RingCentral (NYSE:RNG) PT Raised to $190.00 at Needham & Company LLC

RingCentral (NYSE:RNG) had its price objective raised by research analysts at Needham & Company LLC from $150.00 to $190.00 in a report issued on Tuesday, Briefing.com Automated Import reports. The brokerage currently has a “buy” rating on the software maker’s stock. Needham & Company LLC’s price target points to a potential upside of 13.75% from the company’s previous close.

RNG has been the topic of several other research reports. Craig Hallum boosted their target price on RingCentral from $140.00 to $150.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Morgan Stanley boosted their target price on RingCentral from $136.00 to $140.00 and gave the company an “equal weight” rating in a research report on Friday, October 4th. Bank of America boosted their target price on RingCentral from $150.00 to $180.00 and gave the company a “buy” rating in a research report on Monday, October 7th. Oppenheimer boosted their target price on RingCentral from $130.00 to $155.00 and gave the company an “outperform” rating in a research report on Tuesday, July 30th. Finally, Jefferies Financial Group boosted their target price on RingCentral from $140.00 to $152.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Three equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $160.18.

NYSE:RNG opened at $167.03 on Tuesday. The company has a debt-to-equity ratio of 1.13, a current ratio of 2.99 and a quick ratio of 2.99. RingCentral has a 1 year low of $64.41 and a 1 year high of $177.99. The stock’s 50 day simple moving average is $152.88 and its two-hundred day simple moving average is $132.01. The company has a market cap of $13.43 billion, a price-to-earnings ratio of -4,175.75 and a beta of 0.87.

RingCentral (NYSE:RNG) last released its earnings results on Monday, November 4th. The software maker reported $0.22 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.19 by $0.03. The firm had revenue of $233.35 million for the quarter, compared to the consensus estimate of $221.37 million. RingCentral had a negative return on equity of 1.13% and a negative net margin of 3.95%. The company’s revenue for the quarter was up 34.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.19 EPS. As a group, analysts anticipate that RingCentral will post -0.13 EPS for the current year.

In related news, insider Vaibhav Agarwal sold 578 shares of the business’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $142.85, for a total transaction of $82,567.30. Following the completion of the transaction, the insider now owns 22,291 shares in the company, valued at approximately $3,184,269.35. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Vladimir Shmunis sold 25,000 shares of the business’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $168.45, for a total value of $4,211,250.00. Following the transaction, the chief executive officer now owns 265,833 shares of the company’s stock, valued at approximately $44,779,568.85. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 397,429 shares of company stock valued at $57,500,942. 11.03% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Baldwin Brothers Inc. MA boosted its holdings in RingCentral by 90.0% during the 2nd quarter. Baldwin Brothers Inc. MA now owns 380 shares of the software maker’s stock valued at $44,000 after acquiring an additional 180 shares during the period. Glen Harbor Capital Management LLC boosted its holdings in RingCentral by 140.0% during the 2nd quarter. Glen Harbor Capital Management LLC now owns 384 shares of the software maker’s stock valued at $44,000 after acquiring an additional 224 shares during the period. Parkside Financial Bank & Trust boosted its holdings in RingCentral by 285.7% during the 3rd quarter. Parkside Financial Bank & Trust now owns 405 shares of the software maker’s stock valued at $51,000 after acquiring an additional 300 shares during the period. Usca Ria LLC purchased a new position in RingCentral during the 3rd quarter valued at $63,000. Finally, Tyers Asset Management LLC boosted its holdings in RingCentral by 140.0% during the 2nd quarter. Tyers Asset Management LLC now owns 528 shares of the software maker’s stock valued at $61,000 after acquiring an additional 308 shares during the period. Institutional investors own 82.06% 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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