RingCentral (RNG) Price Target Cut to $93.00 by Analysts at Bank of America

RingCentral (NYSE:RNG) had its price target cut by Bank of America from $100.00 to $93.00 in a research report sent to investors on Tuesday, Marketbeat Ratings reports. They currently have a buy rating on the software maker’s stock.

A number of other brokerages have also issued reports on RNG. Rosenblatt Securities assumed coverage on RingCentral in a research report on Friday, September 7th. They set a buy rating and a $105.00 target price on the stock. Jefferies Financial Group boosted their target price on RingCentral to $105.00 and gave the stock a buy rating in a research report on Wednesday, September 5th. Craig Hallum boosted their target price on RingCentral from $84.00 to $95.00 and gave the stock a buy rating in a research report on Tuesday, August 7th. Robert W. Baird boosted their target price on RingCentral from $80.00 to $90.00 and gave the stock a neutral rating in a research report on Tuesday, August 7th. Finally, SunTrust Banks boosted their target price on RingCentral to $100.00 and gave the stock a buy rating in a research report on Tuesday, August 7th. Three equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of Buy and an average target price of $89.80.

Shares of RingCentral stock traded down $2.54 on Tuesday, reaching $83.68. 2,242,013 shares of the company were exchanged, compared to its average volume of 1,136,482. The company has a quick ratio of 4.32, a current ratio of 4.32 and a debt-to-equity ratio of 1.24. RingCentral has a fifty-two week low of $43.85 and a fifty-two week high of $98.15.

RingCentral (NYSE:RNG) last announced its earnings results on Monday, November 5th. The software maker reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.16 by $0.03. The company had revenue of $173.83 million for 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%. RingCentral’s revenue for the quarter was up 33.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.06 earnings per share. As a group, sell-side analysts predict that RingCentral will post -0.09 EPS for the current fiscal year.

In related news, Director Mckenna Michelle sold 2,500 shares of the company’s stock in a transaction on Thursday, November 8th. The stock was sold at an average price of $84.53, for a total transaction of $211,325.00. Following the transaction, the director now directly owns 11,162 shares of the company’s stock, valued at $943,523.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO John H. Marlow sold 14,500 shares of the company’s stock in a transaction on Monday, August 27th. The shares were sold at an average price of $93.45, for a total value of $1,355,025.00. Following the transaction, the chief accounting officer now directly owns 153,218 shares in the company, valued at $14,318,222.10. The disclosure for this sale can be found here. Insiders have sold 250,849 shares of company stock worth $22,442,584 over the last three months. 11.99% of the stock is owned by insiders.

A number of large investors have recently bought and sold shares of the stock. BlackRock Inc. raised its position in RingCentral by 0.4% during the third quarter. BlackRock Inc. now owns 3,790,244 shares of the software maker’s stock valued at $352,684,000 after buying an additional 14,743 shares during the period. Renaissance Technologies LLC raised its position in RingCentral by 3.4% during the second quarter. Renaissance Technologies LLC now owns 1,944,403 shares of the software maker’s stock valued at $136,789,000 after buying an additional 63,903 shares during the period. Millennium Management LLC raised its position in RingCentral by 129.5% during the second quarter. Millennium Management LLC now owns 1,105,389 shares of the software maker’s stock valued at $77,764,000 after buying an additional 623,790 shares during the period. JPMorgan Chase & Co. grew its stake in RingCentral by 6.4% in the third quarter. JPMorgan Chase & Co. now owns 992,948 shares of the software maker’s stock valued at $92,393,000 after purchasing an additional 59,673 shares in the last quarter. Finally, OppenheimerFunds Inc. grew its stake in RingCentral by 22.4% in the second 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 in the last quarter. 78.47% of the stock is currently owned by hedge funds and other institutional investors.

RingCentral Company Profile

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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