RingCentral, Inc. (NYSE:RNG) Given Consensus Recommendation of “Buy” by Brokerages

Shares of RingCentral, Inc. (NYSE:RNG – Get Rating) have been given an average recommendation of “Buy” by the twenty-two research firms that are covering the stock, Marketbeat.com reports. Four research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $172.57.

RNG has been the topic of a number of recent research reports. Evercore ISI dropped their price objective on shares of RingCentral from $275.00 to $225.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 23rd. StockNews.com raised shares of RingCentral from a “sell” rating to a “hold” rating in a report on Wednesday, May 11th. Wells Fargo & Company decreased their price objective on RingCentral from $150.00 to $115.00 and set an “overweight” rating for the company in a report on Wednesday, May 18th. Morgan Stanley dropped their target price on RingCentral from $220.00 to $165.00 and set an “equal weight” rating on the stock in a research note on Tuesday, February 22nd. Finally, Raymond James cut their price target on shares of RingCentral from $300.00 to $135.00 in a research note on Tuesday, May 10th.

In other news, COO Mohammed Katibeh sold 1,846 shares of the firm’s stock in a transaction that occurred on Wednesday, May 11th. The stock was sold at an average price of $67.60, for a total value of $124,789.60. Following the completion of the sale, the chief operating officer now directly owns 110,098 shares of the company’s stock, valued at approximately $7,442,624.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Vladimir Shmunis acquired 20,000 shares of the business’s stock in a transaction on Tuesday, May 24th. The stock was acquired at an average price of $59.52 per share, with a total value of $1,190,400.00. Following the transaction, the chief executive officer now directly owns 289,379 shares of the company’s stock, valued at approximately $17,223,838.08. The disclosure for this purchase can be found here. Insiders sold 44,029 shares of company stock valued at $2,841,132 over the last three months. Corporate insiders own 7.35% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the stock. Stonnington Group LLC increased its holdings in RingCentral by 600.0% during the 4th quarter. Stonnington Group LLC now owns 7,000 shares of the software maker’s stock valued at $1,327,000 after acquiring an additional 6,000 shares in the last quarter. Capital World Investors lifted its position in RingCentral by 13.0% during the fourth quarter. Capital World Investors now owns 11,188,825 shares of the software maker’s stock worth $2,096,226,000 after buying an additional 1,283,945 shares during the period. Yarbrough Capital LLC purchased a new stake in RingCentral in the 4th quarter valued at about $206,000. Nissay Asset Management Corp Japan ADV increased its stake in shares of RingCentral by 3.4% during the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 9,107 shares of the software maker’s stock valued at $1,706,000 after acquiring an additional 303 shares during the last quarter. Finally, Spire Wealth Management lifted its holdings in shares of RingCentral by 843.8% during the 4th quarter. Spire Wealth Management now owns 151 shares of the software maker’s stock worth $28,000 after acquiring an additional 135 shares during the period. 85.96% of the stock is currently owned by hedge funds and other institutional investors.

NYSE RNG opened at $52.23 on Tuesday. The stock’s 50-day moving average price is $73.18 and its 200-day moving average price is $125.96. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 33.52. RingCentral has a 52 week low of $48.53 and a 52 week high of $315.00. The company has a market capitalization of $4.81 billion, a P/E ratio of -9.18 and a beta of 0.95.

RingCentral (NYSE:RNG – Get Rating) last issued its earnings results on Monday, May 9th. The software maker reported ($0.63) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.54) by ($0.09). The business had revenue of $467.66 million for the quarter, compared to the consensus estimate of $458.36 million. RingCentral had a negative net margin of 30.82% and a negative return on equity of 183.51%. The firm’s revenue for the quarter was up 32.7% compared to the same quarter last year. During the same period last year, the business posted ($0.41) EPS. Research analysts anticipate that RingCentral will post -1.66 EPS for the current year.

About RingCentral (Get Rating)

RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect in North America. The company offers business cloud communications and contact center solutions based on its Message Video Phone? platform. Its products include RingCentral Office that provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers omni-channel; and RingCentral Engage Digital, a digital customer engagement platform that allows enterprises to interact with their customers.

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