Ringcentral, Inc. (NYSE:RNG)‘s stock had its “buy” rating restated by investment analysts at Northland Securities in a research note issued on Friday. They currently have a $46.00 price target on the software maker’s stock. Northland Securities’ price objective indicates a potential downside of 0.33% from the stock’s previous close.

Other equities analysts have also issued research reports about the stock. Oppenheimer Holdings, Inc. increased their price objective on shares of Ringcentral from $33.00 to $45.00 in a research report on Thursday, July 13th. BidaskClub lowered shares of Ringcentral from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 19th. Dougherty & Co reiterated a “buy” rating and set a $40.00 price objective (up previously from $36.00) on shares of Ringcentral in a research report on Wednesday, August 9th. Summit Redstone restated a “buy” rating and issued a $40.00 target price (up previously from $36.00) on shares of Ringcentral in a report on Thursday, August 3rd. Finally, Craig Hallum restated a “buy” rating and issued a $40.00 target price (up previously from $35.00) on shares of Ringcentral in a 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 stock. The company currently has an average rating of “Buy” and an average target price of $43.92.

Ringcentral (NYSE:RNG) traded down $1.40 during mid-day trading on Friday, reaching $46.15. 643,584 shares of the company’s stock traded hands, compared to its average volume of 675,168. Ringcentral has a fifty-two week low of $19.95 and a fifty-two week high of $47.95.

Ringcentral (NYSE:RNG) last released its quarterly earnings data on Wednesday, November 8th. The software maker reported $0.06 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.04 by $0.02. Ringcentral had a negative net margin of 5.80% and a negative return on equity of 18.69%. The business had revenue of $129.76 million during the quarter, compared to analyst estimates of $126.06 million. During the same quarter last year, the business earned $0.03 earnings per share. Ringcentral’s quarterly revenue was up 34.0% compared to the same quarter last year. equities research analysts forecast that Ringcentral will post -0.35 EPS for the current fiscal year.

ILLEGAL ACTIVITY NOTICE: “Ringcentral’s (RNG) “Buy” Rating Reiterated at Northland Securities” was first published by Watch List News and is the sole property of of Watch List News. If you are reading this news story on another website, it was stolen and reposted in violation of US and international copyright & trademark laws. The correct version of this news story can be accessed at https://www.watchlistnews.com/ringcentrals-rng-buy-rating-reiterated-at-northland-securities/1694381.html.

In related news, insider Praful Shah sold 10,000 shares of Ringcentral stock in a transaction dated Tuesday, August 22nd. The shares were sold at an average price of $37.98, for a total transaction of $379,800.00. Following the completion of the sale, the insider now owns 300,176 shares in the company, valued at approximately $11,400,684.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO David Sipes sold 1,500 shares of Ringcentral stock in a transaction dated Monday, October 16th. The shares were 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. Insiders have sold a total of 382,106 shares of company stock valued at $15,665,035 in the last quarter. 14.53% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Ameritas Investment Partners Inc. lifted its holdings in Ringcentral by 8.3% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,480 shares of the software maker’s stock valued at $200,000 after buying an additional 418 shares in the last quarter. ProShare Advisors LLC bought a new stake in Ringcentral during the 2nd quarter valued at about $202,000. Amalgamated Bank bought a new stake in Ringcentral during the 1st quarter valued at about $203,000. Principal Financial Group Inc. bought a new stake in Ringcentral during the 1st quarter valued at about $237,000. Finally, Virtu KCG Holdings LLC bought a new stake in Ringcentral during the 2nd quarter valued at about $248,000. Institutional investors own 74.21% 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.

Analyst Recommendations for Ringcentral (NYSE:RNG)

Receive News & Ratings for Ringcentral Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ringcentral Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.