Zacks Investment Research upgraded shares of Ringcentral, Inc. (NYSE:RNG) from a hold rating to a buy rating in a report released on Tuesday morning. They currently have $52.00 price objective 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. “
RNG has been the subject of several other research reports. BidaskClub cut shares of Ringcentral from a strong-buy rating to a buy rating in a research note on Wednesday, July 19th. Dougherty & Co reiterated a buy rating and issued a $40.00 price objective (up previously from $36.00) on shares of Ringcentral in a research note on Wednesday, August 9th. Jefferies Group LLC reissued a buy rating and issued a $48.00 target price on shares of Ringcentral in a report on Thursday, October 19th. Northland Securities set a $43.00 target price on shares of Ringcentral and gave the company a buy rating in a report on Thursday, August 3rd. Finally, Summit Redstone reissued a buy rating and issued a $40.00 target price (up from $36.00) on shares of Ringcentral in a report on Thursday, August 3rd. Three equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Ringcentral has a consensus rating of Buy and a consensus price target of $44.15.
Shares of Ringcentral (NYSE RNG) traded up $1.00 during trading on Tuesday, reaching $47.00. 365,900 shares of the company’s stock traded hands, compared to its average volume of 672,641. Ringcentral has a twelve month low of $19.95 and a twelve month high of $47.95.
Ringcentral (NYSE:RNG) last issued its quarterly earnings data on Wednesday, November 8th. The software maker reported $0.06 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.02. Ringcentral had a negative net margin of 5.80% and a negative return on equity of 17.97%. The business had revenue of $129.76 million during the quarter, compared to analysts’ expectations of $126.06 million. During the same quarter in the previous year, the company earned $0.03 EPS. The business’s revenue was up 34.0% on a year-over-year basis. equities analysts expect that Ringcentral will post -0.33 earnings per share for the current fiscal year.
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In related news, COO David Sipes sold 13,800 shares of Ringcentral stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $38.64, for a total transaction of $533,232.00. Following the sale, the chief operating officer now directly owns 291,580 shares of the company’s stock, valued at approximately $11,266,651.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO John H. Marlow sold 7,946 shares of Ringcentral stock in a transaction that occurred on Friday, August 25th. The shares were sold at an average price of $39.20, for a total transaction of $311,483.20. Following the sale, the chief accounting officer now directly owns 135,047 shares in the company, valued at $5,293,842.40. The disclosure for this sale can be found here. Insiders have sold a total of 360,106 shares of company stock worth $14,796,035 over the last ninety days. 14.53% of the stock is currently owned by insiders.
Several institutional investors have recently made changes to their positions in RNG. Ameritas Investment Partners Inc. grew its holdings in shares of Ringcentral by 8.3% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,480 shares of the software maker’s stock valued at $200,000 after purchasing an additional 418 shares during the last quarter. ProShare Advisors LLC bought a new stake in shares of Ringcentral during the 2nd quarter valued at approximately $202,000. Amalgamated Bank bought a new stake in shares of Ringcentral during the 1st quarter valued at approximately $203,000. Principal Financial Group Inc. bought a new stake in shares of Ringcentral during the 1st quarter valued at approximately $237,000. Finally, Virtu KCG Holdings LLC bought a new stake in Ringcentral during the 2nd quarter worth approximately $248,000. 73.85% of the stock is currently owned by institutional investors.
Ringcentral Company Profile
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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