RingCentral (NYSE:RNG) PT Raised to $155.00

RingCentral (NYSE:RNG) had its target price increased by analysts at Oppenheimer from $130.00 to $155.00 in a note issued to investors on Tuesday, The Fly reports. The brokerage presently has an “outperform” rating on the software maker’s stock. Oppenheimer’s price objective suggests a potential upside of 10.63% from the stock’s previous close.

A number of other equities research analysts have also weighed in on the company. SunTrust Banks lifted their target price on Athenex to $30.00 and gave the company a “buy” rating in a research report on Tuesday. They noted that the move was a valuation call. Needham & Company LLC reduced their price target on SS&C Technologies to $65.00 and set a “strong-buy” rating for the company in a research report on Tuesday. UBS Group reissued a “buy” rating and issued a $25.00 price target on shares of Infineon Technologies in a research report on Tuesday, May 7th. Jefferies Financial Group reissued a “buy” rating and issued a GBX 341 ($4.46) price target on shares of Cybg in a research report on Tuesday. Finally, Northland Securities reissued a “buy” rating and issued a $12.00 price target on shares of Medallion Financial in a research report on Tuesday, May 7th. Three analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $131.11.

NYSE RNG traded up $13.96 on Tuesday, reaching $140.11. 3,476,665 shares of the stock traded hands, compared to its average volume of 800,502. The company has a current ratio of 3.08, a quick ratio of 3.08 and a debt-to-equity ratio of 1.19. The stock’s fifty day simple moving average is $119.84. The company has a market cap of $10.44 billion, a P/E ratio of -3,502.75 and a beta of 0.79. RingCentral has a 12 month low of $64.41 and a 12 month high of $146.38.

RingCentral (NYSE:RNG) last issued its earnings results on Monday, July 29th. The software maker reported ($0.03) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.16) by $0.13. The business had revenue of $215.20 million during the quarter, compared to analyst estimates of $204.70 million. RingCentral had a negative return on equity of 0.73% and a negative net margin of 4.12%. RingCentral’s revenue was up 33.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.19 EPS. Equities analysts anticipate that RingCentral will post -0.43 EPS for the current year.

In related news, COO David Sipes sold 1,500 shares of the business’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $124.04, for a total transaction of $186,060.00. Following the transaction, the chief operating officer now directly owns 255,972 shares in the company, valued at approximately $31,750,766.88. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Vladimir Shmunis sold 51,923 shares of the business’s stock in a transaction on Monday, May 20th. The stock was sold at an average price of $120.87, for a total value of $6,275,933.01. Following the transaction, the chief executive officer now owns 325,018 shares in the company, valued at $39,284,925.66. The disclosure for this sale can be found here. Over the last three months, insiders sold 331,541 shares of company stock valued at $39,949,648. Corporate insiders own 11.03% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in RingCentral by 12.9% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,376 shares of the software maker’s stock worth $503,000 after purchasing an additional 500 shares during the period. SG Americas Securities LLC raised its holdings in RingCentral by 130.8% in the 2nd quarter. SG Americas Securities LLC now owns 4,560 shares of the software maker’s stock worth $524,000 after purchasing an additional 2,584 shares during the period. Bailard Inc. raised its holdings in RingCentral by 1.3% in the 2nd quarter. Bailard Inc. now owns 25,325 shares of the software maker’s stock worth $2,910,000 after purchasing an additional 325 shares during the period. Virginia Retirement Systems ET AL raised its holdings in RingCentral by 69.4% in the 2nd quarter. Virginia Retirement Systems ET AL now owns 6,100 shares of the software maker’s stock worth $701,000 after purchasing an additional 2,500 shares during the period. Finally, Steward Partners Investment Advisory LLC raised its holdings in RingCentral by 41.3% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 6,806 shares of the software maker’s stock worth $782,000 after purchasing an additional 1,991 shares during the period. Hedge funds and other institutional investors own 81.82% of the company’s stock.

About RingCentral

RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect primarily in North America. The company's products include RingCentral Office, provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax through smartphones, tablets, PCs, and desk phones; RingCentral Professional, a cloud based virtual telephone service for professionals, as well as provides inbound call answering and management services, and includes inbound local, long-distance, and toll-free minutes; and RingCentral Fax that provides online fax capabilities that allow businesses to send and receive fax documents without a fax machine.

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