RingCentral (NYSE:RNG) had its price objective boosted by analysts at Craig Hallum from $95.00 to $120.00 in a research note issued on Tuesday, The Fly reports. The brokerage presently has a “buy” rating on the software maker’s stock. Craig Hallum’s price target would indicate a potential upside of 14.46% from the stock’s previous close.
Other analysts have also issued reports about the company. Zacks Investment Research raised RingCentral from a “hold” rating to a “buy” rating and set a $95.00 target price for the company in a research report on Wednesday, January 16th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $100.00 target price on shares of RingCentral in a research report on Wednesday, November 7th. Bank of America decreased their target price on RingCentral from $100.00 to $93.00 and set a “buy” rating for the company in a research report on Tuesday, November 6th. Deutsche Bank boosted their target price on RingCentral from $105.00 to $115.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, SunTrust Banks boosted their target price on RingCentral to $120.00 and gave the company a “buy” rating in a research report on Tuesday. Four investment analysts have rated the stock with a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $102.50.
RingCentral stock traded down $1.07 during midday trading on Tuesday, reaching $104.84. The stock had a trading volume of 113,104 shares, compared to its average volume of 821,738. RingCentral has a 12 month low of $55.55 and a 12 month high of $109.84. The firm has a market capitalization of $8.11 billion, a price-to-earnings ratio of -299.54 and a beta of 0.99. 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 (NYSE:RNG) last issued its earnings results on Monday, February 11th. The software maker reported $0.01 EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.05. RingCentral had a negative return on equity of 3.64% and a negative net margin of 4.25%. The business had revenue of $188.62 million during the quarter, compared to analyst estimates of $180.91 million. On average, sell-side analysts expect that RingCentral will post -0.09 EPS for the current year.
In other RingCentral news, Director Mckenna Michelle sold 2,500 shares of the business’s stock in a transaction that occurred on Wednesday, December 12th. The stock was sold at an average price of $88.00, for a total transaction of $220,000.00. Following the completion of the sale, the director now directly owns 8,662 shares of the company’s stock, valued at approximately $762,256. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Praful Shah sold 1,250 shares of the business’s stock in a transaction that occurred on Monday, December 3rd. The stock was sold at an average price of $86.40, for a total value of $108,000.00. Following the sale, the insider now directly owns 286,974 shares of the company’s stock, valued at $24,794,553.60. The disclosure for this sale can be found here. Insiders have sold a total of 243,484 shares of company stock valued at $19,716,779 over the last three months. Corporate insiders own 11.99% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Capital World Investors boosted its stake in shares of RingCentral by 4.5% in the 3rd quarter. Capital World Investors now owns 6,752,958 shares of the software maker’s stock worth $628,363,000 after buying an additional 289,958 shares during the last quarter. Vanguard Group Inc. lifted its stake in RingCentral by 1.1% in the third quarter. Vanguard Group Inc. now owns 6,751,585 shares of the software maker’s stock valued at $628,235,000 after purchasing an additional 71,110 shares during the last quarter. Vanguard Group Inc lifted its stake in RingCentral by 1.1% in the third quarter. Vanguard Group Inc now owns 6,751,585 shares of the software maker’s stock valued at $628,235,000 after purchasing an additional 71,110 shares during the last quarter. BlackRock Inc. lifted its stake in RingCentral by 0.4% in the third quarter. BlackRock Inc. now owns 3,790,244 shares of the software maker’s stock valued at $352,684,000 after purchasing an additional 14,743 shares during the last quarter. Finally, Capital International Investors purchased a new position in RingCentral in the third quarter valued at approximately $279,076,000. Hedge funds and other institutional investors own 77.75% of the company’s stock.
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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