RingCentral Inc. (RNG) Stock Price Down 3.2%
RingCentral Inc. (NYSE:RNG) shares fell 3.2% during trading on Monday . The company traded as low as $23.24 and last traded at $23.24, with a volume of 149,879 shares changing hands. The stock had previously closed at $24.02.
A number of research firms have commented on RNG. Oppenheimer Holdings Inc. reaffirmed an “outperform” rating and set a $29.00 price target (up previously from $27.00) on shares of RingCentral in a research report on Friday. Jefferies Group upped their price target on RingCentral from $27.00 to $29.00 and gave the company a “buy” rating in a research report on Thursday. Craig Hallum began coverage on RingCentral in a research report on Thursday, July 7th. They set a “buy” rating and a $25.00 price target for the company. Summit Redstone reaffirmed a “buy” rating and set a $24.00 price target on shares of RingCentral in a research report on Wednesday, June 29th. Finally, Summit Research began coverage on RingCentral in a research report on Tuesday, June 28th. They set a “buy” rating for the company. Two equities research analysts have rated the stock with a hold rating, ten 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 an average target price of $25.67.
The firm has a 50 day moving average of $21.57 and a 200-day moving average of $19.22. The company’s market cap is $1.68 billion.
RingCentral (NYSE:RNG) last announced its earnings results on Wednesday, August 3rd. The company reported $0.02 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.01 by $0.01. The business had revenue of $91.80 million for the quarter, compared to analysts’ expectations of $70.70 million. The firm’s quarterly revenue was up 29.8% on a year-over-year basis. During the same quarter last year, the firm earned ($0.05) EPS. Analysts forecast that RingCentral Inc. will post $0.06 earnings per share for the current fiscal year.
In other RingCentral news, EVP David Sipes sold 15,025 shares of the business’s stock in a transaction that occurred on Thursday, June 9th. The stock was sold at an average price of $20.78, for a total transaction of $312,219.50. Following the completion of the transaction, the executive vice president now owns 155,804 shares in the company, valued at $3,237,607.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Clyde Hosein sold 2,409 shares of the business’s stock in a transaction that occurred on Monday, May 23rd. The shares were sold at an average price of $18.27, for a total value of $44,012.43. Following the transaction, the chief financial officer now owns 94,112 shares of the company’s stock, valued at approximately $1,719,426.24. The disclosure for this sale can be found here.
Several hedge funds and institutional investors have made changes to their positions in the stock. Alta Park Capital LP acquired a new position in shares of RingCentral during the fourth quarter valued at about $3,329,000. Royce & Associates LLC acquired a new position in shares of RingCentral during the fourth quarter valued at about $3,325,000. Wells Fargo & Company MN increased its stake in RingCentral by 73.4% in the fourth quarter. Wells Fargo & Company MN now owns 1,323,181 shares of the company’s stock valued at $31,201,000 after buying an additional 560,180 shares in the last quarter. New York State Common Retirement Fund increased its stake in RingCentral by 8.0% in the fourth quarter. New York State Common Retirement Fund now owns 52,800 shares of the company’s stock valued at $1,245,000 after buying an additional 3,900 shares in the last quarter. Finally, California Public Employees Retirement System increased its stake in RingCentral by 21.7% in the fourth quarter. California Public Employees Retirement System now owns 259,800 shares of the company’s stock valued at $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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