Shares of Ringcentral, Inc. (NYSE:RNG) traded up 6.3% during trading on Friday . The stock traded as high as $48.55 and last traded at $48.20. 1,020,900 shares changed hands during trading, an increase of 54% from the average session volume of 664,270 shares. The stock had previously closed at $45.35.
Several analysts have commented on the company. BidaskClub upgraded Ringcentral from a “hold” rating to a “buy” rating in a research note on Wednesday, August 16th. Oppenheimer increased their price target on Ringcentral from $50.00 to $56.00 and gave the company an “outperform” rating in a report on Wednesday. Craig Hallum reissued a “buy” rating and set a $50.00 price target (up from $40.00) on shares of Ringcentral in a report on Thursday, November 9th. Northland Securities reissued a “buy” rating and set a $46.00 price target on shares of Ringcentral in a report on Friday, November 10th. Finally, Jefferies Group reissued a “buy” rating and set a $48.00 price target on shares of Ringcentral in a report on Thursday, October 19th. Three investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Ringcentral has an average rating of “Buy” and an average price target of $44.62.
Ringcentral (NYSE:RNG) last announced its earnings results on Wednesday, November 8th. The software maker reported $0.06 EPS for the quarter, topping the Zacks’ consensus estimate of $0.04 by $0.02. Ringcentral had a negative return on equity of 17.97% and a negative net margin of 5.80%. The company had revenue of $129.76 million for the quarter, compared to analysts’ expectations of $126.06 million. During the same period last year, the firm earned $0.03 EPS. Ringcentral’s revenue for the quarter was up 34.0% compared to the same quarter last year. sell-side analysts forecast that Ringcentral, Inc. will post -0.33 earnings per share for the current year.
In related news, COO David Sipes sold 15,270 shares of the firm’s stock in a transaction on Tuesday, November 28th. The stock was sold at an average price of $49.06, for a total value of $749,146.20. Following the transaction, the chief operating officer now directly owns 280,781 shares of the company’s stock, valued at approximately $13,775,115.86. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Praful Shah sold 10,000 shares of the firm’s stock in a transaction on Tuesday, September 19th. The stock was sold at an average price of $41.08, for a total value of $410,800.00. Following the completion of the transaction, the insider now directly owns 310,176 shares in the company, valued at $12,742,030.08. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 361,576 shares of company stock worth $16,249,722. 14.53% of the stock is owned by insiders.
A number of institutional investors have recently made changes to their positions in RNG. Aperio Group LLC raised its holdings in Ringcentral by 1.5% in the 2nd quarter. Aperio Group LLC now owns 11,457 shares of the software maker’s stock worth $419,000 after purchasing an additional 169 shares during the period. Strs Ohio raised its holdings in Ringcentral by 62.4% during the second quarter. Strs Ohio now owns 33,300 shares of the software maker’s stock valued at $1,217,000 after acquiring an additional 12,800 shares during the period. Sei Investments Co. raised its holdings in Ringcentral by 66.1% during the second quarter. Sei Investments Co. now owns 31,255 shares of the software maker’s stock valued at $1,142,000 after acquiring an additional 12,442 shares during the period. TD Asset Management Inc. raised its holdings in Ringcentral by 11.2% during the second quarter. TD Asset Management Inc. now owns 19,827 shares of the software maker’s stock valued at $725,000 after acquiring an additional 2,000 shares during the period. Finally, Schwab Charles Investment Management Inc. raised its holdings in Ringcentral by 3.4% during the second quarter. Schwab Charles Investment Management Inc. now owns 265,033 shares of the software maker’s stock valued at $9,687,000 after acquiring an additional 8,712 shares during the period. 76.43% of the stock is currently owned by institutional investors.
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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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