RingCentral (NYSE:RNG) had its price target raised by research analysts at Deutsche Bank to $115.00 in a report released on Tuesday, The Fly reports. The firm currently has a “buy” rating on the software maker’s stock. Deutsche Bank’s price objective suggests a potential upside of 15.15% from the stock’s previous close.
Several other brokerages also recently commented on RNG. Zacks Investment Research upgraded RingCentral from a “hold” rating to a “buy” rating and set a $100.00 target price for the company in a research note on Saturday, January 26th. Robert W. Baird upgraded RingCentral from a “neutral” rating to an “outperform” rating and set a $100.00 target price for the company in a research note on Monday, November 19th. TheStreet downgraded RingCentral from a “c” rating to a “d+” rating in a research note on Tuesday, November 6th. Bank of America reduced their target price on RingCentral from $100.00 to $93.00 and set a “buy” rating for the company in a research note on Tuesday, November 6th. Finally, Morgan Stanley raised their target price on RingCentral from $84.00 to $93.00 and gave the company an “equal weight” rating in a research note on Monday, January 7th. Four research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. RingCentral presently has a consensus rating of “Buy” and a consensus price target of $94.93.
Shares of RingCentral stock opened at $99.87 on Tuesday. The company has a debt-to-equity ratio of 1.22, a current ratio of 4.07 and a quick ratio of 4.07. RingCentral has a 1-year low of $51.95 and a 1-year high of $103.49. The stock has a market cap of $8.11 billion, a price-to-earnings ratio of -285.34 and a beta of 0.99.
RingCentral (NYSE:RNG) last issued its quarterly earnings results on Monday, February 11th. The software maker reported $0.23 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.18 by $0.05. RingCentral had a negative return on equity of 3.64% and a negative net margin of 4.25%. On average, sell-side analysts forecast that RingCentral will post -0.09 earnings per share for the current year.
In related news, CEO Vladimir Shmunis sold 46,048 shares of the firm’s stock in a transaction dated Tuesday, November 20th. The shares were sold at an average price of $68.76, for a total value of $3,166,260.48. Following the transaction, the chief executive officer now owns 309,799 shares of the company’s stock, valued at approximately $21,301,779.24. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO John H. Marlow sold 17,789 shares of the firm’s stock in a transaction dated Monday, November 26th. The shares were sold at an average price of $74.35, for a total transaction of $1,322,612.15. Following the completion of the transaction, the chief accounting officer now directly owns 152,546 shares in the company, valued at approximately $11,341,795.10. The disclosure for this sale can be found here. In the last ninety days, insiders sold 243,484 shares of company stock worth $19,716,779. 11.99% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in RNG. Ffcm LLC bought a new position in shares of RingCentral during the 4th quarter worth approximately $27,000. Karp Capital Management Corp bought a new position in shares of RingCentral during the 4th quarter worth approximately $41,000. Evolution Wealth Advisors LLC bought a new position in shares of RingCentral during the 4th quarter worth approximately $99,000. Tower Research Capital LLC TRC bought a new position in shares of RingCentral during the 2nd quarter worth approximately $116,000. Finally, Crow Point Partners LLC bought a new position in shares of RingCentral during the 4th quarter worth approximately $116,000. 77.75% of the stock is currently owned by institutional investors and hedge funds.
RingCentral Company Profile
RingCentral, Inc provides software-as-a-service solutions for business communications and collaboration primarily in the United States. The company's products include RingCentral Office, a multi-tenant, multi-location, and enterprise-grade communications and collaboration solution that enables employees to communicate through voice, text, team messaging and collaboration, and HD video and Web conferencing through smartphones, tablets, PCs, and desk phones for businesses, which require a communications solution; RingCentral Professional, an inbound call routing subscription with additional text and fax capabilities primarily for smaller businesses; and RingCentral Fax solution that offers Internet fax capabilities, which allow businesses to send and receive fax documents without the need for a fax machine.
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