RingCentral (NYSE:RNG) PT Raised to $240.00

RingCentral (NYSE:RNG) PT Raised to $240.00

RingCentral (NYSE:RNG) had its target price lifted by investment analysts at Oppenheimer from $203.00 to $240.00 in a report issued on Friday, The Fly reports. The firm presently has an “outperform” rating on the software maker’s stock. Oppenheimer’s target price points to a potential upside of 7.26% from the stock’s previous close.

Several other analysts also recently issued reports on RNG. JPMorgan Chase & Co. upped their price objective on RingCentral from to in a research report on Tuesday, February 11th. Piper Jaffray Companies assumed coverage on RingCentral in a research report on Tuesday, December 10th. They set an “overweight” rating and a $194.00 target price on the stock. Morgan Stanley reduced their target price on RingCentral from $205.00 to $190.00 and set an “equal weight” rating on the stock in a research report on Wednesday, March 25th. Craig Hallum increased their target price on RingCentral from $175.00 to $250.00 and gave the stock a “buy” rating in a research report on Tuesday, February 11th. Finally, SunTrust Banks increased their target price on RingCentral from $225.00 to $236.00 and gave the stock a “buy” rating in a research report on Tuesday, February 11th. Three equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company. RingCentral presently has a consensus rating of “Buy” and an average price target of $230.95.

Shares of NYSE:RNG opened at $223.76 on Friday. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.56. RingCentral has a 52-week low of $101.33 and a 52-week high of $256.60. The stock’s fifty day simple moving average is $215.79 and its 200-day simple moving average is $181.40. The company has a market capitalization of $19.17 billion, a P/E ratio of -349.63 and a beta of 0.65.

RingCentral (NYSE:RNG) last issued its quarterly earnings data on Monday, February 10th. The software maker reported $0.22 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.21 by $0.01. RingCentral had a negative return on equity of 2.87% and a negative net margin of 5.94%. The business had revenue of $252.87 million for the quarter, compared to the consensus estimate of $237.38 million. During the same period in the prior year, the business earned $0.23 earnings per share. The business’s revenue was up 34.1% on a year-over-year basis. On average, sell-side analysts anticipate that RingCentral will post -0.66 earnings per share for the current year.

In other news, CFO Mitesh Dhruv sold 2,528 shares of the stock in a transaction dated Tuesday, January 14th. The stock was sold at an average price of $186.43, for a total value of $471,295.04. Following the completion of the sale, the chief financial officer now owns 256,674 shares in the company, valued at $47,851,733.82. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO John H. Marlow sold 5,136 shares of the stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $241.82, for a total value of $1,241,987.52. Following the completion of the sale, the chief accounting officer now owns 166,741 shares of the company’s stock, valued at approximately $40,321,308.62. The disclosure for this sale can be found here. Insiders have sold 111,363 shares of company stock valued at $24,869,313 over the last 90 days. 11.03% of the stock is currently owned by insiders.

Several hedge funds have recently bought and sold shares of RNG. Jennison Associates LLC acquired a new stake in shares of RingCentral in the fourth quarter valued at about $117,161,000. Norges Bank acquired a new stake in RingCentral during the 4th quarter valued at approximately $101,792,000. FIL Ltd grew its stake in RingCentral by 38.0% during the 4th quarter. FIL Ltd now owns 1,543,715 shares of the software maker’s stock valued at $260,378,000 after purchasing an additional 425,459 shares in the last quarter. Zevenbergen Capital Investments LLC grew its stake in RingCentral by 131.6% during the 4th quarter. Zevenbergen Capital Investments LLC now owns 490,426 shares of the software maker’s stock valued at $82,720,000 after purchasing an additional 278,641 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its stake in RingCentral by 7,077.8% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 264,574 shares of the software maker’s stock valued at $44,626,000 after purchasing an additional 260,888 shares in the last quarter. Institutional investors and hedge funds own 85.19% of the company’s stock.

RingCentral Company Profile

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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