Zacks Investment Research upgraded shares of RingCentral (NYSE:RNG) from a hold rating to a buy rating in a research report report published on Friday. The firm currently has $95.00 price target on the software maker’s stock.
According to Zacks, “RingCentral, Inc. provides solutions for business communications primarily in the United States. The Company’s products include RingCentral Office, RingCentral Mobile and RingCentral Fax. It provides solutions such as auto-receptionist, flexible extension structure, multiple voicemail boxes, smart call routing, business answering rules, extension dialing, call transfers and elegant integration with Smartphones. RingCentral, Inc. is headquartered in San Mateo, California. “
Several other equities analysts have also weighed in on the stock. TheStreet lowered shares of RingCentral from a c rating to a d+ rating in a report on Tuesday. Rosenblatt Securities restated a buy rating and issued a $100.00 price objective on shares of RingCentral in a report on Wednesday. Bank of America cut their price objective on shares of RingCentral from $100.00 to $93.00 and set a buy rating on the stock in a report on Tuesday. Deutsche Bank assumed coverage on shares of RingCentral in a report on Monday, October 8th. They issued a buy rating and a $105.00 price objective on the stock. Finally, Jefferies Financial Group increased their price objective on shares of RingCentral to $105.00 and gave the company a buy rating in a report on Wednesday, September 5th. Three investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. RingCentral presently has an average rating of Buy and a consensus target price of $89.80.
RingCentral (NYSE:RNG) last announced its quarterly earnings data on Monday, November 5th. The software maker reported $0.19 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.16 by $0.03. RingCentral had a negative net margin of 4.25% and a negative return on equity of 3.84%. The business had revenue of $173.83 million for the quarter, compared to analyst estimates of $166.70 million. During the same period in the prior year, the business posted $0.06 earnings per share. RingCentral’s revenue was up 33.4% compared to the same quarter last year. On average, research analysts anticipate that RingCentral will post -0.09 EPS for the current year.
In other RingCentral news, CEO Vladimir Shmunis sold 50,508 shares of the company’s stock in a transaction that occurred on Monday, August 20th. The shares were sold at an average price of $89.29, for a total value of $4,509,859.32. Following the completion of the sale, the chief executive officer now owns 349,282 shares of the company’s stock, valued at $31,187,389.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO David Sipes sold 6,100 shares of the company’s stock in a transaction that occurred on Thursday, October 11th. The shares were sold at an average price of $75.96, for a total transaction of $463,356.00. Following the completion of the sale, the chief operating officer now directly owns 277,992 shares of the company’s stock, valued at approximately $21,116,272.32. The disclosure for this sale can be found here. Insiders sold 250,849 shares of company stock valued at $22,442,584 in the last ninety days. Insiders own 11.99% of the company’s stock.
A number of large investors have recently modified their holdings of RNG. Dimensional Fund Advisors LP bought a new stake in shares of RingCentral during the first quarter worth $4,677,000. Principal Financial Group Inc. increased its position in shares of RingCentral by 17.3% during the first quarter. Principal Financial Group Inc. now owns 50,191 shares of the software maker’s stock worth $3,187,000 after acquiring an additional 7,420 shares in the last quarter. State of Alaska Department of Revenue bought a new stake in shares of RingCentral during the second quarter worth $567,000. Xact Kapitalforvaltning AB increased its position in shares of RingCentral by 20.7% during the second quarter. Xact Kapitalforvaltning AB now owns 9,909 shares of the software maker’s stock worth $697,000 after acquiring an additional 1,700 shares in the last quarter. Finally, Bank of Montreal Can increased its position in shares of RingCentral by 34,571.9% during the second quarter. Bank of Montreal Can now owns 179,947 shares of the software maker’s stock worth $12,660,000 after acquiring an additional 179,428 shares in the last quarter. 78.47% of the stock is owned by hedge funds and other institutional investors.
RingCentral, Inc provides software-as-a-service solutions for business communications and collaboration primarily in the United States. The company's products include RingCentral Office, a multi-tenant, multi-location, and enterprise-grade communications and collaboration solution that enables employees to communicate through voice, text, team messaging and collaboration, and HD video and Web conferencing through smartphones, tablets, PCs, and desk phones for businesses, which require a communications solution; RingCentral Professional, an inbound call routing subscription with additional text and fax capabilities primarily for smaller businesses; and RingCentral Fax solution that offers Internet fax capabilities, which allow businesses to send and receive fax documents without the need for a fax machine.
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