RingCentral (NYSE:RNG) was upgraded by stock analysts at Robert W. Baird from a “neutral” rating to an “outperform” rating in a report issued on Monday, Marketbeat reports. The brokerage presently has a $100.00 target price on the software maker’s stock. Robert W. Baird’s target price would indicate a potential upside of 45.12% from the stock’s previous close.

A number of other equities analysts have also issued reports on RNG. Jefferies Financial Group reaffirmed a “buy” rating and set a $97.00 price target on shares of RingCentral in a research note on Tuesday, August 7th. JPMorgan Chase & Co. increased their price target on RingCentral to $90.00 and gave the company a “neutral” rating in a research note on Tuesday, August 7th. They noted that the move was a valuation call. Craig Hallum increased their price target on RingCentral from $84.00 to $95.00 and gave the company a “buy” rating in a research note on Tuesday, August 7th. SunTrust Banks increased their price target on RingCentral to $100.00 and gave the company a “buy” rating in a research note on Tuesday, August 7th. Finally, Dougherty & Co increased their price target on RingCentral from $85.00 to $95.00 and gave the company a “buy” rating in a research note on Tuesday, August 7th. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. RingCentral presently has an average rating of “Buy” and an average target price of $90.47.

Shares of NYSE RNG opened at $68.91 on Monday. The company has a debt-to-equity ratio of 1.22, a current ratio of 4.07 and a quick ratio of 4.07. The firm has a market cap of $6.14 billion, a price-to-earnings ratio of -196.89 and a beta of 1.02. RingCentral has a 1 year low of $43.85 and a 1 year high of $98.15.

RingCentral (NYSE:RNG) last issued its quarterly earnings results on Monday, November 5th. The software maker reported $0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.16 by $0.03. The firm had revenue of $173.83 million during the quarter, compared to analyst estimates of $166.70 million. RingCentral had a negative return on equity of 3.64% and a negative net margin of 4.25%. The firm’s quarterly revenue was up 33.4% on a year-over-year basis. During the same period last year, the company posted $0.06 EPS. Equities research analysts forecast that RingCentral will post -0.09 earnings per share for the current year.

In related news, insider Praful Shah sold 3,109 shares of RingCentral stock in a transaction dated Tuesday, August 28th. The stock was sold at an average price of $93.62, for a total transaction of $291,064.58. Following the sale, the insider now directly owns 308,204 shares of the company’s stock, valued at $28,854,058.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Mckenna Michelle sold 2,500 shares of RingCentral stock in a transaction dated Thursday, November 8th. The stock was sold at an average price of $84.53, for a total value of $211,325.00. Following the sale, the director now directly owns 11,162 shares in the company, valued at $943,523.86. The disclosure for this sale can be found here. Over the last three months, insiders have sold 183,440 shares of company stock worth $16,407,578. 11.99% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. DekaBank Deutsche Girozentrale lifted its stake in RingCentral by 75.1% during the third quarter. DekaBank Deutsche Girozentrale now owns 1,401 shares of the software maker’s stock worth $130,000 after purchasing an additional 601 shares during the period. Swiss National Bank lifted its stake in RingCentral by 0.7% during the third quarter. Swiss National Bank now owns 116,500 shares of the software maker’s stock worth $10,840,000 after purchasing an additional 800 shares during the period. Credit Suisse AG lifted its stake in RingCentral by 1.4% during the third quarter. Credit Suisse AG now owns 74,869 shares of the software maker’s stock worth $6,967,000 after purchasing an additional 1,009 shares during the period. US Bancorp DE lifted its stake in RingCentral by 141.7% during the second quarter. US Bancorp DE now owns 1,745 shares of the software maker’s stock worth $123,000 after purchasing an additional 1,023 shares during the period. Finally, Harvest Fund Management Co. Ltd lifted its stake in RingCentral by 287.0% during the third quarter. Harvest Fund Management Co. Ltd now owns 1,513 shares of the software maker’s stock worth $141,000 after purchasing an additional 1,122 shares during the period. Hedge funds and other institutional investors own 77.33% of the company’s stock.

About RingCentral

RingCentral, Inc provides software-as-a-service solutions for business communications and collaboration primarily in the United States. The company's products include RingCentral Office, a multi-tenant, multi-location, and enterprise-grade communications and collaboration solution that enables employees to communicate through voice, text, team messaging and collaboration, and HD video and Web conferencing through smartphones, tablets, PCs, and desk phones for businesses, which require a communications solution; RingCentral Professional, an inbound call routing subscription with additional text and fax capabilities primarily for smaller businesses; and RingCentral Fax solution that offers Internet fax capabilities, which allow businesses to send and receive fax documents without the need for a fax machine.

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Analyst Recommendations for RingCentral (NYSE:RNG)

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