RingCentral (RNG) Price Target Raised to $67.00 at Bank of America

RingCentral (NYSE:RNG) had its price target boosted by research analysts at Bank of America from $57.00 to $67.00 in a research note issued to investors on Tuesday. The firm presently has a “buy” rating on the software maker’s stock. Bank of America’s target price would indicate a potential upside of 15.02% from the company’s previous close.

Several other equities analysts have also commented on RNG. Zacks Investment Research lowered RingCentral from a “buy” rating to a “hold” rating in a research note on Wednesday, October 18th. Jefferies Group restated a “buy” rating and set a $48.00 price target on shares of RingCentral in a research note on Thursday, October 19th. Oppenheimer raised their price target on RingCentral from $45.00 to $50.00 and gave the company an “outperform” rating in a research note on Thursday, November 9th. Craig Hallum restated a “buy” rating and set a $50.00 price target (up previously from $40.00) on shares of RingCentral in a research note on Thursday, November 9th. Finally, Northland Securities restated a “buy” rating and set a $46.00 price target on shares of RingCentral in a research note on Friday, November 10th. Three analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $48.86.

RingCentral (NYSE RNG) traded up $4.90 during mid-day trading on Tuesday, reaching $58.25. The company’s stock had a trading volume of 369,571 shares, compared to its average volume of 431,410. The stock has a market capitalization of $4,026.12, a price-to-earnings ratio of -166.43 and a beta of 0.87. RingCentral has a twelve month low of $22.55 and a twelve month high of $58.45.

RingCentral (NYSE:RNG) last announced its quarterly earnings results on Monday, February 12th. The software maker reported $0.07 EPS for the quarter, beating the consensus estimate of $0.06 by $0.01. The firm 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 for the quarter was up 34.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.03 earnings per share. equities analysts forecast that RingCentral will post -0.33 earnings per share for the current year.

In other RingCentral news, CEO Vladimir Shmunis sold 6,000 shares of the firm’s stock in a transaction dated Monday, November 20th. The stock was sold at an average price of $48.23, for a total value of $289,380.00. Following the completion of the sale, the chief executive officer now owns 355,041 shares of the company’s stock, valued at $17,123,627.43. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Mitesh Dhruv sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, January 17th. The stock was sold at an average price of $50.96, for a total value of $152,880.00. Following the completion of the sale, the chief financial officer now directly owns 132,087 shares of the company’s stock, valued at approximately $6,731,153.52. The disclosure for this sale can be found here. Insiders sold 230,934 shares of company stock worth $11,112,262 in the last quarter. 14.53% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of RNG. Tower Research Capital LLC TRC acquired a new stake in RingCentral in the second quarter worth about $116,000. Crow Point Partners LLC acquired a new stake in RingCentral in the fourth quarter worth about $116,000. Legal & General Group Plc boosted its holdings in RingCentral by 16.7% in the first quarter. Legal & General Group Plc now owns 7,633 shares of the software maker’s stock worth $119,000 after acquiring an additional 1,095 shares in the last quarter. BNP Paribas Arbitrage SA boosted its holdings in RingCentral by 82.0% in the third quarter. BNP Paribas Arbitrage SA now owns 5,616 shares of the software maker’s stock worth $133,000 after acquiring an additional 2,530 shares in the last quarter. Finally, Teacher Retirement System of Texas boosted its holdings in RingCentral by 18.1% in the second quarter. Teacher Retirement System of Texas now owns 6,994 shares of the software maker’s stock worth $138,000 after acquiring an additional 1,071 shares in the last quarter. 75.37% of the stock is owned by institutional investors and hedge funds.

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RingCentral Company Profile

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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