RingCentral (NYSE:RNG) had its target price upped by analysts at Robert W. Baird from $100.00 to $120.00 in a research note issued on Tuesday, The Fly reports. The brokerage currently has a “positive” rating on the software maker’s stock. Robert W. Baird’s price objective would indicate a potential upside of 14.29% from the stock’s current price.
RNG has been the subject of several other reports. Zacks Investment Research raised shares of RingCentral from a “hold” rating to a “buy” rating and set a $95.00 target price for the company in a report on Wednesday, January 16th. TheStreet lowered shares of RingCentral from a “c” rating to a “d+” rating in a report on Tuesday, November 6th. Stephens started coverage on shares of RingCentral in a report on Thursday, January 3rd. They set an “equal weight” rating for the company. Bank of America reaffirmed a “buy” rating and set a $110.00 target price (up from $93.00) on shares of RingCentral in a report on Thursday, February 7th. Finally, Morgan Stanley lifted their target price on shares of RingCentral from $84.00 to $93.00 and gave the company an “equal weight” rating in a report on Monday, January 7th. Four equities research 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. The company presently has an average rating of “Buy” and a consensus target price of $102.50.
Shares of NYSE:RNG traded down $0.91 during trading on Tuesday, hitting $105.00. 94,324 shares of the stock traded hands, compared to its average volume of 821,738. The company has a debt-to-equity ratio of 1.22, a current ratio of 4.07 and a quick ratio of 4.07. The firm has a market cap of $8.11 billion, a price-to-earnings ratio of -300.00 and a beta of 0.99. RingCentral has a 52-week low of $55.55 and a 52-week high of $109.84.
RingCentral (NYSE:RNG) last posted its earnings results on Monday, February 11th. The software maker reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.05. The firm had revenue of $188.62 million during the quarter, compared to analyst estimates of $180.91 million. RingCentral had a negative net margin of 4.25% and a negative return on equity of 3.64%. On average, sell-side analysts anticipate that RingCentral will post -0.09 earnings per share for the current fiscal year.
In related news, COO David Sipes sold 5,841 shares of RingCentral stock in a transaction on Thursday, January 10th. The shares were sold at an average price of $87.28, for a total value of $509,802.48. Following the sale, the chief operating officer now owns 260,755 shares of the company’s stock, valued at approximately $22,758,696.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Vladimir Shmunis sold 8,845 shares of RingCentral stock in a transaction on Friday, November 23rd. The shares were sold at an average price of $71.84, for a total transaction of $635,424.80. Following the completion of the sale, the chief executive officer now directly owns 309,799 shares in the company, valued at approximately $22,255,960.16. The disclosure for this sale can be found here. Insiders sold a total of 243,484 shares of company stock worth $19,716,779 in the last three months. 11.99% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in RNG. Ffcm LLC acquired a new stake in RingCentral during the 4th quarter worth $27,000. Karp Capital Management Corp acquired a new stake in RingCentral during the 4th quarter worth $41,000. Evolution Wealth Advisors LLC acquired a new stake in RingCentral during the 4th quarter worth $99,000. DekaBank Deutsche Girozentrale boosted its stake in RingCentral by 75.1% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 1,401 shares of the software maker’s stock worth $130,000 after purchasing an additional 601 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd boosted its stake in RingCentral by 287.0% during the 3rd quarter. Harvest Fund Management Co. Ltd now owns 1,513 shares of the software maker’s stock worth $141,000 after purchasing an additional 1,122 shares during the last quarter. 77.75% of the stock is currently owned by institutional investors.
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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