RingCentral Inc. (RNG) Rating Reiterated by Jefferies Group
RingCentral Inc. (NYSE:RNG)‘s stock had its “buy” rating reissued by equities researchers at Jefferies Group in a report released on Thursday. They currently have a $29.00 price target on the stock. Jefferies Group’s price objective would indicate a potential upside of 27.47% from the stock’s previous close.
RNG has been the subject of several other reports. Zacks Investment Research cut shares of RingCentral from a “hold” rating to a “sell” rating in a research note on Tuesday, November 1st. Oppenheimer Holdings Inc. reissued an “outperform” rating and set a $29.00 price objective (up from $27.00) on shares of RingCentral in a research note on Friday, August 5th. Goldman Sachs Group Inc. reissued a “neutral” rating and set a $26.00 price objective on shares of RingCentral in a research note on Wednesday, October 26th. Finally, Robert W. Baird initiated coverage on shares of RingCentral in a research note on Thursday, August 25th. They set a “neutral” rating and a $24.00 price objective for the company. One research analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $25.89.
Shares of RingCentral (NYSE:RNG) opened at 22.75 on Thursday. The firm’s market capitalization is $1.67 billion. RingCentral has a 52 week low of $13.88 and a 52 week high of $25.67. The stock has a 50 day moving average price of $21.96 and a 200 day moving average price of $21.52.
RingCentral (NYSE:RNG) last released its earnings results on Tuesday, October 25th. The company reported $0.03 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.01 by $0.02. The firm earned $96.80 million during the quarter, compared to analysts’ expectations of $41.93 million. RingCentral had a negative net margin of 8.17% and a negative return on equity of 20.73%. RingCentral’s revenue for the quarter was up 26.0% on a year-over-year basis. During the same period in the previous year, the company earned ($0.09) EPS. Equities analysts forecast that RingCentral will post $0.08 earnings per share for the current fiscal year.
In other RingCentral news, SVP Praful Shah sold 10,000 shares of the business’s stock in a transaction on Monday, October 3rd. The shares were sold at an average price of $23.61, for a total value of $236,100.00. Following the transaction, the senior vice president now owns 318,247 shares in the company, valued at approximately $7,513,811.67. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP John H. Marlow sold 2,000 shares of the business’s stock in a transaction on Thursday, September 15th. The stock was sold at an average price of $22.45, for a total transaction of $44,900.00. Following the completion of the transaction, the senior vice president now owns 89,511 shares in the company, valued at approximately $2,009,521.95. The disclosure for this sale can be found here. Corporate insiders own 17.34% of the company’s stock.
Institutional investors have recently modified their holdings of the company. TIAA CREF Investment Management LLC raised its position 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 in the last quarter. BlackRock Institutional Trust Company N.A. raised its position 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 in the last quarter. Goldman Sachs Group Inc. raised its position in shares of RingCentral by 134.9% in the first quarter. Goldman Sachs Group Inc. now owns 289,683 shares of the company’s stock worth $4,563,000 after buying an additional 166,377 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its position in shares of RingCentral by 41.8% in the first quarter. Jacobs Levy Equity Management Inc. now owns 122,160 shares of the company’s stock worth $1,924,000 after buying an additional 35,998 shares in the last quarter. Finally, Herald Investment Management Ltd purchased a new position in shares of RingCentral during the first quarter worth approximately $1,573,000. Hedge funds and other institutional investors own 69.61% of the company’s stock.
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.
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