RingCentral Inc. (RNG) Trading 2.6% Higher
RingCentral Inc. (NYSE:RNG) traded up 2.6% on Thursday . The company traded as high as $20.51 and last traded at $20.00, with a volume of 140,264 shares changing hands. The stock had previously closed at $19.50.
A number of equities research analysts have weighed in on the company. Zacks Investment Research raised RingCentral from a “sell” rating to a “hold” rating in a report on Wednesday, May 4th. Jefferies Group reissued a “buy” rating on shares of RingCentral in a report on Sunday, May 29th. Oppenheimer Holdings Inc. reissued a “buy” rating on shares of RingCentral in a report on Thursday, April 28th. Summit Redstone reissued a “buy” rating and issued a $24.00 target price on shares of RingCentral in a report on Wednesday, June 29th. Finally, Summit Research began coverage on RingCentral in a report on Tuesday, June 28th. They issued a “buy” rating on the stock. Two analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. RingCentral currently has an average rating of “Buy” and a consensus target price of $25.33.
The firm’s market capitalization is $1.56 billion. The company’s 50 day moving average is $20.03 and its 200 day moving average is $19.14.
RingCentral (NYSE:RNG) last announced its earnings results on Wednesday, April 27th. The company reported $0.01 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.08) by $0.09. During the same period in the prior year, the business posted ($0.08) earnings per share. The business had revenue of $83.90 million for the quarter, compared to the consensus estimate of $81.19 million. The firm’s revenue for the quarter was up 33.8% compared to the same quarter last year. On average, equities analysts forecast that RingCentral Inc. will post $0.05 earnings per share for the current fiscal year.
In related news, CEO Vladimir Shmunis sold 16,472 shares of RingCentral stock in a transaction that occurred on Friday, May 20th. The shares were sold at an average price of $18.95, for a total value of $312,144.40. Following the transaction, the chief executive officer now directly owns 238,994 shares of the company’s stock, valued at $4,528,936.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP John H. Marlow sold 2,000 shares of RingCentral stock in a transaction that occurred on Wednesday, July 6th. The shares were sold at an average price of $19.36, for a total transaction of $38,720.00. The disclosure for this sale can be found here.
Other hedge funds and institutional investors have recently made changes to their positions in the company. Wells Fargo & Company MN boosted its position in shares of RingCentral by 73.4% in the fourth quarter. Wells Fargo & Company MN now owns 1,323,181 shares of the company’s stock worth $31,201,000 after buying an additional 560,180 shares during the period. Century Capital Management LLC purchased a new position in shares of RingCentral during the fourth quarter worth about $15,143,000. California Public Employees Retirement System boosted its position in shares of RingCentral by 21.7% in the fourth quarter. California Public Employees Retirement System now owns 259,800 shares of the company’s stock worth $6,126,000 after buying an additional 46,400 shares during the period. Royce & Associates LLC purchased a new position in shares of RingCentral during the fourth quarter worth about $3,325,000. Finally, California State Teachers Retirement System boosted its position in shares of RingCentral by 1.6% in the fourth quarter. California State Teachers Retirement System now owns 99,309 shares of the company’s stock worth $2,342,000 after buying an additional 1,552 shares during the period.
RingCentral, Inc is a provider of software-as-a-service (SaaS) solutions for business 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 voice, text, team messaging collaboration, high definition (HD) video for Web conferencing and fax.
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