RingCentral (RNG) Given New $66.00 Price Target at Oppenheimer

RingCentral (NYSE:RNG) had its target price lifted by investment analysts at Oppenheimer from $60.00 to $66.00 in a report released on Tuesday. The brokerage presently has an “outperform” rating on the software maker’s stock. Oppenheimer’s price target points to a potential upside of 15.49% from the stock’s current price.

Several other equities analysts have also recently issued reports on RNG. Morgan Stanley set a $60.00 price objective on RingCentral and gave the company a “hold” rating in a research note on Tuesday. Northland Securities set a $61.00 price objective on RingCentral and gave the company a “buy” rating in a research note on Tuesday. Bank of America lifted their price objective on RingCentral from $57.00 to $67.00 and gave the company a “buy” rating in a research note on Tuesday. JPMorgan Chase & Co. lifted their price objective on RingCentral from $52.00 to $60.00 and gave the company a “neutral” rating in a research note on Tuesday. Finally, Zacks Investment Research cut RingCentral from a “buy” rating to a “hold” rating in a research note on Wednesday, October 18th. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $51.71.

Shares of RingCentral (RNG) traded up $3.80 on Tuesday, hitting $57.15. The stock had a trading volume of 1,290,562 shares, compared to its average volume of 470,912. The stock has a market cap of $4,026.12, a PE ratio of -163.29 and a beta of 0.87. RingCentral has a fifty-two week low of $22.55 and a fifty-two week high of $58.70.

RingCentral (NYSE:RNG) last announced its quarterly earnings data on Monday, February 12th. The software maker reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.01. The business had revenue of $140.50 million during the quarter, compared to analysts’ expectations 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 quarterly revenue was up 34.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.03 EPS. equities analysts forecast that RingCentral will post -0.33 earnings per share for the current fiscal year.

In related news, CFO Mitesh Dhruv sold 3,000 shares of the business’s stock in a transaction that occurred 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 sale, the chief financial officer now owns 132,087 shares in the company, valued at $6,731,153.52. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO John H. Marlow sold 1,945 shares of the business’s stock in a transaction that occurred 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 sale, the chief accounting officer now owns 120,373 shares of the company’s stock, valued at approximately $5,856,146.45. The disclosure for this sale can be found here. In 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.

Hedge funds and other institutional investors have recently modified their holdings of the business. State Street Corp lifted its stake in RingCentral by 7.3% in the second quarter. State Street Corp now owns 1,253,662 shares of the software maker’s stock valued at $45,824,000 after buying an additional 85,404 shares during the last quarter. Bank of Nova Scotia purchased a new stake in RingCentral in the second quarter valued at approximately $1,871,000. Los Angeles Capital Management & Equity Research Inc. lifted its stake in RingCentral by 91.8% in the third quarter. Los Angeles Capital Management & Equity Research Inc. now owns 20,291 shares of the software maker’s stock valued at $847,000 after buying an additional 9,710 shares during the last quarter. Schwab Charles Investment Management Inc. lifted its stake in RingCentral by 8.4% in the third quarter. Schwab Charles Investment Management Inc. now owns 287,380 shares of the software maker’s stock valued at $11,999,000 after buying an additional 22,347 shares during the last quarter. Finally, Fox Run Management L.L.C. purchased a new stake in RingCentral in the fourth quarter valued at approximately $576,000. Institutional investors own 75.37% of the company’s stock.

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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.

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