RingCentral (NYSE:RNG) Given “Average” Rating at Bank of America

RingCentral (NYSE:RNG)‘s stock had its “average” rating reiterated by Bank of America in a research report issued to clients and investors on Monday, MarketBeat reports. They presently have a $198.00 target price on the software maker’s stock, up from their prior target price of $187.00. Bank of America‘s price objective would suggest a potential upside of 19.41% from the stock’s current price.

Other equities research analysts have also recently issued reports about the company. Zacks Investment Research downgraded RingCentral from a “buy” rating to a “hold” rating in a research report on Saturday, November 9th. Oppenheimer boosted their price objective on RingCentral from $155.00 to $200.00 in a research note on Tuesday, November 5th. William Blair restated a “buy” rating on shares of RingCentral in a report on Wednesday, November 13th. Needham & Company LLC raised their target price on RingCentral from $150.00 to $190.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. Finally, Craig Hallum lifted their price target on RingCentral from $150.00 to $175.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. Five analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. RingCentral has a consensus rating of “Buy” and a consensus target price of $159.47.

NYSE RNG opened at $165.82 on Monday. RingCentral has a 1-year low of $69.84 and a 1-year high of $177.99. The company has a 50 day moving average of $166.01 and a 200-day moving average of $140.36. The company has a current ratio of 2.85, a quick ratio of 2.85 and a debt-to-equity ratio of 1.12. The firm has a market cap of $13.95 billion, a price-to-earnings ratio of -4,145.50 and a beta of 0.90.

RingCentral (NYSE:RNG) last announced its earnings results on Monday, November 4th. The software maker reported $0.22 EPS for the quarter, topping the consensus estimate of $0.19 by $0.03. The business had revenue of $233.35 million for the quarter, compared to the consensus estimate of $221.37 million. RingCentral had a negative return on equity of 1.61% and a negative net margin of 4.06%. RingCentral’s revenue was up 34.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.19 EPS. On average, analysts forecast that RingCentral will post -0.09 earnings per share for the current year.

In other news, CAO John H. Marlow sold 4,943 shares of the company’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $165.69, for a total transaction of $819,005.67. Following the transaction, the chief accounting officer now owns 138,141 shares of the company’s stock, valued at $22,888,582.29. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO John H. Marlow sold 16,001 shares of the company’s stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $124.55, for a total value of $1,992,924.55. Following the transaction, the chief accounting officer now directly owns 167,309 shares in the company, valued at approximately $20,838,335.95. The disclosure for this sale can be found here. Insiders sold a total of 261,968 shares of company stock valued at $43,349,230 over the last three months. Insiders own 11.03% of the company’s stock.

A number of large investors have recently made changes to their positions in RNG. Metropolitan Life Insurance Co NY lifted its position in RingCentral by 4.6% during the 3rd quarter. Metropolitan Life Insurance Co NY now owns 5,259 shares of the software maker’s stock valued at $661,000 after purchasing an additional 230 shares during the period. Millennium Management LLC grew its position in shares of RingCentral by 169.0% during the 3rd quarter. Millennium Management LLC now owns 325,189 shares of the software maker’s stock worth $40,863,000 after buying an additional 796,389 shares during the period. Night Owl Capital Management LLC grew its position in shares of RingCentral by 5.0% during the 3rd quarter. Night Owl Capital Management LLC now owns 66,912 shares of the software maker’s stock worth $8,408,000 after buying an additional 3,196 shares during the period. Squarepoint Ops LLC grew its position in shares of RingCentral by 2,736.9% during the 3rd quarter. Squarepoint Ops LLC now owns 136,002 shares of the software maker’s stock worth $17,090,000 after buying an additional 131,208 shares during the period. Finally, Granahan Investment Management Inc. MA bought a new stake in shares of RingCentral during the third quarter worth approximately $204,000. 83.01% of the stock is owned by hedge funds and other institutional investors.

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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