Ringcentral, Inc. (NYSE:RNG)‘s stock had its “buy” rating reaffirmed by equities research analysts at Dougherty & Co in a research note issued on Wednesday. They currently have a $40.00 price target on the software maker’s stock, up from their previous price target of $36.00. Dougherty & Co’s target price points to a potential upside of 4.44% from the company’s current price.
RNG has been the topic of a number of other reports. Stephens reiterated an “overweight” rating and set a $44.00 price target on shares of Ringcentral in a research report on Sunday, June 25th. Northland Securities reiterated a “buy” rating and set a $37.00 price target on shares of Ringcentral in a research report on Friday, June 23rd. SunTrust Banks, Inc. assumed coverage on Ringcentral in a research report on Monday, June 26th. They set a “buy” rating and a $47.00 price target on the stock. Oppenheimer Holdings, Inc. increased their price target on Ringcentral from $33.00 to $45.00 in a research report on Thursday, July 13th. Finally, Jefferies Group LLC restated a “buy” rating and issued a $38.00 target price on shares of Ringcentral in a research report on Sunday, July 2nd. One analyst has rated the stock with a sell rating, four have issued a hold rating and ten have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $39.17.
Ringcentral (NYSE RNG) traded up 1.59% during trading on Wednesday, hitting $38.30. 614,102 shares of the stock traded hands. The company’s 50 day moving average price is $36.19 and its 200 day moving average price is $30.98. The company’s market cap is $2.94 billion. Ringcentral has a 12 month low of $19.35 and a 12 month high of $43.05.
Ringcentral (NYSE:RNG) last issued its quarterly earnings results on Wednesday, August 2nd. The software maker reported $0.04 EPS for the quarter, beating analysts’ consensus estimates of $0.03 by $0.01. The firm had revenue of $119.40 million during the quarter, compared to the consensus estimate of $118.19 million. Ringcentral had a negative return on equity of 19.59% and a negative net margin of 6.77%. Ringcentral’s revenue for the quarter was up 30.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.02 earnings per share. On average, equities research analysts anticipate that Ringcentral will post $0.17 EPS for the current fiscal year.
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In other Ringcentral news, CAO John H. Marlow sold 11,000 shares of the firm’s stock in a transaction dated Wednesday, July 19th. The stock was sold at an average price of $35.80, for a total transaction of $393,800.00. Following the transaction, the chief accounting officer now directly owns 138,830 shares in the company, valued at $4,970,114. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Vladimir Shmunis sold 88,454 shares of the firm’s stock in a transaction dated Wednesday, May 24th. The shares were sold at an average price of $34.17, for a total value of $3,022,473.18. Following the transaction, the chief executive officer now owns 386,279 shares in the company, valued at $13,199,153.43. The disclosure for this sale can be found here. In the last three months, insiders have sold 358,251 shares of company stock valued at $12,643,495. Insiders own 14.53% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the stock. Ameritas Investment Partners Inc. bought a new position in Ringcentral during the first quarter valued at $143,000. Fortaleza Asset Management Inc. bought a new position in Ringcentral during the first quarter valued at $157,000. Invictus RG bought a new position in Ringcentral during the first quarter valued at $162,000. ProShare Advisors LLC bought a new position in Ringcentral during the second quarter valued at $202,000. Finally, Amalgamated Bank bought a new position in Ringcentral during the first quarter valued at $203,000. Institutional investors own 71.20% of the company’s stock.
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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