RingCentral (NYSE:RNG) had its target price increased by Craig Hallum from $120.00 to $140.00 in a research note issued to investors on Tuesday morning, The Fly reports. They currently have a buy rating on the software maker’s stock.
Several other equities analysts also recently issued reports on the stock. Deutsche Bank upped their price objective on shares of RingCentral from $125.00 to $135.00 and gave the company a buy rating in a research note on Tuesday. Jefferies Financial Group upped their price objective on shares of RingCentral from $121.00 to $140.00 in a research note on Tuesday. SunTrust Banks upped their price objective on shares of RingCentral to $140.00 and gave the company a buy rating in a research note on Tuesday. UBS Group upped their price objective on shares of RingCentral from $117.00 to $130.00 and gave the company an outperform rating in a research note on Tuesday. Finally, Stephens restated a hold rating and issued a $95.00 price objective on shares of RingCentral in a research note on Monday, May 6th. Four investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of Buy and a consensus price target of $120.72.
Shares of RNG stock opened at $122.73 on Tuesday. The company has a debt-to-equity ratio of 1.15, a current ratio of 3.55 and a quick ratio of 3.55. The firm has a market cap of $9.99 billion, a P/E ratio of -3,068.25 and a beta of 0.95. RingCentral has a 12 month low of $64.41 and a 12 month high of $123.98.
RingCentral (NYSE:RNG) last released its quarterly earnings data on Monday, May 6th. The software maker reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.16). RingCentral had a negative net margin of 4.12% and a negative return on equity of 0.75%. The company had revenue of $201.50 million during the quarter, compared to analyst estimates of $193.54 million. During the same quarter in the prior year, the company earned $0.16 EPS. The business’s revenue was up 34.1% on a year-over-year basis. On average, sell-side analysts anticipate that RingCentral will post -0.43 earnings per share for the current year.
In other news, Director Mckenna Michelle sold 2,000 shares of the company’s stock in a transaction dated Friday, February 15th. The shares were sold at an average price of $103.44, for a total value of $206,880.00. Following the completion of the sale, the director now directly owns 6,662 shares of the company’s stock, valued at $689,117.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Mitesh Dhruv sold 1,326 shares of the company’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $106.58, for a total transaction of $141,325.08. Following the completion of the sale, the chief financial officer now directly owns 132,887 shares of the company’s stock, valued at $14,163,096.46. The disclosure for this sale can be found here. Insiders sold 513,774 shares of company stock valued at $53,638,015 over the last ninety days. Corporate insiders own 11.03% of the company’s stock.
Large investors have recently made changes to their positions in the company. Neuburgh Advisers LLC purchased a new stake in shares of RingCentral in the fourth quarter valued at about $25,000. Ffcm LLC purchased a new stake in shares of RingCentral in the fourth quarter valued at about $27,000. CX Institutional purchased a new stake in shares of RingCentral in the first quarter valued at about $36,000. Penserra Capital Management LLC purchased a new stake in shares of RingCentral in the first quarter valued at about $36,000. Finally, Signaturefd LLC raised its holdings in shares of RingCentral by 31.4% in the first quarter. Signaturefd LLC now owns 364 shares of the software maker’s stock valued at $39,000 after buying an additional 87 shares during the last quarter. 81.57% of the stock is owned by institutional investors and hedge funds.
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.
Featured Article: How does new data get added to a blockchain?
Receive News & Ratings for RingCentral Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for RingCentral and related companies with MarketBeat.com's FREE daily email newsletter.