RingCentral (NYSE:RNG) had its price target upped by Jefferies Financial Group from $121.00 to $140.00 in a research note issued to investors on Tuesday, The Fly reports.
Other analysts have also recently issued reports about the stock. Zacks Investment Research upgraded shares of RingCentral from a hold rating to a buy rating and set a $100.00 price objective for the company in a research note on Saturday, January 26th. SunTrust Banks increased their price target on shares of RingCentral to $120.00 and gave the stock a buy rating in a research report on Tuesday, February 12th. Deutsche Bank increased their price target on shares of RingCentral from $105.00 to $115.00 and gave the stock a buy rating in a research report on Tuesday, February 12th. Bank of America reissued a buy rating and set a $110.00 price target (up previously from $93.00) on shares of RingCentral in a research report on Thursday, February 7th. Finally, Craig Hallum increased their price target on shares of RingCentral from $95.00 to $120.00 and gave the stock a buy rating in a research report on Tuesday, February 12th. Four investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of Buy and an average target price of $120.72.
RNG stock traded down $0.19 during trading on Tuesday, reaching $122.73. The company had a trading volume of 828,525 shares, compared to its average volume of 879,671. The stock has a market capitalization of $9.99 billion, a PE ratio of -3,068.25 and a beta of 0.95. The company has a quick ratio of 3.55, a current ratio of 3.55 and a debt-to-equity ratio of 1.15. RingCentral has a twelve month low of $64.41 and a twelve month high of $123.98.
RingCentral (NYSE:RNG) last released its earnings results on Monday, May 6th. The software maker reported ($0.01) EPS for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.16). The company had revenue of $201.50 million during the quarter, compared to analyst estimates of $193.54 million. RingCentral had a negative return on equity of 0.75% and a negative net margin of 4.12%. The firm’s revenue for the quarter was up 34.1% on a year-over-year basis. During the same quarter last year, the business earned $0.16 earnings per share. On average, equities research analysts expect that RingCentral will post -0.43 earnings per share for the current year.
In related news, CEO Vladimir Shmunis sold 134,269 shares of the company’s stock in a transaction that occurred on Friday, February 22nd. The shares were sold at an average price of $104.05, for a total transaction of $13,970,689.45. Following the sale, the chief executive officer now directly owns 329,193 shares in the company, valued at $34,252,531.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Mitesh Dhruv sold 1,326 shares of the company’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $106.58, for a total transaction of $141,325.08. Following the sale, the chief financial officer now owns 132,887 shares in the company, valued at $14,163,096.46. The disclosure for this sale can be found here. Insiders have sold 513,774 shares of company stock worth $53,638,015 over the last 90 days. Insiders own 11.03% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the stock. FMR LLC increased its stake in RingCentral by 14.2% in the fourth quarter. FMR LLC now owns 7,227,409 shares of the software maker’s stock valued at $595,828,000 after purchasing an additional 898,876 shares during the last quarter. Norges Bank purchased a new position in RingCentral in the fourth quarter valued at approximately $53,247,000. Eagle Asset Management Inc. increased its stake in RingCentral by 294.0% in the first quarter. Eagle Asset Management Inc. now owns 683,008 shares of the software maker’s stock valued at $73,628,000 after purchasing an additional 509,661 shares during the last quarter. Victory Capital Management Inc. increased its stake in RingCentral by 35.7% in the first quarter. Victory Capital Management Inc. now owns 1,929,832 shares of the software maker’s stock valued at $208,036,000 after purchasing an additional 507,225 shares during the last quarter. Finally, Macquarie Group Ltd. increased its stake in RingCentral by 289.7% in the fourth quarter. Macquarie Group Ltd. now owns 662,781 shares of the software maker’s stock valued at $54,640,000 after purchasing an additional 492,686 shares during the last quarter. Hedge funds and other institutional investors own 81.57% of the company’s stock.
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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