Ringcentral, Inc. (RNG) Given Consensus Recommendation of “Buy” by Brokerages
Ringcentral, Inc. (NYSE:RNG) has been given a consensus recommendation of “Buy” by the fifteen brokerages that are presently covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating on the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $39.17.
Several equities research analysts have commented on RNG shares. Stephens reiterated an “overweight” rating and set a $44.00 price objective on shares of Ringcentral in a research note on Sunday, June 25th. BidaskClub lowered Ringcentral from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. Jefferies Group LLC restated a “buy” rating and issued a $38.00 price target on shares of Ringcentral in a research report on Sunday, July 2nd. Craig Hallum restated a “buy” rating and issued a $40.00 price target (up from $35.00) on shares of Ringcentral in a research report on Thursday, August 3rd. Finally, Oppenheimer Holdings, Inc. restated an “outperform” rating and issued a $33.00 price target (up from $32.00) on shares of Ringcentral in a research report on Monday, May 1st.
Ringcentral (RNG) opened at 37.70 on Friday. Ringcentral has a 12-month low of $19.35 and a 12-month high of $43.05. The firm’s 50-day moving average price is $36.19 and its 200 day moving average price is $30.98. The stock’s market cap is $2.89 billion.
Ringcentral (NYSE:RNG) last posted its quarterly earnings data on Wednesday, August 2nd. The software maker reported $0.04 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.03 by $0.01. Ringcentral had a negative return on equity of 19.59% and a negative net margin of 6.77%. The company had revenue of $119.40 million during the quarter, compared to analyst estimates of $118.19 million. During the same period in the previous year, the business earned $0.02 EPS. Ringcentral’s quarterly revenue was up 30.1% on a year-over-year basis. Analysts anticipate that Ringcentral will post $0.17 EPS for the current year.
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In related news, CEO Vladimir Shmunis sold 73,000 shares of the company’s stock in a transaction that occurred on Thursday, July 13th. The stock was sold at an average price of $36.87, for a total value of $2,691,510.00. Following the transaction, the chief executive officer now directly owns 355,041 shares in the company, valued at $13,090,361.67. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Praful Shah sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $36.07, for a total value of $360,700.00. The disclosure for this sale can be found here. Insiders sold 358,251 shares of company stock worth $12,643,495 over the last quarter. 14.53% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Aperio Group LLC boosted its position in Ringcentral by 1.5% in the second quarter. Aperio Group LLC now owns 11,457 shares of the software maker’s stock worth $419,000 after buying an additional 169 shares in the last quarter. Falcon Point Capital LLC boosted its position in Ringcentral by 3.2% in the second quarter. Falcon Point Capital LLC now owns 9,356 shares of the software maker’s stock worth $342,000 after buying an additional 288 shares in the last quarter. Amalgamated Bank boosted its position in Ringcentral by 11.5% in the second quarter. Amalgamated Bank now owns 8,006 shares of the software maker’s stock worth $293,000 after buying an additional 825 shares in the last quarter. Legal & General Group Plc boosted its position in Ringcentral by 5.1% in the second quarter. Legal & General Group Plc now owns 22,612 shares of the software maker’s stock worth $825,000 after buying an additional 1,089 shares in the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. boosted its position in Ringcentral by 13.8% in the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 10,581 shares of the software maker’s stock worth $387,000 after buying an additional 1,280 shares in the last quarter. Hedge funds and other institutional investors own 71.20% of the company’s stock.
Ringcentral Company Profile
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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