Raymond James Increases RingCentral (RNG) Price Target to $140.00

RingCentral (NYSE:RNG) had its target price boosted by Raymond James from $116.00 to $140.00 in a report published on Tuesday, BenzingaRatingsTable reports. They currently have a strong-buy rating on the software maker’s stock.

A number of other research analysts also recently commented on the company. Northland Securities boosted their target price on RingCentral from $124.00 to $148.00 and gave the company an outperform rating in a research note on Tuesday. Craig Hallum boosted their target price on RingCentral from $120.00 to $140.00 and gave the company a buy rating in a research note on Tuesday. Deutsche Bank boosted their target price on RingCentral from $125.00 to $135.00 and gave the company a buy rating in a research note on Tuesday. Jefferies Financial Group boosted their target price on RingCentral from $121.00 to $140.00 in a research note on Tuesday. Finally, SunTrust Banks boosted their target price on RingCentral to $140.00 and gave the company a buy rating in a research note on Tuesday. Four research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. RingCentral currently has a consensus rating of Buy and a consensus target price of $120.72.

NYSE:RNG opened at $122.73 on Tuesday. The firm has a market cap of $9.99 billion, a P/E ratio of -3,068.25 and a beta of 0.95. RingCentral has a 1-year low of $64.41 and a 1-year high of $123.98. The company has a current ratio of 3.55, a quick ratio of 3.55 and a debt-to-equity ratio of 1.15.

RingCentral (NYSE:RNG) last posted its quarterly earnings results on Monday, May 6th. The software maker reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.16). The business had revenue of $201.50 million for the quarter, compared to analyst estimates of $193.54 million. RingCentral had a negative net margin of 4.12% and a negative return on equity of 0.75%. The firm’s quarterly revenue was up 34.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.16 earnings per share. Equities research analysts predict that RingCentral will post -0.43 EPS for the current year.

In other news, COO David Sipes sold 7,300 shares of the company’s stock in a transaction dated Wednesday, February 20th. The stock was sold at an average price of $103.89, for a total transaction of $758,397.00. Following the completion of the sale, the chief operating officer now owns 265,405 shares in the company, valued at approximately $27,572,925.45. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Vladimir Shmunis sold 134,269 shares of the company’s stock in a transaction dated Friday, February 22nd. The stock was sold at an average price of $104.05, for a total value of $13,970,689.45. Following the sale, the chief executive officer now owns 329,193 shares of the company’s stock, valued at approximately $34,252,531.65. The disclosure for this sale can be found here. In the last quarter, insiders have sold 513,774 shares of company stock valued at $53,638,015. 11.03% of the stock is currently owned by corporate insiders.

A number of large investors have recently made changes to their positions in RNG. Teachers Advisors LLC raised its holdings in RingCentral by 8.3% in the 3rd quarter. Teachers Advisors LLC now owns 329,177 shares of the software maker’s stock valued at $30,630,000 after acquiring an additional 25,247 shares in the last quarter. Mizuho Securities USA LLC bought a new position in RingCentral in the 4th quarter valued at $1,459,000. JPMorgan Chase & Co. boosted its position in RingCentral by 6.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 992,948 shares of the software maker’s stock valued at $92,393,000 after buying an additional 59,673 shares during the last quarter. Neuberger Berman Group LLC boosted its position in RingCentral by 26.2% in the 3rd quarter. Neuberger Berman Group LLC now owns 330,300 shares of the software maker’s stock valued at $30,734,000 after buying an additional 68,600 shares during the last quarter. Finally, Chartwell Investment Partners LLC boosted its position in RingCentral by 1.1% in the 1st quarter. Chartwell Investment Partners LLC now owns 68,243 shares of the software maker’s stock valued at $7,357,000 after buying an additional 768 shares during the last quarter. Hedge funds and other institutional investors own 81.57% of the company’s stock.

About RingCentral

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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