RingCentral (NYSE:RNG) Coverage Initiated at MKM Partners

MKM Partners began coverage on shares of RingCentral (NYSE:RNGGet Rating) in a report released on Thursday, MarketBeat reports. The brokerage set a “buy” rating and a $80.00 price target on the software maker’s stock. MKM Partners’ price target would suggest a potential upside of 67.54% from the company’s previous close.

Other research analysts have also issued reports about the company. Raymond James dropped their price objective on RingCentral from $300.00 to $135.00 in a research note on Tuesday, May 10th. Barclays decreased their target price on RingCentral from $140.00 to $90.00 and set an “overweight” rating on the stock in a report on Monday, July 25th. Jefferies Financial Group decreased their target price on RingCentral from $100.00 to $80.00 in a report on Monday, May 23rd. Needham & Company LLC cut RingCentral from a “buy” rating to a “hold” rating in a report on Wednesday, July 6th. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on RingCentral from $210.00 to $110.00 in a report on Tuesday, May 10th. Five investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, RingCentral has a consensus rating of “Moderate Buy” and an average price target of $140.73.

RingCentral Stock Performance

RingCentral stock opened at $47.75 on Thursday. The company has a debt-to-equity ratio of 33.52, a current ratio of 1.25 and a quick ratio of 1.25. The stock has a fifty day moving average price of $55.05 and a two-hundred day moving average price of $95.31. RingCentral has a 52-week low of $47.28 and a 52-week high of $315.00. The firm has a market capitalization of $4.40 billion, a P/E ratio of -7.76 and a beta of 0.94.

RingCentral (NYSE:RNGGet Rating) last released its quarterly earnings data 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). RingCentral had a negative return on equity of 160.19% and a negative net margin of 31.67%. The company had revenue of $467.66 million for the quarter, compared to analyst estimates of $458.36 million. During the same quarter in the prior year, the company earned ($0.41) earnings per share. The business’s revenue was up 32.7% compared to the same quarter last year. As a group, analysts anticipate that RingCentral will post -1.66 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Vladimir Shmunis bought 20,000 shares of RingCentral stock in a transaction on Tuesday, May 24th. The shares were purchased at an average price of $59.52 per share, for a total transaction of $1,190,400.00. Following the completion of the acquisition, the chief executive officer now owns 289,379 shares in the company, valued at $17,223,838.08. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CFO Sonalee Elizabeth Parekh sold 15,360 shares of the firm’s stock in a transaction dated Thursday, June 2nd. The stock was sold at an average price of $62.69, for a total transaction of $962,918.40. Following the sale, the chief financial officer now owns 113,528 shares of the company’s stock, valued at $7,117,070.32. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Vladimir Shmunis purchased 20,000 shares of the company’s stock in a transaction dated Tuesday, May 24th. The shares were acquired at an average cost of $59.52 per share, for a total transaction of $1,190,400.00. Following the transaction, the chief executive officer now owns 289,379 shares of the company’s stock, valued at $17,223,838.08. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 44,029 shares of company stock worth $2,841,132. Insiders own 7.35% of the company’s stock.

Institutional Investors Weigh In On RingCentral

A number of hedge funds have recently modified their holdings of RNG. State Board of Administration of Florida Retirement System raised its position in RingCentral by 4.5% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 101,528 shares of the software maker’s stock valued at $5,306,000 after buying an additional 4,408 shares during the last quarter. Tamar Securities LLC raised its position in RingCentral by 64.3% in the 2nd quarter. Tamar Securities LLC now owns 76,581 shares of the software maker’s stock valued at $4,002,000 after buying an additional 29,980 shares during the last quarter. Illinois Municipal Retirement Fund raised its position in RingCentral by 73.7% in the 2nd quarter. Illinois Municipal Retirement Fund now owns 7,689 shares of the software maker’s stock valued at $402,000 after buying an additional 3,262 shares during the last quarter. abrdn plc raised its position in RingCentral by 16.3% in the 2nd quarter. abrdn plc now owns 948,485 shares of the software maker’s stock valued at $50,265,000 after buying an additional 132,899 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC raised its position in RingCentral by 18.1% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 5,540 shares of the software maker’s stock valued at $290,000 after buying an additional 849 shares during the last quarter. Institutional investors and hedge funds own 85.96% of the company’s stock.

About RingCentral

(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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