Ringcentral (RNG) Receiving Somewhat Favorable Press Coverage, Analysis Finds
Press coverage about Ringcentral (NYSE:RNG) has trended somewhat positive on Saturday, Accern Sentiment reports. The research group identifies positive and negative press coverage by analyzing more than twenty million news and blog sources. Accern ranks coverage of publicly-traded companies on a scale of negative one to positive one, with scores nearest to one being the most favorable. Ringcentral earned a news sentiment score of 0.06 on Accern’s scale. Accern also gave news coverage about the software maker an impact score of 45.1463692459755 out of 100, indicating that recent press coverage is somewhat unlikely to have an impact on the stock’s share price in the near future.
These are some of the news articles that may have impacted Accern Sentiment’s analysis:
- Vladimir Shmunis Sells 6,000 Shares of Ringcentral, Inc. (RNG) Stock (americanbankingnews.com)
- Vladimir Shmunis Sells 7,808 Shares of Ringcentral, Inc. (RNG) Stock (americanbankingnews.com)
- Ringcentral, Inc. (RNG) COO David Sipes Sells 7,800 Shares (americanbankingnews.com)
- Ringcentral, Inc. (RNG) CEO Sells $3,170,390.00 in Stock (americanbankingnews.com)
- Head-To-Head Comparison: Ringcentral (RNG) & MaxPoint Interactive (MXPT) (americanbankingnews.com)
RNG has been the subject of a number of recent research reports. Morgan Stanley cut shares of Ringcentral from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $37.00 to $33.00 in a research note on Thursday, July 20th. They noted that the move was a valuation call. BidaskClub cut shares of Ringcentral from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 19th. SunTrust Banks, Inc. assumed coverage on shares of Ringcentral in a research report on Monday, June 26th. They set a “buy” rating and a $47.00 price objective for the company. Jefferies Group LLC reaffirmed a “buy” rating and set a $38.00 price objective on shares of Ringcentral in a research report on Sunday, July 2nd. Finally, Summit Redstone reissued a “buy” rating and issued a $40.00 price target (up previously from $36.00) on shares of Ringcentral in a research report on Thursday, August 3rd. Three research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Ringcentral currently has an average rating of “Buy” and a consensus target price of $40.15.
Shares of Ringcentral (RNG) traded up 0.92% during midday trading on Friday, reaching $43.80. 446,619 shares of the company traded hands. The firm’s market capitalization is $3.36 billion. Ringcentral has a 12 month low of $19.35 and a 12 month high of $44.95. The company has a 50 day moving average of $41.80 and a 200 day moving average of $36.07.
Ringcentral (NYSE:RNG) last posted its earnings results on Wednesday, August 2nd. The software maker reported $0.04 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.03 by $0.01. The company had revenue of $119.40 million during 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 company’s revenue for the quarter was up 30.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.02 EPS. On average, equities research analysts predict that Ringcentral will post $0.17 earnings per share for the current fiscal year.
In other Ringcentral news, COO David Sipes sold 13,800 shares of the business’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $38.64, for a total value of $533,232.00. Following the sale, the chief operating officer now owns 291,580 shares in the company, valued at approximately $11,266,651.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO John H. Marlow sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 18th. The shares were sold at an average price of $35.80, for a total value of $179,000.00. Following the completion of the sale, the chief accounting officer now owns 138,830 shares in the company, valued at approximately $4,970,114. The disclosure for this sale can be found here. Insiders sold a total of 396,606 shares of company stock valued at $16,171,835 over the last quarter. 14.53% of the stock is owned by insiders.
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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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