Craig Hallum Reiterates “Buy” Rating for Ringcentral, Inc. (RNG)
Ringcentral, Inc. (NYSE:RNG)‘s stock had its “buy” rating reiterated by equities research analysts at Craig Hallum in a research note issued on Thursday. They currently have a $50.00 price objective on the software maker’s stock, up from their prior price objective of $40.00. Craig Hallum’s target price points to a potential upside of 8.34% from the company’s current price.
A number of other research analysts have also weighed in on the company. Morgan Stanley lowered Ringcentral from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $37.00 to $33.00 in a research report on Thursday, July 20th. They noted that the move was a valuation call. BidaskClub lowered Ringcentral from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 19th. Bank of America Corporation raised their price objective on Ringcentral from $45.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, October 25th. Summit Redstone restated a “buy” rating and set a $40.00 price objective (up previously from $36.00) on shares of Ringcentral in a research report on Thursday, August 3rd. Finally, Dougherty & Co raised their price objective on Ringcentral from $36.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, August 3rd. Three equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $43.92.
Ringcentral (RNG) opened at $46.15 on Thursday. Ringcentral has a 12-month low of $19.95 and a 12-month high of $47.95.
Ringcentral (NYSE:RNG) last issued its quarterly earnings data on Wednesday, November 8th. The software maker reported $0.06 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.04 by $0.02. The firm had revenue of $129.76 million during the quarter, compared to analyst estimates of $126.06 million. Ringcentral had a negative return on equity of 18.69% and a negative net margin of 5.80%. The business’s quarterly revenue was up 34.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.03 earnings per share. equities analysts forecast that Ringcentral will post -0.35 EPS for the current year.
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In other Ringcentral news, Director R Neil Williams sold 22,000 shares of the firm’s stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $39.50, for a total value of $869,000.00. Following the completion of the sale, the director now owns 6,921 shares of the company’s stock, valued at $273,379.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, COO David Sipes sold 1,500 shares of the firm’s stock in a transaction dated Monday, October 16th. The stock was sold at an average price of $44.00, for a total transaction of $66,000.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 382,106 shares of company stock valued at $15,665,035. 14.53% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in RNG. BlackRock Inc. lifted its stake in Ringcentral by 64,315.0% in the first quarter. BlackRock Inc. now owns 3,827,538 shares of the software maker’s stock worth $108,320,000 after purchasing an additional 3,821,596 shares during the last quarter. Capital World Investors lifted its stake in Ringcentral by 23.9% in the second quarter. Capital World Investors now owns 6,599,000 shares of the software maker’s stock worth $241,193,000 after purchasing an additional 1,275,000 shares during the last quarter. Whale Rock Capital Management LLC bought a new stake in Ringcentral in the second quarter worth about $39,450,000. FMR LLC lifted its stake in Ringcentral by 40.1% in the second quarter. FMR LLC now owns 2,905,422 shares of the software maker’s stock worth $106,193,000 after purchasing an additional 832,314 shares during the last quarter. Finally, Southpoint Capital Advisors LP bought a new stake in Ringcentral in the second quarter worth about $18,275,000. 74.21% of the stock is owned by institutional investors and hedge funds.
RingCentral, Inc is a provider of software-as-a-service (SaaS) solutions for businesses to support modern communications. The Company’s cloud-based business communications solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, personal computers (PCs) and desk phones, and allow for communication across multiple channels, including high definition (HD) voice, video, short messaging service (SMS), messaging and collaboration, conferencing, online meetings, and fax.
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