Somewhat Positive Press Coverage Somewhat Unlikely to Affect Ringcentral (RNG) Stock Price
Media stories about Ringcentral (NYSE:RNG) have been trending somewhat positive recently, Accern reports. Accern ranks the sentiment of media coverage by monitoring more than 20 million blog and news sources. Accern ranks coverage of public companies on a scale of negative one to one, with scores nearest to one being the most favorable. Ringcentral earned a media sentiment score of 0.12 on Accern’s scale. Accern also assigned headlines about the software maker an impact score of 45.9906095292379 out of 100, indicating that recent media coverage is somewhat unlikely to have an impact on the stock’s share price in the near future.
Here are some of the news headlines that may have impacted Accern Sentiment’s rankings:
- $125.95 Million in Sales Expected for Ringcentral, Inc. (RNG) This Quarter (americanbankingnews.com)
- Ringcentral, Inc. Class A (NYSE:RNG) Stock Traded Much Higher Than Its 50 Day Average (highlightpress.com)
- R Neil Williams Sells 22,000 Shares of Ringcentral, Inc. (RNG) Stock (americanbankingnews.com)
- Ringcentral, Inc. (RNG) Raised to Buy at BidaskClub (americanbankingnews.com)
- Ringcentral, Inc. to Post FY2019 Earnings of ($0.21) Per Share, SunTrust Banks Forecasts (NYSE:RNG) (americanbankingnews.com)
RNG has been the subject of several recent analyst reports. Stephens restated an “overweight” rating and issued a $44.00 price target on shares of Ringcentral in a research note on Sunday, June 25th. BidaskClub downgraded Ringcentral from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Jefferies Group LLC restated a “buy” rating and issued a $38.00 price target on shares of Ringcentral in a research note on Sunday, July 2nd. Craig Hallum restated a “buy” rating and issued a $40.00 price target (up from $35.00) on shares of Ringcentral in a research note on Thursday, August 3rd. Finally, Oppenheimer Holdings, Inc. restated an “outperform” rating and issued a $33.00 price target (up from $32.00) on shares of Ringcentral in a research note on Monday, May 1st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and eleven have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $39.17.
Shares of Ringcentral (NYSE RNG) opened at 38.15 on Friday. The company’s 50-day moving average price is $36.37 and its 200 day moving average price is $31.53. The stock’s market cap is $2.92 billion. Ringcentral has a 12-month low of $19.35 and a 12-month high of $43.05.
Ringcentral (NYSE:RNG) last released its quarterly earnings data on Wednesday, August 2nd. The software maker reported $0.04 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.03 by $0.01. The company had revenue of $119.40 million for the quarter, compared to analyst estimates of $118.19 million. Ringcentral had a negative return on equity of 19.59% and a negative net margin of 6.77%. The firm’s revenue for the quarter was up 30.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.02 earnings per share. On average, equities analysts predict that Ringcentral will post $0.17 earnings per share for the current year.
In other Ringcentral news, Director R Neil Williams sold 22,000 shares of Ringcentral stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $39.50, for a total value of $869,000.00. Following the sale, the director now owns 6,921 shares in the company, valued at $273,379.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Praful Shah sold 10,000 shares of Ringcentral stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $36.07, for a total value of $360,700.00. The disclosure for this sale can be found here. Insiders have sold 370,251 shares of company stock worth $13,175,895 in the last three months. 14.53% of the stock is currently owned by corporate insiders.
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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