RingCentral (NYSE:RNG)‘s stock had its “buy” rating reaffirmed by investment analysts at Rosenblatt Securities in a note issued to investors on Thursday, AnalystRatings.com reports. They currently have a $245.00 target price on the software maker’s stock. Rosenblatt Securities’ price objective points to a potential upside of 12.49% from the company’s previous close.
A number of other research firms have also recently commented on RNG. Craig Hallum boosted their price target on shares of RingCentral from $175.00 to $250.00 and gave the stock a “buy” rating in a research note on Tuesday, February 11th. Morgan Stanley dropped their price target on shares of RingCentral from $205.00 to $190.00 and set an “equal weight” rating for the company in a research report on Wednesday. UBS Group increased their price target on shares of RingCentral from $210.00 to $250.00 and gave the company an “outperform” rating in a research report on Tuesday, February 11th. They noted that the move was a valuation call. Needham & Company LLC increased their price target on shares of RingCentral from $220.00 to $240.00 and gave the company a “buy” rating in a research report on Tuesday, February 11th. Finally, Jefferies Financial Group increased their price target on shares of RingCentral from to and gave the company a “buy” rating in a research report on Tuesday, February 11th. Four analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. RingCentral has a consensus rating of “Buy” and a consensus target price of $226.86.
RingCentral stock traded up $27.44 during midday trading on Thursday, reaching $217.80. 1,761,689 shares of the stock were exchanged, compared to its average volume of 1,441,719. The company’s fifty day moving average is $214.39 and its 200-day moving average is $178.05. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.91 and a current ratio of 1.91. The firm has a market cap of $16.58 billion, a PE ratio of -340.31 and a beta of 0.55. RingCentral has a 52 week low of $101.33 and a 52 week high of $252.20.
RingCentral (NYSE:RNG) last posted its earnings results on Monday, February 10th. The software maker reported $0.22 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.21 by $0.01. RingCentral had a negative net margin of 5.94% and a negative return on equity of 2.87%. The business had revenue of $252.87 million for the quarter, compared to analyst estimates of $237.38 million. During the same quarter in the prior year, the firm posted $0.23 EPS. RingCentral’s revenue was up 34.1% on a year-over-year basis. On average, sell-side analysts anticipate that RingCentral will post -0.66 earnings per share for the current fiscal year.
In related news, CFO Mitesh Dhruv sold 2,528 shares of the stock in a transaction dated Tuesday, January 14th. The shares were sold at an average price of $186.43, for a total transaction of $471,295.04. Following the sale, the chief financial officer now directly owns 256,674 shares of the company’s stock, valued at approximately $47,851,733.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO John H. Marlow sold 5,136 shares of the stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $241.82, for a total transaction of $1,241,987.52. Following the sale, the chief accounting officer now directly owns 166,741 shares in the company, valued at $40,321,308.62. The disclosure for this sale can be found here. Over the last quarter, insiders sold 111,363 shares of company stock valued at $24,869,313. 11.03% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Security National Trust Co. purchased a new stake in shares of RingCentral during the 4th quarter valued at about $25,000. Penserra Capital Management LLC purchased a new position in shares of RingCentral in the fourth quarter worth approximately $45,000. Orion Portfolio Solutions LLC purchased a new position in shares of RingCentral in the fourth quarter worth approximately $49,000. Mine & Arao Wealth Creation & Management LLC. purchased a new position in shares of RingCentral in the fourth quarter worth approximately $51,000. Finally, Banque Cantonale Vaudoise purchased a new position in shares of RingCentral in the fourth quarter worth approximately $62,000. 85.19% of the stock is currently owned by hedge funds and other institutional investors.
RingCentral Company Profile
RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect primarily in North America. The company's products include RingCentral Office, provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax through smartphones, tablets, PCs, and desk phones; RingCentral Professional, a cloud based virtual telephone service for professionals, as well as provides inbound call answering and management services, and includes inbound local, long-distance, and toll-free minutes; and RingCentral Fax that provides online fax capabilities that allow businesses to send and receive fax documents without a fax machine.
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