Raymond James Increases RingCentral (RNG) Price Target to $140.00

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RingCentral (NYSE:RNG) had its target price upped by Raymond James from $116.00 to $140.00 in a report issued on Tuesday morning, BenzingaRatingsTable reports. Raymond James currently has a strong-buy rating on the software maker’s stock.

Several other analysts also recently issued reports on RNG. Zacks Investment Research raised RingCentral from a hold rating to a buy rating and set a $125.00 price target on the stock in a research note on Friday, April 26th. SunTrust Banks lifted their target price on RingCentral to $140.00 and gave the company a buy rating in a research report on Tuesday. Deutsche Bank lifted their target price on RingCentral from $125.00 to $135.00 and gave the company a buy rating in a research report on Tuesday. Northland Securities lifted their target price on RingCentral from $124.00 to $148.00 and gave the company an outperform rating in a research report on Tuesday. Finally, UBS Group lifted their target price on RingCentral from $117.00 to $130.00 and gave the company an outperform rating in a research report on Tuesday. Four equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. RingCentral has an average rating of Buy and an average target price of $120.72.

RNG opened at $122.73 on Tuesday. RingCentral has a 1 year low of $64.41 and a 1 year high of $123.98. The stock has a market capitalization of $9.99 billion, a price-to-earnings 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 (NYSE:RNG) last released its quarterly earnings results on Monday, May 6th. The software maker reported ($0.01) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.15 by ($0.16). RingCentral had a negative net margin of 4.12% and a negative return on equity of 0.75%. The firm had revenue of $201.50 million during the quarter, compared to analyst estimates of $193.54 million. During the same period in the prior year, the business earned $0.16 EPS. The business’s revenue for the quarter was up 34.1% compared to the same quarter last year. On average, analysts expect that RingCentral will post -0.43 EPS for the current fiscal year.

In related news, CFO Mitesh Dhruv sold 1,326 shares of RingCentral stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $106.58, for a total transaction of $141,325.08. Following the completion of the transaction, the chief financial officer now owns 132,887 shares in the company, valued at $14,163,096.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO John H. Marlow sold 30,332 shares of RingCentral stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $106.56, for a total value of $3,232,177.92. Following the transaction, the chief accounting officer now owns 114,959 shares of the company’s stock, valued at approximately $12,250,031.04. The disclosure for this sale can be found here. Insiders have sold 513,774 shares of company stock valued at $53,638,015 in the last quarter. 11.03% of the stock is currently owned by corporate insiders.

Several large investors have recently modified their holdings of the company. Signaturefd LLC boosted 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 acquiring an additional 87 shares during the period. Utah Retirement Systems raised its position in shares of RingCentral by 0.8% in the fourth quarter. Utah Retirement Systems now owns 12,600 shares of the software maker’s stock valued at $1,039,000 after buying an additional 100 shares in the last quarter. State of Alaska Department of Revenue raised its position in shares of RingCentral by 1.9% in the fourth quarter. State of Alaska Department of Revenue now owns 8,420 shares of the software maker’s stock valued at $694,000 after buying an additional 161 shares in the last quarter. Moloney Securities Asset Management LLC raised its position in shares of RingCentral by 6.7% in the fourth quarter. Moloney Securities Asset Management LLC now owns 3,200 shares of the software maker’s stock valued at $264,000 after buying an additional 200 shares in the last quarter. Finally, Advisor Group Inc. raised its position in shares of RingCentral by 29.8% in the first quarter. Advisor Group Inc. now owns 1,010 shares of the software maker’s stock valued at $109,000 after buying an additional 232 shares in the last quarter. Institutional investors own 81.57% of the company’s stock.

About RingCentral

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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