Ringcentral, Inc. (RNG) Receives Average Recommendation of “Buy” from Brokerages
Shares of Ringcentral, Inc. (NYSE:RNG) have earned an average rating of “Buy” from the sixteen analysts that are currently covering the company, Marketbeat.com reports. Four analysts have rated the stock with a hold recommendation and twelve have issued a buy recommendation on the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $44.62.
Several research analysts have weighed in on the company. Bank of America increased their price objective on Ringcentral from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, October 25th. Zacks Investment Research upgraded Ringcentral from a “hold” rating to a “buy” rating and set a $52.00 price objective on the stock in a research report on Tuesday, November 14th. Northland Securities reiterated a “buy” rating and set a $46.00 price objective on shares of Ringcentral in a research report on Friday, November 10th. Craig Hallum reiterated a “buy” rating and set a $50.00 price objective (up previously from $40.00) on shares of Ringcentral in a research report on Thursday, November 9th. Finally, Jefferies Group restated a “buy” rating and issued a $48.00 price target on shares of Ringcentral in a research report on Thursday, October 19th.
In other Ringcentral news, COO David Sipes sold 15,270 shares of Ringcentral stock in a transaction dated Tuesday, November 28th. The stock was sold at an average price of $49.06, for a total value of $749,146.20. Following the transaction, the chief operating officer now owns 280,781 shares in the company, valued at $13,775,115.86. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Vladimir Shmunis sold 48,666 shares of Ringcentral stock in a transaction dated Tuesday, December 12th. The shares were sold at an average price of $47.12, for a total value of $2,293,141.92. Following the completion of the transaction, the chief executive officer now owns 355,041 shares in the company, valued at approximately $16,729,531.92. The disclosure for this sale can be found here. In the last quarter, insiders sold 308,442 shares of company stock worth $14,243,446. Company insiders own 14.53% of the company’s stock.
Shares of Ringcentral (NYSE RNG) opened at $48.10 on Thursday. Ringcentral has a twelve month low of $20.55 and a twelve month high of $49.95.
Ringcentral (NYSE:RNG) last announced its quarterly earnings results on Wednesday, November 8th. The software maker reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.02. Ringcentral had a negative return on equity of 17.97% and a negative net margin of 5.80%. The business had revenue of $129.76 million during the quarter, compared to the consensus estimate of $126.06 million. During the same quarter last year, the firm posted $0.03 EPS. The company’s quarterly revenue was up 34.0% on a year-over-year basis. equities analysts forecast that Ringcentral will post -0.33 EPS for the current year.
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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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