Deutsche Bank Initiates Coverage on RingCentral (RNG)

Equities researchers at Deutsche Bank assumed coverage on shares of RingCentral (NYSE:RNG) in a report released on Monday, The Fly reports. The brokerage set a “buy” rating on the software maker’s stock.

RNG has been the topic of a number of other research reports. Rosenblatt Securities started coverage on RingCentral in a research note on Friday, September 7th. They set a “buy” rating and a $105.00 price objective on the stock. Zacks Investment Research raised RingCentral from a “hold” rating to a “buy” rating and set a $83.00 price objective on the stock in a research note on Wednesday, July 11th. JPMorgan Chase & Co. boosted their price objective on RingCentral to $90.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 7th. They noted that the move was a valuation call. Craig Hallum boosted their price objective on RingCentral from $84.00 to $95.00 and gave the stock a “buy” rating in a research note on Tuesday, August 7th. Finally, Stifel Nicolaus started coverage on RingCentral in a research note on Wednesday, July 11th. They set a “buy” rating and a $100.00 price objective on the stock. Three equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. RingCentral has an average rating of “Buy” and a consensus target price of $88.36.

NYSE RNG traded down $3.49 on Monday, reaching $80.70. 1,419,955 shares of the company were exchanged, compared to its average volume of 742,400. The firm has a market capitalization of $7.41 billion, a P/E ratio of -230.57 and a beta of 0.81. The company has a debt-to-equity ratio of 1.24, a quick ratio of 4.32 and a current ratio of 4.32. RingCentral has a fifty-two week low of $40.35 and a fifty-two week high of $98.15.

RingCentral (NYSE:RNG) last released its quarterly earnings data on Monday, August 6th. The software maker reported $0.19 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.15 by $0.04. The company had revenue of $160.83 million for the quarter, compared to analyst estimates of $155.71 million. RingCentral had a negative return on equity of 5.93% and a negative net margin of 3.92%. The firm’s revenue for the quarter was up 34.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.04 earnings per share. As a group, sell-side analysts forecast that RingCentral will post -0.14 EPS for the current year.

In other news, COO David Sipes sold 9,300 shares of the company’s stock in a transaction on Wednesday, July 25th. The stock was sold at an average price of $81.13, for a total value of $754,509.00. Following the transaction, the chief operating officer now owns 299,695 shares of the company’s stock, valued at approximately $24,314,255.35. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Vladimir Shmunis sold 50,508 shares of the company’s stock in a transaction on Monday, August 20th. The shares were sold at an average price of $89.29, for a total value of $4,509,859.32. Following the completion of the transaction, the chief executive officer now directly owns 349,282 shares in the company, valued at approximately $31,187,389.78. The disclosure for this sale can be found here. In the last ninety days, insiders sold 195,966 shares of company stock worth $18,099,609. Corporate insiders own 11.99% of the company’s stock.

Institutional investors have recently made changes to their positions in the company. Prudential Financial Inc. lifted its stake in RingCentral by 224.4% during the 1st quarter. Prudential Financial Inc. now owns 28,710 shares of the software maker’s stock worth $1,823,000 after acquiring an additional 19,860 shares in the last quarter. New York State Common Retirement Fund lifted its stake in RingCentral by 2.0% during the 1st quarter. New York State Common Retirement Fund now owns 70,500 shares of the software maker’s stock worth $4,477,000 after acquiring an additional 1,400 shares in the last quarter. Dimensional Fund Advisors LP acquired a new position in RingCentral during the 1st quarter worth about $4,677,000. Citigroup Inc. lifted its stake in RingCentral by 16.4% during the 1st quarter. Citigroup Inc. now owns 8,107 shares of the software maker’s stock worth $515,000 after acquiring an additional 1,143 shares in the last quarter. Finally, Hsbc Holdings PLC acquired a new position in RingCentral during the 1st quarter worth about $324,000. 77.60% of the stock is currently owned by institutional investors and hedge funds.

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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