RingCentral Inc. (NYSE:RNG) Receives Average Recommendation of “Buy” from Analysts
Shares of RingCentral Inc. (NYSE:RNG) have been assigned a consensus rating of “Buy” from the thirteen research firms that are covering the stock. Three investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $25.59.
RNG has been the topic of several recent analyst reports. Robert W. Baird initiated coverage on shares of RingCentral in a research note on Thursday, August 25th. They issued a “neutral” rating and a $24.00 target price on the stock. Oppenheimer Holdings Inc. reissued an “outperform” rating and issued a $29.00 target price (up previously from $27.00) on shares of RingCentral in a research note on Friday, August 5th. Craig Hallum initiated coverage on shares of RingCentral in a research note on Thursday, July 7th. They issued a “buy” rating and a $25.00 target price on the stock. Jefferies Group increased their target price on shares of RingCentral from $27.00 to $29.00 and gave the company a “buy” rating in a research note on Thursday, August 4th. Finally, Summit Research initiated coverage on shares of RingCentral in a research note on Tuesday, June 28th. They issued a “buy” rating on the stock.
In other RingCentral news, SVP Praful Shah sold 10,000 shares of the stock in a transaction dated Friday, July 1st. The shares were sold at an average price of $19.66, for a total transaction of $196,600.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP John H. Marlow sold 2,000 shares of the stock in a transaction dated Wednesday, July 6th. The stock was sold at an average price of $19.36, for a total transaction of $38,720.00. The disclosure for this sale can be found here. Company insiders own 17.34% of the company’s stock.
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A number of hedge funds and other institutional investors have recently modified their holdings of RNG. BlackRock Inc. boosted its position in shares of RingCentral by 43.0% in the second quarter. BlackRock Inc. now owns 5,361 shares of the company’s stock valued at $105,000 after buying an additional 1,612 shares during the last quarter. Tower Research Capital LLC TRC purchased a new stake in RingCentral during the second quarter worth $116,000. Teacher Retirement System of Texas boosted its stake in RingCentral by 18.1% in the second quarter. Teacher Retirement System of Texas now owns 6,994 shares of the company’s stock worth $138,000 after buying an additional 1,071 shares in the last quarter. Barclays PLC boosted its stake in RingCentral by 11,150.0% in the second quarter. Barclays PLC now owns 7,200 shares of the company’s stock worth $142,000 after buying an additional 7,136 shares in the last quarter. Finally, Quantbot Technologies LP boosted its stake in RingCentral by 3.5% in the second quarter. Quantbot Technologies LP now owns 7,481 shares of the company’s stock worth $147,000 after buying an additional 252 shares in the last quarter. Institutional investors own 67.06% of the company’s stock.
RingCentral (NYSE:RNG) traded down 1.11% during midday trading on Tuesday, reaching $23.10. 144,120 shares of the company traded hands. RingCentral has a one year low of $13.88 and a one year high of $25.67. The company has a 50 day moving average price of $22.79 and a 200-day moving average price of $19.91. The stock’s market capitalization is $1.69 billion.
RingCentral (NYSE:RNG) last announced its earnings results on Wednesday, August 3rd. The company reported $0.02 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.01 by $0.01. RingCentral had a negative net margin of 8.17% and a negative return on equity of 21.08%. The business had revenue of $91.80 million for the quarter, compared to the consensus estimate of $70.70 million. During the same quarter in the prior year, the firm posted ($0.05) earnings per share. The business’s revenue for the quarter was up 29.8% on a year-over-year basis. Analysts forecast that RingCentral will post $0.07 EPS for the current fiscal year.
RingCentral Company Profile
RingCentral, Inc is a provider of software-as-a-service (SaaS) solutions for business communications. The Company’s cloud-based business communications solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, personal computers (PCs) and desk phones, and allow for communication across multiple channels, including voice, text, team messaging collaboration, high definition (HD) video for Web conferencing and fax.
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