RingCentral’s (RNG) “Buy” Rating Reiterated at Rosenblatt Securities
Rosenblatt Securities restated their buy rating on shares of RingCentral (NYSE:RNG) in a report issued on Wednesday. Rosenblatt Securities currently has a $100.00 price objective on the software maker’s stock.
“: We maintain our Overweight rating and our 12-month PT of $169 on JKHY. (We will review our estimates and PT post the earnings call.) JKHY reported quarterly top-line results and EPS above the FactSet consensus. We look to the earnings call for color on the new payments platform and pipeline updates, the impact and timing of termination fees, and the margin trajectory.”,” Rosenblatt Securities’ analyst wrote.
Several other research analysts have also issued reports on RNG. Craig Hallum raised their price target on RingCentral from $84.00 to $95.00 and gave the stock a buy rating in a research report on Tuesday, August 7th. Zacks Investment Research upgraded RingCentral from a hold rating to a buy rating and set a $83.00 price target on the stock in a research report on Wednesday, July 11th. Stifel Nicolaus initiated coverage on RingCentral in a research report on Wednesday, July 11th. They issued a buy rating and a $100.00 price target on the stock. Bank of America dropped their price objective on RingCentral from $100.00 to $93.00 and set a buy rating on the stock in a research note on Tuesday. Finally, Dougherty & Co raised their price objective on RingCentral from $85.00 to $95.00 and gave the stock a buy rating in a research note on Tuesday, August 7th. Three analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of Buy and a consensus target price of $89.80.
RingCentral (NYSE:RNG) last posted its quarterly earnings results on Monday, November 5th. The software maker reported $0.19 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.16 by $0.03. RingCentral had a negative return on equity of 3.84% and a negative net margin of 4.25%. The business had revenue of $173.83 million for the quarter, compared to analyst estimates of $166.70 million. During the same period last year, the company earned $0.06 EPS. The firm’s revenue was up 33.4% on a year-over-year basis. On average, equities analysts anticipate that RingCentral will post -0.09 EPS for the current fiscal year.
In other RingCentral news, CFO Mitesh Dhruv sold 1,264 shares of RingCentral stock in a transaction dated Friday, September 7th. The stock was sold at an average price of $94.60, for a total value of $119,574.40. Following the sale, the chief financial officer now owns 159,952 shares of the company’s stock, valued at approximately $15,131,459.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO David Sipes sold 6,100 shares of RingCentral stock in a transaction dated Thursday, October 11th. The shares were sold at an average price of $75.96, for a total value of $463,356.00. Following the completion of the sale, the chief operating officer now directly owns 277,992 shares in the company, valued at approximately $21,116,272.32. The disclosure for this sale can be found here. Insiders have sold a total of 250,849 shares of company stock worth $22,442,584 in the last ninety days. 11.99% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. NumerixS Investment Technologies Inc acquired a new stake in shares of RingCentral in the 2nd quarter valued at about $198,000. Sei Investments Co. raised its stake in shares of RingCentral by 81.4% in the 2nd quarter. Sei Investments Co. now owns 36,051 shares of the software maker’s stock valued at $2,536,000 after purchasing an additional 16,174 shares during the period. OppenheimerFunds Inc. raised its stake in shares of RingCentral by 22.4% in the 2nd quarter. OppenheimerFunds Inc. now owns 792,971 shares of the software maker’s stock valued at $55,786,000 after purchasing an additional 145,343 shares during the period. Bank of Montreal Can raised its stake in shares of RingCentral by 34,571.9% in the 2nd quarter. Bank of Montreal Can now owns 179,947 shares of the software maker’s stock valued at $12,660,000 after purchasing an additional 179,428 shares during the period. Finally, Nomura Holdings Inc. raised its stake in shares of RingCentral by 604.0% in the 2nd quarter. Nomura Holdings Inc. now owns 376,132 shares of the software maker’s stock valued at $26,461,000 after purchasing an additional 322,707 shares during the period. 78.47% of the stock is currently owned by hedge funds and other institutional investors.
RingCentral Company Profile
RingCentral, Inc provides software-as-a-service solutions for business communications and collaboration primarily in the United States. The company's products include RingCentral Office, a multi-tenant, multi-location, and enterprise-grade communications and collaboration solution that enables employees to communicate through voice, text, team messaging and collaboration, and HD video and Web conferencing through smartphones, tablets, PCs, and desk phones for businesses, which require a communications solution; RingCentral Professional, an inbound call routing subscription with additional text and fax capabilities primarily for smaller businesses; and RingCentral Fax solution that offers Internet fax capabilities, which allow businesses to send and receive fax documents without the need for a fax machine.
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