RingCentral Inc. (RNG) Shares Up 1.6%
Shares of RingCentral Inc. (NYSE:RNG) shot up 1.6% during mid-day trading on Tuesday . The company traded as high as $22.61 and last traded at $22.43, with a volume of 180,099 shares. The stock had previously closed at $22.08.
Several analysts have weighed in on the stock. Stephens assumed coverage on shares of RingCentral in a research note on Wednesday, May 18th. They issued an “overweight” rating for the company. Jefferies Group reiterated a “buy” rating and issued a $27.00 price objective on shares of RingCentral in a research note on Thursday, April 28th. Summit Research assumed coverage on shares of RingCentral in a research note on Tuesday, June 28th. They issued a “buy” rating for the company. Zacks Investment Research cut shares of RingCentral from a “hold” rating to a “sell” rating in a research note on Wednesday, April 20th. Finally, Craig Hallum assumed coverage on shares of RingCentral in a research note on Thursday, July 7th. They issued a “buy” rating and a $25.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. RingCentral currently has a consensus rating of “Buy” and a consensus price target of $25.33.
The company’s market cap is $1.61 billion. The stock’s 50 day moving average is $20.54 and its 200 day moving average is $19.01.
RingCentral (NYSE:RNG) last issued its quarterly earnings data on Wednesday, April 27th. The company reported $0.01 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.09. The company had revenue of $83.90 million for the quarter, compared to analysts’ expectations of $81.19 million. The company’s revenue for the quarter was up 33.8% compared to the same quarter last year. During the same quarter last year, the company earned ($0.08) earnings per share. On average, equities research analysts anticipate that RingCentral Inc. will post $0.05 earnings per share for the current fiscal year.
In other RingCentral news, CEO Vladimir Shmunis sold 16,472 shares of the stock in a transaction dated Friday, May 20th. The stock was sold at an average price of $18.95, for a total value of $312,144.40. Following the completion of the sale, the chief executive officer now directly owns 238,994 shares in the company, valued at $4,528,936.30. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP David Sipes sold 15,025 shares of the stock in a transaction dated Thursday, June 9th. The shares were sold at an average price of $20.78, for a total value of $312,219.50. Following the completion of the sale, the executive vice president now owns 155,804 shares of the company’s stock, valued at $3,237,607.12. The disclosure for this sale can be found here.
A number of large investors have added to or reduced their stakes in RNG. Century Capital Management LLC acquired a new stake in RingCentral during the fourth quarter worth approximately $15,143,000. Wells Fargo & Company MN raised 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 in the last quarter. Royce & Associates LLC purchased a new position in shares of RingCentral during the fourth quarter worth $3,325,000. Oxford Asset Management purchased a new position in shares of RingCentral during the fourth quarter worth $1,308,000. Finally, California Public Employees Retirement System raised 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 in the last quarter.
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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