Ringcentral, Inc. (RNG) Given Consensus Rating of “Buy” by Analysts
Shares of Ringcentral, Inc. (NYSE:RNG) have received an average rating of “Buy” from the fifteen brokerages that are currently covering the firm, Marketbeat.com reports. Three research analysts have rated the stock with a hold rating and twelve have issued a buy rating on the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $43.50.
Several analysts have weighed in on the stock. BidaskClub raised shares of Ringcentral from a “hold” rating to a “buy” rating in a research note on Wednesday, August 16th. Craig Hallum reissued 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. Jefferies Group LLC reaffirmed a “buy” rating and set a $38.00 price objective on shares of Ringcentral in a research note on Thursday, August 3rd. Dougherty & Co reaffirmed a “buy” rating and set a $40.00 price objective (up from $36.00) on shares of Ringcentral in a research note on Wednesday, August 9th. Finally, Northland Securities reaffirmed a “buy” rating and set a $46.00 price objective on shares of Ringcentral in a research note on Friday, November 10th.
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Ringcentral (NYSE:RNG) opened at $48.00 on Friday. Ringcentral has a 1 year low of $19.95 and a 1 year high of $48.15.
Ringcentral (NYSE:RNG) last announced its earnings results on Wednesday, November 8th. The software maker reported $0.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.02. The company had revenue of $129.76 million during the quarter, compared to analyst estimates of $126.06 million. Ringcentral had a negative net margin of 5.80% and a negative return on equity of 17.97%. The firm’s quarterly revenue was up 34.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.03 earnings per share. equities analysts predict that Ringcentral will post -0.33 earnings per share for the current fiscal year.
In other news, CEO Vladimir Shmunis sold 101,452 shares of the firm’s stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $38.20, for a total transaction of $3,875,466.40. Following the sale, the chief executive officer now directly owns 355,041 shares in the company, valued at approximately $13,562,566.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO David Sipes sold 1,500 shares of the firm’s stock in a transaction on Monday, October 16th. The shares were sold at an average price of $44.00, for a total transaction of $66,000.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 360,106 shares of company stock worth $14,796,035. Corporate insiders own 14.53% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. BlackRock Inc. grew its stake in Ringcentral by 64,315.0% during the first quarter. BlackRock Inc. now owns 3,827,538 shares of the software maker’s stock valued at $108,320,000 after acquiring an additional 3,821,596 shares in the last quarter. Capital World Investors grew its stake in Ringcentral by 23.9% during the second quarter. Capital World Investors now owns 6,599,000 shares of the software maker’s stock valued at $241,193,000 after acquiring an additional 1,275,000 shares in the last quarter. Whale Rock Capital Management LLC purchased a new position in Ringcentral during the second quarter valued at $39,450,000. FMR LLC grew its stake in Ringcentral by 40.1% during the second quarter. FMR LLC now owns 2,905,422 shares of the software maker’s stock valued at $106,193,000 after acquiring an additional 832,314 shares in the last quarter. Finally, Southpoint Capital Advisors LP purchased a new position in Ringcentral during the second quarter valued at $18,275,000. Hedge funds and other institutional investors own 73.85% of the company’s stock.
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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