RingCentral (NYSE:RNG) had its target price increased by Needham & Company LLC from $220.00 to $240.00 in a research note published on Tuesday morning, AnalystRatings.com reports. The firm currently has a buy rating on the software maker’s stock.
A number of other equities research analysts have also recently commented on the stock. Morgan Stanley raised their target price on shares of RingCentral from $170.00 to $195.00 and gave the stock an equal weight rating in a research note on Monday, January 13th. Piper Jaffray Companies started coverage on shares of RingCentral in a research note on Tuesday, December 10th. They set an overweight rating and a $194.00 target price on the stock. Bank of America raised their target price on shares of RingCentral from $198.00 to $237.00 and gave the stock a buy rating in a research note on Wednesday, February 5th. SunTrust Banks restated a positive rating and set a $225.00 target price on shares of RingCentral in a research note on Tuesday, February 4th. Finally, Oppenheimer restated a buy rating and set a $250.00 target price (up previously from $210.00) on shares of RingCentral in a research note on Tuesday. Four research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of Buy and a consensus price target of $224.10.
Shares of NYSE:RNG opened at $242.39 on Tuesday. The firm’s 50 day moving average price is $194.02 and its 200-day moving average price is $162.93. RingCentral has a twelve month low of $98.19 and a twelve month high of $246.46. The company has a quick ratio of 2.85, a current ratio of 2.85 and a debt-to-equity ratio of 1.12. The stock has a market capitalization of $20.26 billion, a PE ratio of -378.73 and a beta of 0.81.
RingCentral (NYSE:RNG) last issued its quarterly earnings data on Monday, February 10th. The software maker reported $0.22 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.21 by $0.01. RingCentral had a negative net margin of 5.94% and a negative return on equity of 3.67%. The firm had revenue of $252.87 million for the quarter, compared to analysts’ expectations of $237.38 million. During the same quarter in the prior year, the business earned $0.23 EPS. The business’s quarterly revenue was up 34.1% on a year-over-year basis. Analysts expect that RingCentral will post -0.22 earnings per share for the current fiscal year.
In related news, CAO Vaibhav Agarwal sold 411 shares of the firm’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $196.71, for a total value of $80,847.81. Following the completion of the transaction, the chief accounting officer now directly owns 19,024 shares of the company’s stock, valued at $3,742,211.04. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Vladimir Shmunis sold 63,564 shares of the firm’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $172.64, for a total transaction of $10,973,688.96. Following the completion of the transaction, the chief executive officer now directly owns 254,830 shares of the company’s stock, valued at $43,993,851.20. The disclosure for this sale can be found here. Over the last three months, insiders sold 210,437 shares of company stock valued at $35,641,084. 11.03% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Security National Trust Co. purchased a new position in RingCentral during the fourth quarter worth $25,000. Penserra Capital Management LLC purchased a new position in RingCentral during the fourth quarter worth $45,000. Orion Portfolio Solutions LLC purchased a new position in RingCentral during the fourth quarter worth $49,000. Parkside Financial Bank & Trust boosted its stake in RingCentral by 285.7% during the third quarter. Parkside Financial Bank & Trust now owns 405 shares of the software maker’s stock worth $51,000 after buying an additional 300 shares during the period. Finally, Mine & Arao Wealth Creation & Management LLC. purchased a new position in RingCentral during the fourth quarter worth $51,000. 83.31% of the stock is owned by institutional investors.
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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