RingCentral (NYSE:RNG) Price Target Increased to $239.00 by Analysts at Northland Securities

RingCentral (NYSE:RNG) had its target price boosted by Northland Securities from $185.00 to $239.00 in a research report sent to investors on Tuesday morning, AnalystRatings.com reports. The brokerage currently has an outperform rating on the software maker’s stock.

Several other analysts also recently issued reports on the stock. SunTrust Banks increased their price objective on shares of RingCentral from $225.00 to $236.00 and gave the company a buy rating in a research report on Tuesday. Goldman Sachs Group increased their price objective on shares of RingCentral from $230.00 to $255.00 and gave the company a buy rating in a research report on Tuesday. Rosenblatt Securities increased their price objective on shares of RingCentral from $215.00 to $245.00 and gave the company a buy rating in a research report on Tuesday. Piper Sandler increased their price objective on shares of RingCentral from $194.00 to $256.00 and gave the company an overweight rating in a research report on Tuesday. Finally, UBS Group increased their price objective on shares of RingCentral from $210.00 to $250.00 and gave the company an outperform rating in a research report on Tuesday. They noted that the move was a valuation call. Four investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of Buy and an average price target of $224.10.

RNG traded down $1.02 on Tuesday, reaching $241.83. 38,228 shares of the company’s stock were exchanged, compared to its average volume of 1,132,265. The company’s 50 day moving average is $192.55 and its 200-day moving average is $162.36. The company has a market cap of $20.26 billion, a price-to-earnings ratio of -377.61 and a beta of 0.81. RingCentral has a twelve month low of $98.19 and a twelve month high of $244.63. The company has a debt-to-equity ratio of 1.12, a quick ratio of 2.85 and a current ratio of 2.85.

RingCentral (NYSE:RNG) last posted its earnings results on Monday, February 10th. The software maker reported $0.22 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.21 by $0.01. The firm had revenue of $252.87 million during the quarter, compared to the consensus estimate of $237.38 million. RingCentral had a negative net margin of 5.94% and a negative return on equity of 3.67%. The company’s revenue was up 34.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.23 EPS. Sell-side analysts forecast that RingCentral will post -0.22 EPS for the current year.

In other news, COO David Sipes sold 15,017 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $165.75, for a total transaction of $2,489,067.75. Following the completion of the sale, the chief operating officer now owns 215,870 shares of the company’s stock, valued at $35,780,452.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Vladimir Shmunis sold 63,564 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $172.64, for a total transaction of $10,973,688.96. Following the sale, the chief executive officer now directly owns 254,830 shares of the company’s stock, valued at approximately $43,993,851.20. The disclosure for this sale can be found here. Insiders have sold 210,437 shares of company stock valued at $35,641,084 in the last three months. Corporate insiders own 11.03% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the company. FIL Ltd grew its position in shares of RingCentral by 38.0% during the fourth quarter. FIL Ltd now owns 1,543,715 shares of the software maker’s stock worth $260,378,000 after buying an additional 425,459 shares in the last quarter. Eagle Asset Management Inc. grew its position in shares of RingCentral by 12.4% during the fourth quarter. Eagle Asset Management Inc. now owns 758,344 shares of the software maker’s stock worth $127,909,000 after buying an additional 83,415 shares in the last quarter. Jennison Associates LLC acquired a new stake in shares of RingCentral during the fourth quarter worth approximately $117,161,000. Lord Abbett & CO. LLC grew its position in shares of RingCentral by 23.6% during the fourth quarter. Lord Abbett & CO. LLC now owns 552,039 shares of the software maker’s stock worth $93,113,000 after buying an additional 105,395 shares in the last quarter. Finally, Zevenbergen Capital Investments LLC grew its position in shares of RingCentral by 131.6% during the fourth quarter. Zevenbergen Capital Investments LLC now owns 490,426 shares of the software maker’s stock worth $82,720,000 after buying an additional 278,641 shares in the last quarter. 83.31% of the stock is owned by institutional investors and hedge funds.

RingCentral Company Profile

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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Analyst Recommendations for RingCentral (NYSE:RNG)

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