Zacks Investment Research upgraded shares of Ringcentral, Inc. (NYSE:RNG) from a hold rating to a buy rating in a report issued on Wednesday. Zacks Investment Research currently has $49.00 price target on the software maker’s stock.
According to Zacks, “RingCentral, Inc. provides solutions for business communications primarily in the United States. The Company’s products include RingCentral Office, RingCentral Mobile and RingCentral Fax. It provides solutions such as auto-receptionist, flexible extension structure, multiple voicemail boxes, smart call routing, business answering rules, extension dialing, call transfers and elegant integration with Smartphones. RingCentral, Inc. is headquartered in San Mateo, California. “
A number of other equities analysts have also recently weighed in on RNG. Northland Securities reissued an outperform rating and issued a $46.00 price target (up previously from $43.00) on shares of Ringcentral in a research note on Tuesday, October 3rd. Dougherty & Co reissued a buy rating and issued a $40.00 price target (up previously from $36.00) on shares of Ringcentral in a research note on Wednesday, August 9th. Robert W. Baird cut Ringcentral from an outperform rating to a neutral rating and lifted their price target for the stock from $38.80 to $41.00 in a research note on Thursday, August 10th. BidaskClub raised Ringcentral from a hold rating to a buy rating in a research note on Wednesday, August 16th. Finally, Jefferies Group LLC reissued a buy rating and issued a $38.00 price target on shares of Ringcentral in a research note on Thursday, August 3rd. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The company currently has an average rating of Buy and an average target price of $40.15.
Shares of Ringcentral (NYSE RNG) opened at 44.80 on Wednesday. The firm’s market capitalization is $3.43 billion. The firm’s 50 day moving average is $41.06 and its 200 day moving average is $35.47. Ringcentral has a 1-year low of $19.35 and a 1-year high of $44.90.
Ringcentral (NYSE:RNG) last issued its quarterly earnings results on Wednesday, August 2nd. The software maker reported $0.04 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.03 by $0.01. The firm had revenue of $119.40 million for the quarter, compared to analysts’ expectations of $118.19 million. Ringcentral had a negative return on equity of 19.59% and a negative net margin of 6.77%. Ringcentral’s revenue was up 30.1% on a year-over-year basis. During the same quarter last year, the business posted $0.02 EPS. Analysts anticipate that Ringcentral will post $0.17 EPS for the current fiscal year.
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In related news, COO David Sipes sold 13,800 shares of the business’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $38.64, for a total value of $533,232.00. Following the completion of the sale, the chief operating officer now owns 291,580 shares of the company’s stock, valued at approximately $11,266,651.20. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Vladimir Shmunis sold 73,000 shares of the business’s stock in a transaction that occurred on Thursday, July 13th. The shares were sold at an average price of $36.87, for a total value of $2,691,510.00. Following the completion of the sale, the chief executive officer now directly owns 355,041 shares of the company’s stock, valued at approximately $13,090,361.67. The disclosure for this sale can be found here. In the last three months, insiders sold 374,998 shares of company stock valued at $14,754,380. 14.53% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Ameritas Investment Partners Inc. bought a new stake in shares of Ringcentral in the 1st quarter valued at approximately $143,000. Invictus RG bought a new stake in shares of Ringcentral in the 1st quarter valued at approximately $162,000. ProShare Advisors LLC bought a new stake in shares of Ringcentral in the 2nd quarter valued at approximately $202,000. Amalgamated Bank bought a new stake in shares of Ringcentral in the 1st quarter valued at approximately $203,000. Finally, Westpac Banking Corp bought a new stake in shares of Ringcentral in the 1st quarter valued at approximately $214,000. 75.22% of the stock is owned by institutional investors and hedge funds.
RingCentral, Inc is a provider of software-as-a-service (SaaS) solutions for businesses to support modern communications. The Company’s cloud-based business communications solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, personal computers (PCs) and desk phones, and allow for communication across multiple channels, including high definition (HD) voice, video, short messaging service (SMS), messaging and collaboration, conferencing, online meetings, and fax.
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