Somewhat Favorable Press Coverage Somewhat Unlikely to Affect Ringcentral (RNG) Stock Price
Headlines about Ringcentral (NYSE:RNG) have trended somewhat positive recently, according to Accern. The research group ranks the sentiment of news coverage by monitoring more than 20 million blog and news sources in real time. Accern ranks coverage of publicly-traded companies on a scale of -1 to 1, with scores nearest to one being the most favorable. Ringcentral earned a news sentiment score of 0.19 on Accern’s scale. Accern also assigned news articles about the software maker an impact score of 46.144167476914 out of 100, indicating that recent news coverage is somewhat unlikely to have an impact on the company’s share price in the near future.
A number of research analysts have recently commented on the company. Zacks Investment Research downgraded Ringcentral from a “buy” rating to a “hold” rating in a research report on Wednesday, November 15th. Northland Securities reiterated a “buy” rating and set a $46.00 target price on shares of Ringcentral in a research report on Friday, November 10th. Craig Hallum reiterated a “buy” rating and set a $50.00 target price (up from $40.00) on shares of Ringcentral in a research report on Thursday, November 9th. Oppenheimer Holdings, Inc. increased their target price on Ringcentral from $45.00 to $50.00 and gave the company an “outperform” rating in a research report on Thursday, November 9th. Finally, Bank of America Corporation increased their target price on Ringcentral from $45.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, October 25th. Three investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Ringcentral currently has an average rating of “Buy” and an average target price of $44.15.
Shares of Ringcentral (NYSE RNG) traded up $0.65 on Tuesday, reaching $48.65. The company had a trading volume of 574,100 shares, compared to its average volume of 670,004. Ringcentral has a 12 month low of $19.95 and a 12 month high of $48.75.
Ringcentral (NYSE:RNG) last issued its quarterly earnings results on Wednesday, November 8th. The software maker reported $0.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.02. The company 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%. Ringcentral’s revenue was up 34.0% on a year-over-year basis. During the same period last year, the company earned $0.03 earnings per share. analysts anticipate that Ringcentral will post -0.33 EPS for the current year.
In other Ringcentral news, COO David Sipes sold 13,800 shares of the stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $38.64, for a total value of $533,232.00. Following the sale, the chief operating officer now owns 291,580 shares in the company, valued at $11,266,651.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Vladimir Shmunis sold 73,000 shares of the stock in a transaction on Thursday, October 12th. The stock was sold at an average price of $43.43, for a total value of $3,170,390.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 350,106 shares of company stock valued at $14,416,235. 14.53% of the stock is owned by corporate insiders.
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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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