Guggenheim started coverage on shares of RingCentral (NYSE:RNG) in a research report report published on Monday morning, Marketbeat Ratings reports. The brokerage issued a buy rating and a $125.00 price objective on the software maker’s stock.
RNG has been the subject of a number of other research reports. Zacks Investment Research upgraded shares of RingCentral from a hold rating to a buy rating and set a $100.00 price target for the company in a report on Saturday, January 26th. Robert W. Baird upgraded shares of RingCentral from a neutral rating to an outperform rating and set a $100.00 price target for the company in a report on Monday, November 19th. Jefferies Financial Group raised their price target on shares of RingCentral from $115.00 to $121.00 and gave the stock a buy rating in a report on Friday, February 22nd. Morgan Stanley raised their price target on shares of RingCentral from $84.00 to $93.00 and gave the stock an equal weight rating in a report on Monday, January 7th. Finally, Stephens restated an equal weight rating on shares of RingCentral in a report on Tuesday, February 12th. They noted that the move was a valuation call. Four investment analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company. The stock currently has a consensus rating of Buy and a consensus target price of $110.00.
Get RingCentral alerts:RNG opened at $106.53 on Monday. The company has a market capitalization of $8.60 billion, a price-to-earnings ratio of -2,663.25 and a beta of 0.95. The company has a debt-to-equity ratio of 1.15, a quick ratio of 3.55 and a current ratio of 3.55. RingCentral has a 1-year low of $61.35 and a 1-year high of $109.84.
RingCentral (NYSE:RNG) last announced its quarterly earnings results on Monday, February 11th. The software maker reported $0.01 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.04) by $0.05. The business had revenue of $188.62 million during the quarter, compared to the consensus estimate of $180.91 million. RingCentral had a negative net margin of 3.89% and a negative return on equity of 0.69%. Sell-side analysts forecast that RingCentral will post -0.43 EPS for the current fiscal year.
In related news, CAO John H. Marlow sold 32,774 shares of RingCentral stock in a transaction that occurred on Thursday, February 28th. The shares were sold at an average price of $105.38, for a total value of $3,453,724.12. Following the completion of the sale, the chief accounting officer now owns 121,245 shares in the company, valued at approximately $12,776,798.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Vladimir Shmunis sold 16,898 shares of RingCentral stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $104.36, for a total transaction of $1,763,475.28. Following the completion of the sale, the chief executive officer now owns 245,623 shares of the company’s stock, valued at approximately $25,633,216.28. The disclosure for this sale can be found here. Insiders sold a total of 477,279 shares of company stock valued at $48,597,478 in the last quarter. 11.99% of the stock is owned by insiders.
A number of institutional investors have recently bought and sold shares of the stock. Utah Retirement Systems boosted its position in RingCentral by 0.8% in the 4th quarter. Utah Retirement Systems now owns 12,600 shares of the software maker’s stock valued at $1,039,000 after buying an additional 100 shares during the period. State of Alaska Department of Revenue boosted its position in RingCentral by 1.9% in the 4th quarter. State of Alaska Department of Revenue now owns 8,420 shares of the software maker’s stock valued at $694,000 after buying an additional 161 shares during the period. Moloney Securities Asset Management LLC boosted its position in RingCentral by 6.7% in the 4th quarter. Moloney Securities Asset Management LLC now owns 3,200 shares of the software maker’s stock valued at $264,000 after buying an additional 200 shares during the period. Neuburgh Advisers LLC purchased a new position in RingCentral in the 4th quarter valued at approximately $25,000. Finally, Ffcm LLC purchased a new position in RingCentral in the 4th quarter valued at approximately $27,000. Hedge funds and other institutional investors own 81.51% of the company’s stock.
About RingCentral
RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect primarily in North America. The company's products include RingCentral Office, provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax through smartphones, tablets, PCs, and desk phones; RingCentral Professional, a cloud based virtual telephone service for professionals, as well as provides inbound call answering and management services, and includes inbound local, long-distance, and toll-free minutes; and RingCentral Fax that provides online fax capabilities that allow businesses to send and receive fax documents without a fax machine.
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