SunTrust Banks Increases RingCentral (RNG) Price Target to $120.00

RingCentral (NYSE:RNG) had its price target lifted by analysts at SunTrust Banks to $120.00 in a research report issued to clients and investors on Tuesday, The Fly reports. The firm currently has a “buy” rating on the software maker’s stock. SunTrust Banks’ price objective would suggest a potential upside of 20.16% from the company’s previous close.

Other analysts have also recently issued research reports about the stock. Zacks Investment Research raised shares of RingCentral from a “hold” rating to a “buy” rating and set a $95.00 price target for the company in a research note on Wednesday, January 16th. TheStreet cut shares of RingCentral from a “c” rating to a “d+” rating in a research note on Tuesday, November 6th. Stephens began coverage on shares of RingCentral in a research note on Thursday, January 3rd. They issued an “equal weight” rating for the company. Bank of America reissued a “buy” rating and issued a $110.00 price target (up previously from $93.00) on shares of RingCentral in a research note on Thursday, February 7th. Finally, Morgan Stanley increased their price target on shares of RingCentral from $84.00 to $93.00 and gave the company an “equal weight” rating in a research note on Monday, January 7th. Four investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $98.75.

Shares of NYSE RNG opened at $99.87 on Tuesday. RingCentral has a 12-month low of $51.95 and a 12-month high of $103.49. The stock has a market cap of $8.11 billion, a P/E ratio of -285.34 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 announced its quarterly earnings data on Monday, February 11th. The software maker reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.05. RingCentral had a negative net margin of 4.25% and a negative return on equity of 3.64%. As a group, equities analysts forecast that RingCentral will post -0.09 earnings per share for the current year.

In other news, CEO Vladimir Shmunis sold 46,048 shares of the company’s stock in a transaction that occurred on 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 directly owns 309,799 shares in the company, valued at approximately $21,301,779.24. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO John H. Marlow sold 17,789 shares of the company’s stock in a transaction that occurred on Monday, November 26th. The stock was 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 owns 152,546 shares in the company, valued at $11,341,795.10. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 243,484 shares of company stock worth $19,716,779. Company insiders own 11.99% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. Ffcm LLC acquired a new stake in RingCentral during the 4th quarter worth approximately $27,000. Karp Capital Management Corp acquired a new stake in RingCentral during the 4th quarter worth approximately $41,000. Evolution Wealth Advisors LLC acquired a new stake in RingCentral during the 4th quarter worth approximately $99,000. DekaBank Deutsche Girozentrale lifted its holdings 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 buying an additional 601 shares in the last quarter. Finally, Harvest Fund Management Co. Ltd lifted its holdings 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 buying an additional 1,122 shares in the last quarter. 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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