Rosenblatt Securities Reaffirms “Buy” Rating for RingCentral (RNG)
Other analysts also recently issued reports about the company. Zacks Investment Research upgraded RingCentral from a hold rating to a buy rating and set a $100.00 price target for the company in a research note on Saturday, January 26th. Deutsche Bank boosted their price target on RingCentral from $105.00 to $115.00 and gave the company a buy rating in a research note on Tuesday, February 12th. Bank of America restated a buy rating and issued a $110.00 price target (up from $93.00) on shares of RingCentral in a research note on Thursday, February 7th. SunTrust Banks boosted their price target on RingCentral to $120.00 and gave the company a buy rating in a research note on Tuesday, February 12th. Finally, Craig Hallum boosted their price target on RingCentral from $95.00 to $120.00 and gave the company a buy rating in a research note on Tuesday, February 12th. Four investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the stock. The company presently has an average rating of Buy and a consensus target price of $111.00.
RNG opened at $106.02 on Monday. The firm has a market capitalization of $8.79 billion, a P/E ratio of -2,650.50 and a beta of 0.95. RingCentral has a 1 year low of $61.35 and a 1 year high of $111.70. The company has a quick ratio of 3.55, a current ratio of 3.55 and a debt-to-equity ratio of 1.15.
In other news, CAO John H. Marlow sold 32,774 shares of the company’s stock in a transaction on Thursday, February 28th. The stock was sold at an average price of $105.38, for a total transaction of $3,453,724.12. Following the completion of the sale, the chief accounting officer now directly owns 121,245 shares in the company, valued at approximately $12,776,798.10. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Vladimir Shmunis sold 16,898 shares of the company’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $104.36, for a total value of $1,763,475.28. Following the sale, the chief executive officer now owns 245,623 shares of the company’s stock, valued at $25,633,216.28. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 470,890 shares of company stock valued at $48,082,706. Corporate insiders own 11.99% of the company’s stock.
Several large investors have recently added to or reduced their stakes in RNG. Neuburgh Advisers LLC acquired a new position in shares of RingCentral during the 4th quarter worth $25,000. Ffcm LLC acquired a new position in shares of RingCentral during the 4th quarter worth $27,000. Karp Capital Management Corp acquired a new position in shares of RingCentral during the 4th quarter worth $41,000. Evolution Wealth Advisors LLC acquired a new position in shares of RingCentral during the 4th quarter worth $99,000. Finally, DekaBank Deutsche Girozentrale raised its holdings in shares of RingCentral by 75.1% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 1,401 shares of the software maker’s stock worth $130,000 after buying an additional 601 shares in the last quarter. Hedge funds and other institutional investors own 81.38% 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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