Research Analysts’ Recent Ratings Updates for RingCentral (RNG)

A number of firms have modified their ratings and price targets on shares of RingCentral (NYSE: RNG) recently:

  • 5/7/2019 – RingCentral had its price target raised by analysts at Raymond James from $116.00 to $140.00. They now have a “strong-buy” rating on the stock.
  • 5/7/2019 – RingCentral had its price target raised by analysts at Northland Securities from $124.00 to $148.00. They now have an “outperform” rating on the stock.
  • 5/7/2019 – RingCentral had its price target raised by analysts at UBS Group AG from $117.00 to $130.00. They now have an “outperform” rating on the stock.
  • 5/7/2019 – RingCentral had its price target raised by analysts at Craig Hallum from $120.00 to $140.00. They now have a “buy” rating on the stock.
  • 5/7/2019 – RingCentral had its price target raised by analysts at Deutsche Bank AG from $125.00 to $135.00. They now have a “buy” rating on the stock.
  • 5/7/2019 – RingCentral had its price target raised by analysts at SunTrust Banks, Inc. to $140.00. They now have a “buy” rating on the stock.
  • 5/7/2019 – RingCentral had its price target raised by analysts at Jefferies Financial Group Inc from $121.00 to $140.00.
  • 5/6/2019 – RingCentral had its “hold” rating reaffirmed by analysts at Stephens. They now have a $95.00 price target on the stock. They wrote, “We remain Equal-Weight/Vol. on valuation (9.1x CY20 EV/sales vs. CaaS peers at 5.0x), and intensifying vendor competition. KEY Key Metrics Stephens Consensus Actual vs. Street Revenue ($ mil.) 193.3 193.5 201.5 4.1% Subscription Rev. ($ mil.) 176.5 176.8 182.7 3.3% ($ mil.) 205.9 203.1 204.5 0.7% Subscription Rev. ($ mil.) 187.5 185.3 186.5 0.6% ($ mil.) 860.4 854.8 864.0 1.1% Subscription Rev. ($ mil.) 784.4 780.7 788.0 0.9% FactSet Research Systems, Company reports, Stephens Inc.””
  • 5/2/2019 – RingCentral had its price target raised by analysts at Bank of America Corp from $117.00 to $135.00. They now have a “buy” rating on the stock.
  • 5/1/2019 – RingCentral was downgraded by analysts at Zacks Investment Research from a “buy” rating to a “hold” rating. 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. “
  • 4/26/2019 – RingCentral was upgraded by analysts at Zacks Investment Research from a “hold” rating to a “buy” rating. They now have a $125.00 price target on the 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. “
  • 3/25/2019 – RingCentral had its “buy” rating reaffirmed by analysts at Rosenblatt Securities. They now have a $105.00 price target on the stock.

RNG traded up $0.10 on Wednesday, hitting $122.57. The company had a trading volume of 828,300 shares, compared to its average volume of 846,293. RingCentral Inc has a 1-year low of $64.41 and a 1-year high of $125.27. The company has a debt-to-equity ratio of 1.19, a quick ratio of 3.55 and a current ratio of 3.08. The firm has a market cap of $9.73 billion, a P/E ratio of -3,064.25 and a beta of 0.95.

RingCentral (NYSE:RNG) last posted its earnings results on Monday, May 6th. The software maker reported ($0.01) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.15 by ($0.16). RingCentral had a negative return on equity of 0.73% and a negative net margin of 4.12%. The company had revenue of $201.50 million during the quarter, compared to analyst estimates of $193.54 million. During the same quarter last year, the firm posted $0.16 earnings per share. The firm’s revenue for the quarter was up 34.1% compared to the same quarter last year. As a group, analysts anticipate that RingCentral Inc will post -0.43 earnings per share for the current fiscal year.

In other RingCentral news, CEO Vladimir Shmunis sold 134,269 shares of RingCentral stock in a transaction that occurred on Friday, February 22nd. The stock was sold at an average price of $104.05, for a total value of $13,970,689.45. Following the transaction, the chief executive officer now directly owns 329,193 shares of the company’s stock, valued at approximately $34,252,531.65. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Mitesh Dhruv sold 2,654 shares of RingCentral stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $101.74, for a total value of $270,017.96. Following the completion of the transaction, the chief financial officer now directly owns 134,940 shares in the company, valued at $13,728,795.60. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 419,384 shares of company stock worth $44,109,246. Company insiders own 11.03% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of RNG. Neuburgh Advisers LLC bought a new stake in shares of RingCentral during the fourth quarter valued at approximately $25,000. Ffcm LLC bought a new stake in shares of RingCentral during the fourth quarter valued at approximately $27,000. CX Institutional bought a new stake in shares of RingCentral during the first quarter valued at approximately $36,000. Penserra Capital Management LLC bought a new stake in shares of RingCentral during the first quarter valued at approximately $36,000. Finally, Signaturefd LLC increased its position in shares of RingCentral by 31.4% during the first quarter. Signaturefd LLC now owns 364 shares of the software maker’s stock valued at $39,000 after purchasing an additional 87 shares during the period. 83.13% of the stock is currently owned by institutional investors.

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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