Ringcentral, Inc. (NYSE:RNG) PT Raised to $45.00 at Oppenheimer Holdings, Inc.
Ringcentral, Inc. (NYSE:RNG) had its target price lifted by investment analysts at Oppenheimer Holdings, Inc. from $33.00 to $45.00 in a research note issued on Thursday. Oppenheimer Holdings, Inc.’s price target indicates a potential upside of 23.63% from the company’s current price.
A number of other brokerages also recently commented on RNG. Stephens reissued an “overweight” rating and issued a $44.00 target price on shares of Ringcentral in a research note on Sunday, June 25th. Northland Securities reaffirmed a “buy” rating and set a $37.00 price target on shares of Ringcentral in a research note on Friday, June 23rd. SunTrust Banks, Inc. started coverage on shares of Ringcentral in a research note on Monday, June 26th. They set a “buy” rating and a $47.00 price target on the stock. Jefferies Group LLC reaffirmed a “buy” rating and set a $38.00 price target on shares of Ringcentral in a research note on Sunday, July 2nd. Finally, William Blair reaffirmed an “outperform” rating on shares of Ringcentral in a research note on Monday, May 22nd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and ten have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $36.80.
Ringcentral (NYSE RNG) traded down 1.37% during trading on Thursday, hitting $35.90. 147,215 shares of the company’s stock traded hands. The stock’s market cap is $2.70 billion. The firm’s 50-day moving average price is $35.28 and its 200 day moving average price is $28.12. Ringcentral has a 12-month low of $19.35 and a 12-month high of $39.00.
Ringcentral (NYSE:RNG) last issued its earnings results on Tuesday, April 25th. The software maker reported ($0.09) EPS for the quarter, meeting the Zacks’ consensus estimate of ($0.09). Ringcentral had a negative net margin of 7.41% and a negative return on equity of 20.12%. The business had revenue of $111.80 million for the quarter, compared to the consensus estimate of $110.35 million. During the same quarter last year, the firm posted $0.01 EPS. The business’s revenue for the quarter was up 29.2% compared to the same quarter last year. Analysts anticipate that Ringcentral will post $0.16 earnings per share for the current fiscal year.
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In other Ringcentral news, CAO John H. Marlow sold 6,000 shares of the firm’s stock in a transaction on Wednesday, April 19th. The shares were sold at an average price of $28.90, for a total transaction of $173,400.00. Following the completion of the transaction, the chief accounting officer now directly owns 139,007 shares of the company’s stock, valued at approximately $4,017,302.30. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO John H. Marlow sold 3,000 shares of the firm’s stock in a transaction on Tuesday, April 18th. The stock was sold at an average price of $28.70, for a total transaction of $86,100.00. Following the transaction, the chief accounting officer now directly owns 139,007 shares of the company’s stock, valued at $3,989,500.90. The disclosure for this sale can be found here. Over the last three months, insiders have sold 551,251 shares of company stock valued at $18,746,195. 14.53% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in RNG. Lyon Street Capital LLC bought a new position in shares of Ringcentral during the first quarter valued at $2,149,000. Symmetry Peak Management LLC bought a new position in shares of Ringcentral during the first quarter valued at $891,000. Bank of America Corp DE raised its position in shares of Ringcentral by 17.8% in the first quarter. Bank of America Corp DE now owns 486,862 shares of the software maker’s stock valued at $13,778,000 after buying an additional 73,502 shares in the last quarter. Schwab Charles Investment Management Inc. raised its position in shares of Ringcentral by 1.5% in the first quarter. Schwab Charles Investment Management Inc. now owns 256,321 shares of the software maker’s stock valued at $7,254,000 after buying an additional 3,880 shares in the last quarter. Finally, Invictus RG bought a new position in shares of Ringcentral during the first quarter valued at $162,000. 72.03% of the stock is 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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