Ringcentral, Inc. (NYSE:RNG)‘s stock had its “buy” rating restated by stock analysts at Northland Securities in a research report issued to clients and investors on Friday. They presently have a $46.00 price objective on the software maker’s stock. Northland Securities’ price objective would indicate a potential downside of 0.33% from the stock’s previous close.
RNG has been the subject of several other research reports. Oppenheimer Holdings, Inc. upped their price objective on Ringcentral from $33.00 to $45.00 in a research note on Thursday, July 13th. BidaskClub downgraded Ringcentral from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 19th. Dougherty & Co reaffirmed a “buy” rating and issued a $40.00 price objective (up previously from $36.00) on shares of Ringcentral in a research note on Wednesday, August 9th. Summit Redstone reaffirmed a “buy” rating and issued a $40.00 price objective (up previously from $36.00) on shares of Ringcentral in a research note on Thursday, August 3rd. Finally, Craig Hallum reaffirmed a “buy” rating and issued a $40.00 price objective (up previously from $35.00) on shares of Ringcentral in a research note on Thursday, August 3rd. Three analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $43.92.
Ringcentral (NYSE:RNG) traded down $1.40 during mid-day trading on Friday, hitting $46.15. 645,000 shares of the stock were exchanged, compared to its average volume of 484,823. Ringcentral has a 52-week low of $19.95 and a 52-week high of $47.95.
Ringcentral (NYSE:RNG) last posted its earnings results on Wednesday, November 8th. The software maker reported $0.06 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.02. The firm had revenue of $129.76 million during the quarter, compared to analysts’ expectations of $126.06 million. Ringcentral had a negative net margin of 5.80% and a negative return on equity of 18.69%. The business’s revenue for the quarter was up 34.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.03 earnings per share. equities research analysts forecast that Ringcentral will post -0.35 EPS for the current fiscal year.
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In other Ringcentral news, COO David Sipes sold 1,500 shares of the stock in a transaction that occurred on Monday, October 16th. The shares were sold at an average price of $44.00, for a total transaction of $66,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Praful Shah sold 10,000 shares of the stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $37.98, for a total transaction of $379,800.00. Following the sale, the insider now directly owns 300,176 shares of the company’s stock, valued at approximately $11,400,684.48. The disclosure for this sale can be found here. Insiders have sold a total of 382,106 shares of company stock valued at $15,665,035 in the last three months. Insiders own 14.53% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the business. Axiom International Investors LLC DE increased its position in Ringcentral by 27.6% during the 3rd quarter. Axiom International Investors LLC DE now owns 233,337 shares of the software maker’s stock valued at $9,742,000 after purchasing an additional 50,413 shares during the period. JPMorgan Chase & Co. increased its position in Ringcentral by 2.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,216,115 shares of the software maker’s stock valued at $48,828,000 after purchasing an additional 27,040 shares during the period. Legal & General Group Plc increased its position in Ringcentral by 13.3% during the 3rd quarter. Legal & General Group Plc now owns 25,623 shares of the software maker’s stock valued at $1,066,000 after purchasing an additional 3,011 shares during the period. Eagle Asset Management Inc. increased its position in Ringcentral by 12.4% during the 3rd quarter. Eagle Asset Management Inc. now owns 304,717 shares of the software maker’s stock valued at $13,407,000 after purchasing an additional 33,668 shares during the period. Finally, American International Group Inc. boosted its holdings in shares of Ringcentral by 8.1% during the 3rd quarter. American International Group Inc. now owns 41,860 shares of the software maker’s stock worth $1,748,000 after buying an additional 3,130 shares in the last quarter. 74.21% of the stock is owned by institutional investors and hedge funds.
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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