Ringcentral, Inc. (RNG) Receives $43.50 Average Price Target from Analysts
Ringcentral, Inc. (NYSE:RNG) has earned an average rating of “Buy” from the fifteen analysts that are currently covering the company, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold recommendation and twelve have assigned a buy recommendation to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $43.50.
A number of research firms have recently weighed in on RNG. Northland Securities reiterated an “outperform” rating and set a $46.00 target price (up from $43.00) on shares of Ringcentral in a research report on Tuesday, October 3rd. Dougherty & Co reiterated a “buy” rating and set a $40.00 target price (up from $36.00) on shares of Ringcentral in a research report on Wednesday, August 9th. Robert W. Baird downgraded Ringcentral from an “outperform” rating to a “neutral” rating and upped their target price for the company from $38.80 to $41.00 in a research report on Thursday, August 10th. Zacks Investment Research downgraded Ringcentral from a “buy” rating to a “hold” rating in a research report on Wednesday, November 15th. Finally, BidaskClub upgraded Ringcentral from a “hold” rating to a “buy” rating in a research report on Wednesday, August 16th.
Ringcentral (RNG) traded down $0.40 during trading hours on Friday, hitting $48.30. The stock had a trading volume of 337,661 shares, compared to its average volume of 668,362. Ringcentral has a 1 year low of $19.95 and a 1 year high of $49.10.
Ringcentral (NYSE:RNG) last released its earnings results on Wednesday, November 8th. The software maker reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.02. The firm had revenue of $129.76 million during the quarter, compared to the consensus estimate of $126.06 million. Ringcentral had a negative return on equity of 17.97% and a negative net margin of 5.80%. The company’s revenue was up 34.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.03 EPS. sell-side analysts anticipate that Ringcentral will post -0.33 earnings per share for the current year.
In related news, COO David Sipes sold 1,500 shares of the company’s stock in a transaction on Monday, October 16th. The stock was sold at an average price of $44.00, for a total transaction of $66,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO John H. Marlow sold 1,945 shares of the company’s stock in a transaction on Wednesday, November 22nd. The stock was sold at an average price of $48.65, for a total value of $94,624.25. Following the sale, the chief accounting officer now owns 120,373 shares of the company’s stock, valued at $5,856,146.45. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 354,252 shares of company stock valued at $15,812,059. 14.53% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently modified their holdings of the business. Ameritas Investment Partners Inc. increased its holdings in Ringcentral by 8.3% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,480 shares of the software maker’s stock worth $200,000 after purchasing an additional 418 shares in the last quarter. ProShare Advisors LLC acquired a new position in Ringcentral in the 2nd quarter worth about $202,000. Virtu KCG Holdings LLC acquired a new position in Ringcentral in the 2nd quarter worth about $248,000. Turner Investments LLC acquired a new position in Ringcentral in the 2nd quarter worth about $256,000. Finally, Amalgamated Bank acquired a new position in Ringcentral in the 1st quarter worth about $203,000. 76.88% of the stock is owned by institutional investors and hedge funds.
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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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