RingCentral (NYSE:RNG) had its price target increased by Northland Securities from $124.00 to $148.00 in a research report report published on Tuesday morning, The Fly reports. Northland Securities currently has an outperform rating on the software maker’s stock.
Other research analysts have also issued research reports about the stock. Jefferies Financial Group raised their target price on shares of RingCentral from $121.00 to $140.00 in a research note on Tuesday. Zacks Investment Research upgraded shares of RingCentral from a hold rating to a buy rating and set a $100.00 price target on the stock in a research report on Saturday, January 26th. SunTrust Banks increased their price target on shares of RingCentral to $120.00 and gave the company a buy rating in a research report on Tuesday, February 12th. Deutsche Bank increased their price target on shares of RingCentral from $105.00 to $115.00 and gave the company a buy rating in a research report on Tuesday, February 12th. Finally, Bank of America reiterated a buy rating and issued a $110.00 price target (up from $93.00) on shares of RingCentral in a research report on Thursday, February 7th. Four analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. RingCentral has a consensus rating of Buy and a consensus price target of $120.72.
Shares of NYSE RNG opened at $122.73 on Tuesday. The stock has a market capitalization of $9.99 billion, a PE ratio of -3,068.25 and a beta of 0.95. The company has a debt-to-equity ratio of 1.15, a quick ratio of 3.55 and a current ratio of 3.55. RingCentral has a 1 year low of $64.41 and a 1 year high of $123.98.
RingCentral (NYSE:RNG) last issued its earnings results on Monday, May 6th. The software maker reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.16). The business had revenue of $201.50 million during the quarter, compared to the consensus estimate of $193.54 million. RingCentral had a negative net margin of 4.12% and a negative return on equity of 0.75%. The firm’s revenue for the quarter was up 34.1% compared to the same quarter last year. During the same period last year, the business posted $0.16 EPS. Analysts expect that RingCentral will post -0.43 EPS for the current year.
In other RingCentral news, CEO Vladimir Shmunis sold 134,269 shares of the firm’s stock in a transaction that occurred on Friday, February 22nd. The shares were sold at an average price of $104.05, for a total transaction of $13,970,689.45. Following the sale, the chief executive officer now directly owns 329,193 shares in the company, valued at approximately $34,252,531.65. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO David Sipes sold 7,300 shares of the firm’s stock in a transaction that occurred on Wednesday, February 20th. The stock was sold at an average price of $103.89, for a total transaction of $758,397.00. Following the sale, the chief operating officer now owns 265,405 shares in the company, valued at $27,572,925.45. The disclosure for this sale can be found here. Insiders sold a total of 513,774 shares of company stock worth $53,638,015 over the last quarter. 11.03% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in RNG. Neuburgh Advisers LLC acquired a new stake in RingCentral during the 4th quarter worth approximately $25,000. Ffcm LLC acquired a new stake in RingCentral during the 4th quarter worth approximately $27,000. CX Institutional acquired a new stake in RingCentral during the 1st quarter worth approximately $36,000. Penserra Capital Management LLC acquired a new stake in RingCentral during the 1st quarter worth approximately $36,000. Finally, Signaturefd LLC raised its holdings in RingCentral by 31.4% during the 1st quarter. Signaturefd LLC now owns 364 shares of the software maker’s stock worth $39,000 after buying an additional 87 shares during the period. Hedge funds and other institutional investors own 81.57% of the company’s stock.
RingCentral Company Profile
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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