RingCentral Inc (RNG) Receives Consensus Recommendation of “Buy” from Analysts
RingCentral Inc (NYSE:RNG) has earned a consensus recommendation of “Buy” from the seventeen ratings firms that are covering the company, MarketBeat reports. Four analysts have rated the stock with a hold rating and twelve have issued a buy rating on the company. The average 1-year price target among brokerages that have covered the stock in the last year is $53.92.
A number of research analysts recently commented on the company. Bank of America upped their price objective on RingCentral from $57.00 to $67.00 and gave the company a “buy” rating in a report on Tuesday, February 13th. JPMorgan Chase & Co. upped their price target on RingCentral from $52.00 to $60.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 13th. Stephens restated a “buy” rating and set a $60.00 price target on shares of RingCentral in a research note on Tuesday, February 13th. SunTrust Banks upped their price target on RingCentral to $60.00 and gave the stock a “buy” rating in a research note on Tuesday, February 13th. Finally, Craig Hallum upped their price target on RingCentral from $50.00 to $65.00 and gave the stock a “buy” rating in a research note on Tuesday, February 13th.
In other news, CEO Vladimir Shmunis sold 52,509 shares of the company’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $64.06, for a total transaction of $3,363,726.54. Following the sale, the chief executive officer now owns 300,154 shares of the company’s stock, valued at $19,227,865.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO David Sipes sold 15,300 shares of the company’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $62.43, for a total value of $955,179.00. Following the sale, the chief operating officer now directly owns 278,110 shares in the company, valued at approximately $17,362,407.30. The disclosure for this sale can be found here. Insiders have sold 225,825 shares of company stock worth $12,919,659 in the last ninety days. Corporate insiders own 14.53% of the company’s stock.
RingCentral (NYSE RNG) traded up $1.15 on Tuesday, reaching $63.75. The company had a trading volume of 984,124 shares, compared to its average volume of 737,003. RingCentral has a 12-month low of $25.90 and a 12-month high of $65.75. The firm has a market capitalization of $4,930.00, a PE ratio of -74.13 and a beta of 0.68.
RingCentral (NYSE:RNG) last released its quarterly earnings data on Monday, February 12th. The software maker reported $0.07 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.01. RingCentral had a negative return on equity of 16.54% and a negative net margin of 5.21%. The firm had revenue of $140.50 million for the quarter, compared to analysts’ expectations of $136.34 million. During the same period in the prior year, the firm posted $0.03 earnings per share. The firm’s quarterly revenue was up 34.4% on a year-over-year basis. equities research analysts expect that RingCentral will post -0.24 EPS for the current year.
RingCentral announced that its board has authorized a share repurchase program on Tuesday, February 27th that authorizes the company to buyback $35.00 million in outstanding shares. This buyback authorization authorizes the software maker to reacquire shares of its stock through a private placement purchase. Shares buyback programs are typically a sign that the company’s management believes its shares are undervalued.
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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