Zacks Investment Research upgraded shares of RingCentral Inc. (NYSE:RNG) from a sell rating to a hold rating in a research note published on Thursday morning.
According to Zacks, “RingCentral, Inc. provides solutions for business communications primarily in the United States. The Company’s products include RingCentral Office, RingCentral Mobile and RingCentral Fax. It provides solutions such as auto-receptionist, flexible extension structure, multiple voicemail boxes, smart call routing, business answering rules, extension dialing, call transfers and elegant integration with Smartphones. RingCentral, Inc. is headquartered in San Mateo, California. “
A number of other brokerages have also recently issued reports on RNG. Jefferies Group reissued a buy rating and issued a $29.00 target price on shares of RingCentral in a research report on Thursday, November 17th. Goldman Sachs Group Inc. reissued a neutral rating and issued a $26.00 target price on shares of RingCentral in a research report on Wednesday, October 26th. Robert W. Baird assumed coverage on RingCentral in a research report on Thursday, August 25th. They issued a neutral rating and a $24.00 target price for the company. Finally, Oppenheimer Holdings Inc. reissued an outperform rating and issued a $29.00 target price (up from $27.00) on shares of RingCentral in a research report on Friday, August 5th. Four analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. RingCentral currently has a consensus rating of Buy and an average target price of $25.89.
Shares of RingCentral (NYSE:RNG) opened at 22.85 on Thursday. RingCentral has a 52-week low of $13.88 and a 52-week high of $25.67. The stock’s market capitalization is $1.68 billion. The stock has a 50 day moving average price of $21.84 and a 200-day moving average price of $21.64.
RingCentral (NYSE:RNG) last released its quarterly earnings data on Tuesday, October 25th. The company reported $0.03 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.02. RingCentral had a negative return on equity of 20.73% and a negative net margin of 8.17%. The business had revenue of $96.80 million for the quarter, compared to the consensus estimate of $41.93 million. During the same quarter in the prior year, the business posted ($0.09) EPS. The business’s revenue for the quarter was up 26.0% on a year-over-year basis. On average, equities research analysts anticipate that RingCentral will post $0.08 EPS for the current fiscal year.
In related news, SVP John H. Marlow sold 16,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 30th. The stock was sold at an average price of $22.22, for a total value of $355,520.00. Following the completion of the transaction, the senior vice president now directly owns 102,511 shares of the company’s stock, valued at approximately $2,277,794.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Vladimir Shmunis sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, November 7th. The shares were sold at an average price of $20.42, for a total value of $408,400.00. Following the completion of the transaction, the chief executive officer now directly owns 227,522 shares of the company’s stock, valued at $4,645,999.24. The disclosure for this sale can be found here. 17.34% of the stock is owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD increased its position in RingCentral by 22.2% in the third quarter. Price T Rowe Associates Inc. MD now owns 1,827,286 shares of the company’s stock valued at $43,234,000 after buying an additional 332,354 shares during the last quarter. Verition Fund Management LLC increased its position in RingCentral by 0.7% in the third quarter. Verition Fund Management LLC now owns 21,008 shares of the company’s stock valued at $497,000 after buying an additional 149 shares during the last quarter. Eaton Vance Management purchased a new position in RingCentral during the third quarter valued at $4,732,000. Capital World Investors increased its position in RingCentral by 84.6% in the third quarter. Capital World Investors now owns 2,648,604 shares of the company’s stock valued at $62,666,000 after buying an additional 1,213,604 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. increased its position in RingCentral by 5.4% in the third quarter. D. E. Shaw & Co. Inc. now owns 86,189 shares of the company’s stock valued at $2,039,000 after buying an additional 4,452 shares during the last quarter. 69.61% of the stock is owned by hedge funds and other institutional investors.
RingCentral Company Profile
RingCentral, Inc is a provider of software-as-a-service (SaaS) solutions for business 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 voice, text, team messaging collaboration, high definition (HD) video for Web conferencing and fax.