RingCentral (RNG) Stock Rating Upgraded by Zacks Investment Research

RingCentral (NYSE:RNG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Friday. The brokerage presently has a $95.00 target price on the software maker’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 10.18% from the company’s previous close.

According to Zacks, “RingCentral, Inc. provides solutions for business communications primarily in the United States. The Company’s products include RingCentral Office, RingCentral Mobile and RingCentral Fax. It provides solutions such as auto-receptionist, flexible extension structure, multiple voicemail boxes, smart call routing, business answering rules, extension dialing, call transfers and elegant integration with Smartphones. RingCentral, Inc. is headquartered in San Mateo, California. “

Other equities analysts have also issued research reports about the company. Bank of America upped their price objective on RingCentral from $86.00 to $95.00 and gave the stock a “buy” rating in a research note on Tuesday, August 7th. 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. 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. 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. Finally, Jefferies Financial Group reissued a “buy” rating and set a $97.00 price target on shares of RingCentral in a research note on Tuesday, August 7th. Three research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and an average price target of $89.80.

NYSE RNG opened at $86.22 on Friday. The stock has a market capitalization of $6.04 billion, a PE ratio of -246.34 and a beta of 1.02. The company has a debt-to-equity ratio of 1.24, a current ratio of 4.32 and a quick ratio of 4.32. RingCentral has a twelve month low of $43.85 and a twelve month high of $98.15.

RingCentral (NYSE:RNG) last released its quarterly earnings data on Monday, November 5th. The software maker reported $0.19 earnings per share for the quarter, topping 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 3.84% and a negative net margin of 4.25%. The business’s quarterly revenue was up 33.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.06 earnings per share. Equities research analysts predict that RingCentral will post -0.09 earnings per share for the current fiscal year.

In related news, CEO Vladimir Shmunis sold 50,508 shares of the stock in a transaction that occurred on Monday, August 20th. The stock was sold at an average price of $89.29, for a total transaction of $4,509,859.32. Following the completion of the transaction, the chief executive officer now directly owns 349,282 shares of the company’s stock, valued at $31,187,389.78. The sale was disclosed in a filing with the SEC, which is available through this link. Also, COO David Sipes sold 9,751 shares of the stock in a transaction that occurred on Thursday, September 13th. The shares were sold at an average price of $96.41, for a total value of $940,093.91. Following the transaction, the chief operating officer now directly owns 280,768 shares of the company’s stock, valued at $27,068,842.88. The disclosure for this sale can be found here. Over the last three months, insiders have sold 250,849 shares of company stock valued at $22,442,584. 11.99% of the stock is owned by corporate insiders.

Large investors have recently bought and sold shares of the company. NumerixS Investment Technologies Inc bought a new stake in shares of RingCentral in the 2nd quarter valued at approximately $198,000. Sei Investments Co. lifted its stake in shares of RingCentral by 81.4% in the 2nd quarter. Sei Investments Co. now owns 36,051 shares of the software maker’s stock valued at $2,536,000 after purchasing an additional 16,174 shares during the last quarter. OppenheimerFunds Inc. lifted its stake in shares of RingCentral by 22.4% in the 2nd quarter. OppenheimerFunds Inc. now owns 792,971 shares of the software maker’s stock valued at $55,786,000 after purchasing an additional 145,343 shares during the last quarter. Bank of Montreal Can lifted its stake in shares of RingCentral by 34,571.9% in the 2nd quarter. Bank of Montreal Can now owns 179,947 shares of the software maker’s stock valued at $12,660,000 after purchasing an additional 179,428 shares during the last quarter. Finally, Nomura Holdings Inc. lifted its stake in shares of RingCentral by 604.0% in the 2nd quarter. Nomura Holdings Inc. now owns 376,132 shares of the software maker’s stock valued at $26,461,000 after purchasing an additional 322,707 shares during the last quarter. 78.47% of the stock is 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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