Zacks Investment Research upgraded shares of RingCentral Inc. (NYSE:RNG) from a sell rating to a hold rating in a research report sent to investors on Thursday.
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. “
Other research analysts have also issued reports about the company. Jefferies Group raised their price target on RingCentral from $27.00 to $29.00 and gave the company a buy rating in a report on Thursday, August 4th. Robert W. Baird assumed coverage on RingCentral in a report on Thursday, August 25th. They set a neutral rating and a $24.00 price target on the stock. Oppenheimer Holdings Inc. reissued an outperform rating and set a $29.00 price target (up from $27.00) on shares of RingCentral in a report on Friday, August 5th. Finally, Goldman Sachs Group Inc. reissued a neutral rating and set a $26.00 price target on shares of RingCentral in a report on Wednesday, October 26th. Four analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company presently has an average rating of Buy and an average target price of $25.89.
RingCentral (NYSE:RNG) opened at 22.05 on Thursday. RingCentral has a 12-month low of $13.88 and a 12-month high of $25.67. The stock’s market capitalization is $1.62 billion. The firm has a 50-day moving average of $21.80 and a 200-day moving average of $21.74.
RingCentral (NYSE:RNG) last issued its quarterly earnings results on Tuesday, October 25th. The company reported $0.03 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.02. The company had revenue of $96.80 million for the quarter, compared to analyst estimates of $41.93 million. RingCentral had a negative return on equity of 20.73% and a negative net margin of 8.17%. The company’s quarterly revenue was up 26.0% compared to the same quarter last year. During the same period last year, the company earned ($0.09) earnings per share. Equities research analysts forecast that RingCentral will post $0.08 earnings per share for the current fiscal year.
In related news, SVP Praful Shah sold 10,000 shares of RingCentral stock in a transaction dated Thursday, September 1st. The stock was sold at an average price of $21.92, for a total value of $219,200.00. Following the transaction, the senior vice president now owns 328,247 shares of the company’s stock, valued at approximately $7,195,174.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP John H. Marlow sold 2,000 shares of RingCentral stock in a transaction dated Thursday, September 15th. The stock was sold at an average price of $22.45, for a total value of $44,900.00. Following the completion of the transaction, the senior vice president now directly owns 89,511 shares in the company, valued at approximately $2,009,521.95. The disclosure for this sale can be found here. 17.34% of the stock is owned by corporate insiders.
A number of institutional investors have recently modified their holdings of RNG. TIAA CREF Investment Management LLC raised its stake in shares of RingCentral by 26.3% in the first quarter. TIAA CREF Investment Management LLC now owns 219,691 shares of the company’s stock worth $3,460,000 after buying an additional 45,802 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in shares of RingCentral by 9.9% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,496,736 shares of the company’s stock worth $23,574,000 after buying an additional 135,426 shares during the last quarter. Herald Investment Management Ltd acquired a new stake in shares of RingCentral during the first quarter worth approximately $1,573,000. Nisa Investment Advisors LLC raised its stake in shares of RingCentral by 20.0% in the second quarter. Nisa Investment Advisors LLC now owns 12,000 shares of the company’s stock worth $237,000 after buying an additional 2,000 shares during the last quarter. Finally, Fox Run Management L.L.C. acquired a new stake in shares of RingCentral during the second quarter worth approximately $653,000. 71.89% of the stock is currently 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.