Ringcentral, Inc. (RNG) Raised to Buy at BidaskClub
Ringcentral, Inc. (NYSE:RNG) was upgraded by stock analysts at BidaskClub from a “hold” rating to a “buy” rating in a research report issued on Wednesday.
Several other research analysts have also recently weighed in on the stock. Robert W. Baird cut shares of Ringcentral from an “outperform” rating to a “neutral” rating and upped their price objective for the stock from $38.80 to $41.00 in a research report on Thursday, August 10th. Dougherty & Co restated a “buy” rating and issued a $40.00 price objective (up from $36.00) on shares of Ringcentral in a research report on Wednesday, August 9th. Zacks Investment Research cut shares of Ringcentral from a “hold” rating to a “sell” rating in a research report on Tuesday, August 8th. Summit Redstone restated a “buy” rating and issued a $40.00 price objective (up from $36.00) on shares of Ringcentral in a research report on Thursday, August 3rd. Finally, Craig Hallum restated a “buy” rating and issued a $40.00 price objective (up from $35.00) on shares of Ringcentral in a research report on Thursday, August 3rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eleven have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $39.17.
Shares of Ringcentral (NYSE:RNG) traded up 1.28% during midday trading on Wednesday, hitting $39.70. 128,063 shares of the company traded hands. The stock’s market capitalization is $3.04 billion. The stock has a 50 day moving average of $36.28 and a 200-day moving average of $31.42. Ringcentral has a 52 week low of $19.35 and a 52 week high of $43.05.
Ringcentral (NYSE:RNG) last announced its quarterly earnings results on Wednesday, August 2nd. The software maker reported $0.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.01. Ringcentral had a negative net margin of 6.77% and a negative return on equity of 19.59%. The firm had revenue of $119.40 million for the quarter, compared to the consensus estimate of $118.19 million. During the same period in the prior year, the firm posted $0.02 earnings per share. The company’s revenue for the quarter was up 30.1% on a year-over-year basis. Equities analysts forecast that Ringcentral will post $0.17 earnings per share for the current fiscal year.
In other Ringcentral news, EVP Kira Makagon sold 10,000 shares of the stock in a transaction that occurred on Friday, May 19th. The shares were sold at an average price of $33.66, for a total transaction of $336,600.00. Following the transaction, the executive vice president now directly owns 180,938 shares in the company, valued at $6,090,373.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Vladimir Shmunis sold 73,000 shares of the stock in a transaction that occurred on Thursday, July 13th. The shares were sold at an average price of $36.87, for a total transaction of $2,691,510.00. Following the transaction, the chief executive officer now owns 355,041 shares in the company, valued at $13,090,361.67. The disclosure for this sale can be found here. Insiders have sold 358,251 shares of company stock worth $12,643,495 over the last quarter. Company insiders own 14.53% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Norges Bank acquired a new position in shares of Ringcentral during the fourth quarter worth approximately $1,786,000. Teachers Advisors LLC boosted its position in shares of Ringcentral by 6.7% in the fourth quarter. Teachers Advisors LLC now owns 844,731 shares of the software maker’s stock worth $17,401,000 after buying an additional 53,378 shares during the last quarter. Macquarie Group Ltd. boosted its position in shares of Ringcentral by 2.2% in the fourth quarter. Macquarie Group Ltd. now owns 151,000 shares of the software maker’s stock worth $3,111,000 after buying an additional 3,200 shares during the last quarter. Capital Impact Advisors LLC boosted its position in shares of Ringcentral by 27.9% in the first quarter. Capital Impact Advisors LLC now owns 65,968 shares of the software maker’s stock worth $1,867,000 after buying an additional 14,380 shares during the last quarter. Finally, Sanders Morris Harris Inc. acquired a new position in shares of Ringcentral during the first quarter worth approximately $4,876,000. Institutional investors and hedge funds own 69.73% of the company’s stock.
RingCentral, Inc is a provider of software-as-a-service (SaaS) solutions for businesses to support modern 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 high definition (HD) voice, video, short messaging service (SMS), messaging and collaboration, conferencing, online meetings, and fax.
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