Ringcentral, Inc. (RNG) Receives Outperform Rating from Northland Securities
Northland Securities reaffirmed their outperform rating on shares of Ringcentral, Inc. (NYSE:RNG) in a research report released on Tuesday. They currently have a $46.00 price target on the software maker’s stock, up from their previous price target of $43.00.
RNG has been the subject of several other reports. Stephens reaffirmed an overweight rating and set a $44.00 price objective on shares of Ringcentral in a research note on Sunday, June 25th. BidaskClub downgraded shares of Ringcentral from a buy rating to a hold rating in a research note on Friday, July 28th. Jefferies Group LLC reissued a buy rating and issued a $38.00 price objective on shares of Ringcentral in a research note on Sunday, July 2nd. Craig Hallum restated a buy rating and set a $40.00 price target (up previously from $35.00) on shares of Ringcentral in a research note on Thursday, August 3rd. Finally, Morgan Stanley downgraded shares of Ringcentral from an overweight rating to an equal weight rating and cut their target price for the company from $37.00 to $33.00 in a research report on Thursday, July 20th. They noted that the move was a valuation call. Three research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. The company presently has a consensus rating of Buy and an average target price of $40.15.
Shares of Ringcentral (NYSE:RNG) traded down 1.24% on Tuesday, reaching $43.65. 169,311 shares of the company traded hands. Ringcentral has a 1-year low of $19.35 and a 1-year high of $44.70. The stock has a 50-day moving average price of $40.61 and a 200 day moving average price of $35.22. The firm’s market capitalization is $3.35 billion.
Ringcentral (NYSE:RNG) last released its quarterly earnings data on Wednesday, August 2nd. The software maker reported $0.04 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.03 by $0.01. Ringcentral had a negative return on equity of 19.59% and a negative net margin of 6.77%. The business had revenue of $119.40 million for the quarter, compared to the consensus estimate of $118.19 million. During the same quarter in the previous year, the company posted $0.02 EPS. The company’s revenue was up 30.1% compared to the same quarter last year. Analysts anticipate that Ringcentral will post $0.17 EPS for the current fiscal year.
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In other Ringcentral news, CEO Vladimir Shmunis sold 73,000 shares of the stock in a transaction on Thursday, July 13th. The shares were sold at an average price of $36.87, for a total transaction of $2,691,510.00. Following the transaction, the chief executive officer now directly owns 355,041 shares of the company’s stock, valued at $13,090,361.67. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO John H. Marlow sold 11,000 shares of the stock in a transaction on Wednesday, July 19th. The shares were sold at an average price of $35.80, for a total transaction of $393,800.00. Following the transaction, the chief accounting officer now directly owns 138,830 shares in the company, valued at $4,970,114. The disclosure for this sale can be found here. Insiders have sold a total of 358,998 shares of company stock worth $14,057,990 in the last quarter. Insiders own 14.53% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the company. Ameritas Investment Partners Inc. acquired a new position in shares of Ringcentral during the 1st quarter worth about $143,000. Invictus RG purchased a new position in Ringcentral in the 1st quarter valued at about $162,000. ProShare Advisors LLC purchased a new position in Ringcentral in the 2nd quarter valued at about $202,000. Amalgamated Bank purchased a new position in Ringcentral in the 1st quarter valued at about $203,000. Finally, Westpac Banking Corp purchased a new position in Ringcentral in the 1st quarter valued at about $214,000. 75.22% of the stock is owned by institutional investors and hedge funds.
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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