Ringcentral, Inc. (RNG) Earns Buy Rating from Jefferies Group LLC
Ringcentral, Inc. (NYSE:RNG)‘s stock had its “buy” rating reissued by equities researchers at Jefferies Group LLC in a research report issued to clients and investors on Thursday. They currently have a $48.00 price target on the software maker’s stock. Jefferies Group LLC’s price target would suggest a potential upside of 12.81% from the company’s previous close.
A number of other analysts also recently commented on RNG. Northland Securities reissued an “outperform” rating and set a $46.00 price objective (up previously from $43.00) on shares of Ringcentral in a report on Tuesday, October 3rd. Dougherty & Co reissued a “buy” rating and set a $40.00 price objective (up previously from $36.00) on shares of Ringcentral in a report on Wednesday, August 9th. Robert W. Baird downgraded shares of Ringcentral from an “outperform” rating to a “neutral” rating and boosted their price objective for the stock from $38.80 to $41.00 in a report on Thursday, August 10th. Zacks Investment Research cut shares of Ringcentral from a “buy” rating to a “hold” rating in a research report on Wednesday. Finally, BidaskClub upgraded shares of Ringcentral from a “hold” rating to a “buy” rating in a research report on Wednesday, August 16th. Four equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Ringcentral presently has a consensus rating of “Buy” and an average price target of $40.92.
Ringcentral (NYSE RNG) traded up 3.91% on Thursday, hitting $42.55. 458,563 shares of the company traded hands. The stock’s market cap is $3.26 billion. The stock’s 50-day moving average is $42.12 and its 200 day moving average is $36.58. Ringcentral has a 12 month low of $19.35 and a 12 month high of $44.95.
Ringcentral (NYSE:RNG) last released its quarterly earnings data on Wednesday, August 2nd. The software maker reported $0.04 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.01. The firm had revenue of $119.40 million for the quarter, compared to the consensus estimate of $118.19 million. Ringcentral had a negative net margin of 6.77% and a negative return on equity of 19.59%. The firm’s revenue was up 30.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.02 earnings per share. Equities research analysts expect that Ringcentral will post $0.17 earnings per share for the current fiscal year.
In other news, insider Praful Shah sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $37.98, for a total value of $379,800.00. Following the completion of the transaction, the insider now owns 300,176 shares of the company’s stock, valued at $11,400,684.48. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Vladimir Shmunis sold 101,452 shares of the business’s stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $38.20, for a total transaction of $3,875,466.40. Following the completion of the transaction, the chief executive officer now directly owns 355,041 shares of the company’s stock, valued at approximately $13,562,566.20. The disclosure for this sale can be found here. In the last three months, insiders sold 382,106 shares of company stock valued at $15,665,035. Company insiders own 14.53% of the company’s stock.
Several large investors have recently bought and sold shares of RNG. Ameritas Investment Partners Inc. acquired a new position in shares of Ringcentral in the first quarter valued at approximately $143,000. Invictus RG acquired a new position in shares of Ringcentral in the first quarter valued at approximately $162,000. ProShare Advisors LLC acquired a new position in shares of Ringcentral in the second quarter valued at approximately $202,000. Amalgamated Bank acquired a new position in shares of Ringcentral in the first quarter valued at approximately $203,000. Finally, Raymond James Financial Services Advisors Inc. acquired a new position in shares of Ringcentral in the first quarter valued at approximately $229,000. 75.22% of the stock is owned by institutional investors and hedge funds.
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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