RingCentral (RNG) Price Target Raised to $60.00

RingCentral (NYSE:RNG) had its target price lifted by research analysts at SunTrust Banks to $60.00 in a report released on Tuesday. The brokerage presently has a “buy” rating on the software maker’s stock. SunTrust Banks’ price objective indicates a potential upside of 4.99% from the stock’s previous close.

Other equities analysts also recently issued research reports about the stock. Bank of America increased their price target on shares of RingCentral from $57.00 to $67.00 and gave the stock a “buy” rating in a report on Tuesday. Zacks Investment Research upgraded shares of RingCentral from a “hold” rating to a “buy” rating and set a $52.00 price target on the stock in a report on Tuesday, November 14th. Northland Securities reiterated a “buy” rating and issued a $46.00 price target on shares of RingCentral in a report on Friday, November 10th. Craig Hallum reiterated a “buy” rating and issued a $50.00 price target (up previously from $40.00) on shares of RingCentral in a report on Thursday, November 9th. Finally, Jefferies Group reiterated a “buy” rating and issued a $48.00 price target on shares of RingCentral in a report on Thursday, October 19th. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $53.79.

RingCentral (RNG) traded up $3.80 on Tuesday, hitting $57.15. 1,291,562 shares of the stock traded hands, compared to its average volume of 439,064. RingCentral has a 12-month low of $22.55 and a 12-month high of $58.70. The firm has a market capitalization of $4,420.00, a P/E ratio of -158.75 and a beta of 0.87.

RingCentral (NYSE:RNG) last posted its quarterly earnings data 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. RingCentral had a negative net margin of 5.80% and a negative return on equity of 17.97%. The firm had revenue of $140.50 million for the quarter, compared to the consensus estimate of $136.34 million. During the same quarter in the prior year, the company posted $0.03 earnings per share. The company’s revenue for the quarter was up 34.4% compared to the same quarter last year. sell-side analysts forecast that RingCentral will post -0.33 earnings per share for the current fiscal year.

In other news, CEO Vladimir Shmunis sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, November 20th. The shares were sold at an average price of $48.23, for a total transaction of $289,380.00. Following the sale, the chief executive officer now owns 355,041 shares of the company’s stock, valued at approximately $17,123,627.43. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO John H. Marlow sold 1,945 shares of the firm’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 transaction of $94,624.25. Following the sale, the chief accounting officer now directly owns 120,373 shares in the company, valued at approximately $5,856,146.45. The disclosure for this sale can be found here. In the last quarter, insiders sold 230,934 shares of company stock worth $11,112,262. 14.53% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Renaissance Technologies LLC grew its stake in shares of RingCentral by 14.8% during the 4th 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 during the period. Invictus RG acquired a new stake in shares of RingCentral during the 4th quarter worth approximately $269,000. Geode Capital Management LLC grew its stake in shares of RingCentral by 1.2% during the 4th quarter. Geode Capital Management LLC now owns 530,786 shares of the software maker’s stock worth $25,689,000 after purchasing an additional 6,043 shares during the period. Amalgamated Bank grew its stake in shares of RingCentral by 11.2% during the 4th quarter. Amalgamated Bank now owns 8,851 shares of the software maker’s stock worth $428,000 after purchasing an additional 894 shares during the period. Finally, OppenheimerFunds Inc. grew its stake in shares of RingCentral by 3.6% during the 4th quarter. OppenheimerFunds Inc. now owns 640,825 shares of the software maker’s stock worth $31,015,000 after purchasing an additional 22,530 shares during the period. 75.37% of the stock is currently owned by institutional investors and hedge funds.

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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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