RingCentral (NYSE:RNG) had its price target upped by Deutsche Bank from $125.00 to $135.00 in a research note released on Tuesday, The Fly reports. The firm currently has a buy rating on the software maker’s stock.
RNG has been the topic of a number of other research reports. Zacks Investment Research cut RingCentral from a buy rating to a hold rating in a report on Saturday, February 16th. Bank of America reissued a buy rating and set a $110.00 price objective (up previously from $93.00) on shares of RingCentral in a report on Thursday, February 7th. Jefferies Financial Group increased their price objective on RingCentral from $105.00 to $115.00 and gave the stock a buy rating in a report on Tuesday, February 12th. Morgan Stanley increased their price objective on RingCentral from $84.00 to $93.00 and gave the stock an equal weight rating in a report on Monday, January 7th. Finally, SunTrust Banks increased their price objective on RingCentral to $120.00 and gave the stock a buy rating in a report on Tuesday, February 12th. Four analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average target price of $120.72.
Shares of RNG opened at $122.73 on Tuesday. The stock has a market cap of $9.99 billion, a P/E ratio of -3,068.25 and a beta of 0.95. The company has a debt-to-equity ratio of 1.15, a quick ratio of 3.55 and a current ratio of 3.55. RingCentral has a 52-week low of $64.41 and a 52-week high of $123.98.
RingCentral (NYSE:RNG) last issued its quarterly earnings data on Monday, May 6th. The software maker reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.16). The company had revenue of $201.50 million for the quarter, compared to analysts’ expectations of $193.54 million. RingCentral had a negative return on equity of 0.75% and a negative net margin of 4.12%. The business’s revenue for the quarter was up 34.1% on a year-over-year basis. During the same period last year, the company posted $0.16 EPS. As a group, research analysts expect that RingCentral will post -0.43 EPS for the current year.
In other RingCentral news, CFO Mitesh Dhruv sold 1,326 shares of the firm’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $106.58, for a total value of $141,325.08. Following the sale, the chief financial officer now owns 132,887 shares of the company’s stock, valued at approximately $14,163,096.46. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Vladimir Shmunis sold 134,269 shares of the firm’s stock in a transaction dated Friday, February 22nd. The shares were sold at an average price of $104.05, for a total value of $13,970,689.45. Following the completion of the sale, the chief executive officer now directly owns 329,193 shares in the company, valued at approximately $34,252,531.65. The disclosure for this sale can be found here. In the last ninety days, insiders sold 513,774 shares of company stock worth $53,638,015. Insiders own 11.03% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the business. Neuburgh Advisers LLC purchased a new position in shares of RingCentral during the 4th quarter valued at about $25,000. Ffcm LLC purchased a new position in shares of RingCentral during the 4th quarter valued at about $27,000. CX Institutional purchased a new position in shares of RingCentral during the 1st quarter valued at about $36,000. Penserra Capital Management LLC purchased a new position in shares of RingCentral during the 1st quarter valued at about $36,000. Finally, Signaturefd LLC raised its holdings in shares of RingCentral by 31.4% during the 1st quarter. Signaturefd LLC now owns 364 shares of the software maker’s stock valued at $39,000 after buying an additional 87 shares in the last quarter. 81.57% of the stock is currently owned by hedge funds and other 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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