral by 31.4% during the first quarter. Signaturefd LLC now owns 364 shares of the software maker’s stock worth $39,000 after purchasing an additional 87 shares during the last quarter. Baldwin Brothers Inc. MA grew its holdings in shares of RingCentral by 90.0% during the second quarter. Baldwin Brothers Inc. MA now owns 380 shares of the software maker’s stock worth $44,000 after purchasing an additional 180 shares during the last quarter. Finally, Weaver Consulting Group bought a new stake in shares of RingCentral during the first quarter worth about $66,000. Hedge funds and other institutional investors own 81.82% 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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