Rosenblatt Securities Increases RingCentral (NYSE:RNG) Price Target to $245.00

RingCentral (NYSE:RNG) had its target price increased by Rosenblatt Securities from $215.00 to $245.00 in a report released on Tuesday, BenzingaRatingsTable reports. Rosenblatt Securities currently has a buy rating on the software maker’s stock.

RNG has been the topic of a number of other research reports. Raymond James increased their target price on RingCentral from $190.00 to $250.00 and gave the stock a strong-buy rating in a report on Tuesday. Piper Jaffray Companies assumed coverage on RingCentral in a report on Tuesday, December 10th. They set an overweight rating and a $194.00 target price on the stock. SunTrust Banks reaffirmed a positive rating and set a $225.00 target price on shares of RingCentral in a report on Tuesday, February 4th. Morgan Stanley increased their target price on RingCentral from $195.00 to $205.00 and gave the stock an equal weight rating in a report on Tuesday. Finally, Craig Hallum increased their target price on RingCentral from $150.00 to $175.00 and gave the stock a buy rating in a report on Tuesday, November 5th. Four research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of Buy and a consensus price target of $224.10.

Shares of NYSE RNG opened at $242.39 on Tuesday. RingCentral has a fifty-two week low of $98.19 and a fifty-two week high of $246.46. The business has a 50 day moving average price of $194.02 and a two-hundred day moving average price of $162.93. 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 firm has a market cap 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, beating analysts’ consensus estimates of $0.21 by $0.01. RingCentral had a negative return on equity of 3.67% and a negative net margin of 5.94%. The firm had revenue of $252.87 million during the quarter, compared to analyst estimates of $237.38 million. During the same quarter last year, the firm earned $0.23 EPS. RingCentral’s quarterly revenue was up 34.1% on a year-over-year basis. On average, analysts anticipate that RingCentral will post -0.22 earnings per share for the current year.

In related news, COO David Sipes sold 14,613 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $169.68, for a total value of $2,479,533.84. Following the sale, the chief operating officer now owns 228,717 shares of the company’s stock, valued at approximately $38,808,700.56. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO John H. Marlow sold 11,756 shares of the firm’s stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $171.32, for a total value of $2,014,037.92. Following the completion of the sale, the chief accounting officer now directly owns 158,170 shares in the company, valued at approximately $27,097,684.40. The disclosure for this sale can be found here. In the last three months, insiders sold 210,437 shares of company stock worth $35,641,084. Company insiders own 11.03% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of RNG. Millennium Management LLC increased its position in RingCentral by 169.0% in the 3rd quarter. Millennium Management LLC now owns 325,189 shares of the software maker’s stock valued at $40,863,000 after acquiring an additional 796,389 shares during the period. Jennison Associates LLC acquired a new stake in RingCentral in the 4th quarter valued at approximately $117,161,000. FIL Ltd increased its position in RingCentral by 38.0% in the 4th quarter. FIL Ltd now owns 1,543,715 shares of the software maker’s stock valued at $260,378,000 after acquiring an additional 425,459 shares during the period. Zevenbergen Capital Investments LLC increased its position in RingCentral by 131.6% in the 4th quarter. Zevenbergen Capital Investments LLC now owns 490,426 shares of the software maker’s stock valued at $82,720,000 after acquiring an additional 278,641 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its position in RingCentral by 7,077.8% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 264,574 shares of the software maker’s stock valued at $44,626,000 after acquiring an additional 260,888 shares during the period. Hedge funds and other institutional investors own 83.31% 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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