RingCentral (RNG) Getting Somewhat Positive Press Coverage, Report Shows
Media coverage about RingCentral (NYSE:RNG) has trended somewhat positive this week, Accern Sentiment reports. The research group ranks the sentiment of press coverage by analyzing more than 20 million blog and news sources in real time. Accern ranks coverage of public companies on a scale of negative one to positive one, with scores nearest to one being the most favorable. RingCentral earned a media sentiment score of 0.22 on Accern’s scale. Accern also assigned media headlines about the software maker an impact score of 45.1024576187584 out of 100, indicating that recent press coverage is somewhat unlikely to have an impact on the stock’s share price in the near term.
Several brokerages have recently issued reports on RNG. Oppenheimer lifted their target price on RingCentral from $45.00 to $50.00 and gave the stock an “outperform” rating in a report on Thursday, November 9th. Zacks Investment Research lowered RingCentral from a “buy” rating to a “hold” rating in a research report on Wednesday, October 18th. Jefferies Group reiterated a “buy” rating and issued a $48.00 price target on shares of RingCentral in a research report on Thursday, October 19th. Craig Hallum reiterated a “buy” rating and issued a $50.00 price target (up previously from $40.00) on shares of RingCentral in a research report on Thursday, November 9th. Finally, JPMorgan Chase & Co. lowered RingCentral from an “overweight” rating to a “neutral” rating and set a $52.00 price target for the company. in a research report on Tuesday, December 12th. Four analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $45.14.
RingCentral (NYSE RNG) traded down $1.20 on Friday, reaching $53.15. The company had a trading volume of 221,281 shares, compared to its average volume of 368,690. The stock has a market capitalization of $4,110.00, a price-to-earnings ratio of -147.64 and a beta of 0.87. RingCentral has a 12 month low of $21.90 and a 12 month high of $56.15.
In other RingCentral news, CEO Vladimir Shmunis sold 48,666 shares of the business’s stock in a transaction that occurred on Tuesday, December 12th. The stock was sold at an average price of $47.12, for a total transaction of $2,293,141.92. Following the completion of the transaction, the chief executive officer now owns 355,041 shares in the company, valued at $16,729,531.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO David Sipes sold 15,270 shares of the business’s stock in a transaction that occurred on Tuesday, November 28th. The shares were sold at an average price of $49.06, for a total value of $749,146.20. Following the transaction, the chief operating officer now owns 280,781 shares of the company’s stock, valued at approximately $13,775,115.86. The disclosure for this sale can be found here. Insiders have sold 230,934 shares of company stock valued at $11,112,262 in the last 90 days. Company insiders own 14.53% of the company’s stock.
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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