Bank of America Boosts RingCentral (NYSE:RNG) Price Target to $150.00

RingCentral (NYSE:RNG) had its target price increased by Bank of America from $135.00 to $150.00 in a report published on Tuesday, BenzingaRatingsTable reports. Bank of America currently has a buy rating on the software maker’s stock.

A number of other research firms have also weighed in on RNG. Zacks Investment Research raised shares of RingCentral from a hold rating to a buy rating and set a $129.00 target price on the stock in a research note on Thursday, July 4th. Stephens reissued a hold rating and issued a $95.00 target price on shares of RingCentral in a research note on Monday, May 6th. UBS Group raised their target price on shares of RingCentral from $117.00 to $130.00 and gave the stock an outperform rating in a research note on Tuesday, May 7th. Needham & Company LLC reissued a buy rating and issued a $150.00 target price (up from $140.00) on shares of RingCentral in a research note on Tuesday. Finally, Deutsche Bank raised their target price on shares of RingCentral from $125.00 to $135.00 and gave the stock a buy rating in a research note on Tuesday, May 7th. Three research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of Buy and an average price target of $131.11.

Shares of RingCentral stock opened at $140.29 on Tuesday. The stock has a market cap of $11.63 billion, a price-to-earnings ratio of -3,507.25 and a beta of 0.79. RingCentral has a twelve month low of $64.41 and a twelve month high of $146.38. The company has a 50-day moving average of $121.26. The company has a debt-to-equity ratio of 1.19, a current ratio of 3.08 and a quick ratio of 3.08.

RingCentral (NYSE:RNG) last issued its quarterly earnings results on Monday, July 29th. The software maker reported ($0.03) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.16) by $0.13. RingCentral had a negative net margin of 3.95% and a negative return on equity of 1.16%. The firm had revenue of $215.20 million for the quarter, compared to analyst estimates of $204.70 million. During the same period last year, the company posted $0.19 EPS. RingCentral’s quarterly revenue was up 33.8% compared to the same quarter last year. On average, equities analysts anticipate that RingCentral will post -0.13 EPS for the current fiscal year.

In other news, CEO Vladimir Shmunis sold 51,923 shares of RingCentral stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $120.87, for a total transaction of $6,275,933.01. Following the sale, the chief executive officer now owns 325,018 shares of the company’s stock, valued at approximately $39,284,925.66. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO David Sipes sold 13,500 shares of RingCentral stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $124.08, for a total transaction of $1,675,080.00. Following the sale, the chief operating officer now directly owns 288,367 shares in the company, valued at approximately $35,780,577.36. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 358,541 shares of company stock worth $43,812,268. Corporate insiders own 11.03% of the company’s stock.

Institutional investors have recently bought and sold shares of the stock. CX Institutional acquired a new stake in RingCentral in the 1st quarter valued at approximately $36,000. Penserra Capital Management LLC acquired a new stake in RingCentral in the 1st quarter valued at approximately $36,000. Signaturefd LLC increased its holdings in RingCentral by 31.4% in the 1st 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 last quarter. Baldwin Brothers Inc. MA increased its holdings in RingCentral by 90.0% in the 2nd quarter. Baldwin Brothers Inc. MA now owns 380 shares of the software maker’s stock valued at $44,000 after purchasing an additional 180 shares during the last quarter. Finally, Weaver Consulting Group acquired a new stake in RingCentral in the 1st quarter valued at approximately $66,000. Hedge funds and other institutional investors own 81.82% of the company’s stock.

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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Analyst Recommendations for RingCentral (NYSE:RNG)

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