RingCentral (RNG) Earns “Buy” Rating from Stephens

RingCentral (NYSE:RNG)‘s stock had its “buy” rating reiterated by investment analysts at Stephens in a note issued to investors on Tuesday. They presently have a $60.00 price objective on the software maker’s stock. Stephens’ target price would suggest a potential upside of 4.99% from the stock’s previous close.

Several other equities research analysts have also issued reports on the company. SunTrust Banks upped their price target on RingCentral to $60.00 and gave the company a “buy” rating in a research report on Tuesday. Craig Hallum upped their price target on RingCentral from $50.00 to $65.00 and gave the company a “buy” rating in a research report on Tuesday. Oppenheimer upped their price target on RingCentral from $60.00 to $66.00 and gave the company an “outperform” rating in a research report on Tuesday. Northland Securities set a $61.00 price target on RingCentral and gave the company a “buy” rating in a research report on Tuesday. Finally, Bank of America upped their price target on RingCentral from $57.00 to $67.00 and gave the company a “buy” rating in a research report on Tuesday. Four equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $53.79.

RingCentral (NYSE:RNG) traded up $3.85 during mid-day trading on Tuesday, hitting $57.15. The company had a trading volume of 1,290,000 shares, compared to its average volume of 439,064. The firm has a market cap of $4,420.00, a price-to-earnings ratio of -158.75 and a beta of 0.87. RingCentral has a twelve month low of $22.55 and a twelve month high of $58.70.

RingCentral (NYSE:RNG) last posted its quarterly earnings results on Monday, February 12th. The software maker reported $0.07 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.06 by $0.01. The business had revenue of $140.50 million for the quarter, compared to analyst estimates of $136.34 million. RingCentral had a negative return on equity of 17.97% and a negative net margin of 5.80%. The business’s revenue was up 34.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.03 EPS. research analysts forecast that RingCentral will post -0.33 earnings per share for the current year.

In related news, CFO Mitesh Dhruv sold 3,000 shares of the company’s stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $50.96, for a total transaction of $152,880.00. Following the completion of the transaction, the chief financial officer now directly owns 132,087 shares in the company, valued at approximately $6,731,153.52. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CAO John H. Marlow sold 1,945 shares of the company’s stock in a transaction on Wednesday, November 22nd. The stock was sold at an average price of $48.65, for a total value of $94,624.25. Following the transaction, the chief accounting officer now owns 120,373 shares of the company’s stock, valued at $5,856,146.45. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 230,934 shares of company stock valued at $11,112,262. 14.53% of the stock is owned by company insiders.

Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of RingCentral by 2.9% in the second quarter. Vanguard Group Inc. now owns 5,335,616 shares of the software maker’s stock worth $195,017,000 after purchasing an additional 151,567 shares in the last quarter. BlackRock Inc. grew its stake in shares of RingCentral by 17.2% in the fourth quarter. BlackRock Inc. now owns 5,110,028 shares of the software maker’s stock worth $247,325,000 after purchasing an additional 750,564 shares in the last quarter. Renaissance Technologies LLC grew its stake in shares of RingCentral by 14.8% in the fourth quarter. Renaissance Technologies LLC now owns 1,769,500 shares of the software maker’s stock worth $85,644,000 after purchasing an additional 228,200 shares in the last quarter. State Street Corp grew its stake in shares of RingCentral by 7.3% in the second quarter. State Street Corp now owns 1,253,662 shares of the software maker’s stock worth $45,824,000 after purchasing an additional 85,404 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its stake in shares of RingCentral by 2.3% in the third quarter. JPMorgan Chase & Co. now owns 1,216,115 shares of the software maker’s stock worth $48,828,000 after purchasing an additional 27,040 shares in the last quarter. 75.37% of the stock is owned by institutional investors.

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About RingCentral

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.

Analyst Recommendations for RingCentral (NYSE:RNG)

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