Ringcentral, Inc. (RNG) Given Consensus Rating of “Buy” by Analysts
Ringcentral, Inc. (NYSE:RNG) has been given an average recommendation of “Buy” by the fifteen brokerages that are presently covering the company, MarketBeat Ratings reports. Four investment analysts have rated the stock with a hold recommendation and ten have assigned a buy recommendation to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $40.25.
Several research firms recently issued reports on RNG. Zacks Investment Research upgraded Ringcentral from a “hold” rating to a “buy” rating and set a $49.00 price target on the stock in a research report on Wednesday, October 4th. Northland Securities restated an “outperform” rating and set a $46.00 price target (up from $43.00) on shares of Ringcentral in a research report on Tuesday, October 3rd. Jefferies Group LLC restated a “buy” rating and set a $48.00 price target on shares of Ringcentral in a research report on Thursday, October 19th. BidaskClub upgraded Ringcentral from a “hold” rating to a “buy” rating in a research report on Wednesday, August 16th. Finally, Robert W. Baird lowered Ringcentral from an “outperform” rating to a “neutral” rating and raised their price target for the stock from $38.80 to $41.00 in a research report on Thursday, August 10th.
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In other news, COO David Sipes sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $44.01, for a total value of $132,030.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Vladimir Shmunis sold 6,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 11th. The shares were sold at an average price of $43.31, for a total value of $259,860.00. Following the completion of the transaction, the chief executive officer now owns 355,041 shares of the company’s stock, valued at approximately $15,376,825.71. The disclosure for this sale can be found here. In the last 90 days, insiders sold 382,106 shares of company stock valued at $15,665,035. 14.53% of the stock is currently owned by company insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in RNG. Ameritas Investment Partners Inc. lifted its stake in shares of Ringcentral by 8.3% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,480 shares of the software maker’s stock valued at $200,000 after purchasing an additional 418 shares during the period. ProShare Advisors LLC purchased a new position in shares of Ringcentral in the 2nd quarter valued at approximately $202,000. Amalgamated Bank purchased a new position in shares of Ringcentral in the 1st quarter valued at approximately $203,000. Principal Financial Group Inc. purchased a new position in shares of Ringcentral in the 1st quarter valued at approximately $237,000. Finally, Virtu KCG Holdings LLC purchased a new position in shares of Ringcentral in the 2nd quarter valued at approximately $248,000. Institutional investors own 75.26% of the company’s stock.
Ringcentral (RNG) opened at 41.50 on Wednesday. Ringcentral has a 1-year low of $19.35 and a 1-year high of $44.95. The firm’s market capitalization is $3.18 billion. The company has a 50 day moving average price of $42.08 and a 200-day moving average price of $36.92.
Ringcentral (NYSE:RNG) last posted its quarterly earnings results on Wednesday, August 2nd. The software maker reported $0.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.01. Ringcentral had a negative return on equity of 19.59% and a negative net margin of 6.77%. The business had revenue of $119.40 million for the quarter, compared to analyst estimates of $118.19 million. During the same period last year, the company earned $0.02 EPS. Ringcentral’s revenue for the quarter was up 30.1% compared to the same quarter last year. On average, analysts forecast that Ringcentral will post $0.17 EPS for the current fiscal year.
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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