RingCentral (NYSE:RNG) Earns Buy Rating from Oppenheimer
Oppenheimer reissued their buy rating on shares of RingCentral (NYSE:RNG) in a report released on Tuesday, BenzingaRatingsTable reports. They currently have a $250.00 price target on the software maker’s stock, up from their prior price target of $210.00. Oppenheimer also issued estimates for RingCentral’s Q1 2020 earnings at ($0.14) EPS, Q2 2020 earnings at ($0.20) EPS, Q3 2020 earnings at ($0.18) EPS, Q4 2020 earnings at ($0.14) EPS and FY2020 earnings at ($0.65) EPS.
Several other equities analysts have also recently issued reports on RNG. Wells Fargo & Co started coverage on shares of RingCentral in a research note on Monday, January 27th. They issued an overweight rating and a $240.00 price objective on the stock. Zacks Investment Research cut shares of RingCentral from a buy rating to a hold rating in a research note on Saturday, November 9th. Goldman Sachs Group raised shares of RingCentral from a neutral rating to a buy rating and upped their price target for the stock from $189.00 to $230.00 in a research note on Tuesday, January 21st. Craig Hallum upped their price target on shares of RingCentral from $150.00 to $175.00 and gave the stock a buy rating in a research note on Tuesday, November 5th. Finally, SunTrust Banks reaffirmed a positive rating and set a $225.00 price target on shares of RingCentral in a research note on Tuesday, February 4th. Four research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company. RingCentral presently has a consensus rating of Buy and an average price target of $224.10.
Shares of RNG opened at $242.39 on Tuesday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 2.85 and a current ratio of 2.85. The stock has a market capitalization of $20.26 billion, a P/E ratio of -378.73 and a beta of 0.81. The company’s fifty day moving average is $194.02 and its two-hundred day moving average is $162.93. RingCentral has a 1 year low of $98.19 and a 1 year high of $246.46.
In related news, COO David Sipes sold 14,613 shares of the business’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $169.68, for a total value of $2,479,533.84. Following the sale, the chief operating officer now directly owns 228,717 shares in the company, valued at approximately $38,808,700.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Vladimir Shmunis sold 63,564 shares of the business’s stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 254,830 shares in the company, valued at $43,993,851.20. The disclosure for this sale can be found here. Insiders sold a total of 210,437 shares of company stock worth $35,641,084 over the last quarter. Insiders own 11.03% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the business. Migdal Insurance & Financial Holdings Ltd. lifted its holdings in RingCentral by 0.5% in the 4th quarter. Migdal Insurance & Financial Holdings Ltd. now owns 9,517 shares of the software maker’s stock valued at $1,605,000 after purchasing an additional 50 shares in the last quarter. World Asset Management Inc lifted its holdings in RingCentral by 3.0% in the 3rd quarter. World Asset Management Inc now owns 2,374 shares of the software maker’s stock valued at $298,000 after purchasing an additional 70 shares in the last quarter. Raymond James Trust N.A. lifted its holdings in RingCentral by 2.4% in the 3rd quarter. Raymond James Trust N.A. now owns 3,487 shares of the software maker’s stock valued at $438,000 after purchasing an additional 83 shares in the last quarter. Strs Ohio lifted its holdings in RingCentral by 6.5% in the 3rd quarter. Strs Ohio now owns 2,167 shares of the software maker’s stock valued at $272,000 after purchasing an additional 133 shares in the last quarter. Finally, Security National Trust Co. purchased a new position in RingCentral in the 4th quarter valued at about $25,000. Institutional investors own 83.31% of the company’s stock.
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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