RingCentral (NYSE:RNG) Upgraded at Oppenheimer

RingCentral (NYSE:RNGGet Rating) was upgraded by equities researchers at Oppenheimer from a “market perform” rating to an “outperform” rating in a report released on Tuesday, MarketBeat reports. The firm currently has a $100.00 price objective on the software maker’s stock. Oppenheimer’s target price suggests a potential upside of 46.07% from the company’s current price.

A number of other research analysts have also issued reports on RNG. Morgan Stanley decreased their target price on RingCentral from $220.00 to $165.00 and set an “equal weight” rating on the stock in a research report on Tuesday, February 22nd. Evercore ISI decreased their price objective on RingCentral from $275.00 to $225.00 and set an “outperform” rating on the stock in a report on Wednesday, February 23rd. Wells Fargo & Company decreased their price objective on RingCentral from $250.00 to $185.00 and set an “overweight” rating on the stock in a report on Tuesday, March 15th. Piper Sandler decreased their price objective on RingCentral from $352.00 to $228.00 in a report on Wednesday, February 23rd. Finally, Northland Securities cut their target price on RingCentral from $410.00 to $275.00 and set an “outperform” rating for the company in a research note on Wednesday, February 23rd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, RingCentral presently has a consensus rating of “Buy” and an average price target of $192.68.

NYSE:RNG traded down $0.20 during midday trading on Tuesday, hitting $68.46. The company’s stock had a trading volume of 155,149 shares, compared to its average volume of 1,259,416. RingCentral has a fifty-two week low of $68.38 and a fifty-two week high of $315.00. The firm’s 50 day moving average is $107.03 and its 200-day moving average is $163.13. The company has a debt-to-equity ratio of 4.13, a current ratio of 1.24 and a quick ratio of 1.24. The firm has a market cap of $6.31 billion, a P/E ratio of -17.06 and a beta of 0.93.

RingCentral (NYSE:RNGGet Rating) last issued its quarterly earnings results on Tuesday, February 22nd. The software maker reported ($0.51) earnings per share for the quarter, topping the consensus estimate of ($0.56) by $0.05. RingCentral had a negative net margin of 23.59% and a negative return on equity of 126.80%. The company had revenue of $448.00 million for the quarter, compared to the consensus estimate of $434.83 million. During the same quarter in the prior year, the company earned ($0.16) EPS. RingCentral’s quarterly revenue was up 33.9% on a year-over-year basis. As a group, analysts forecast that RingCentral will post -1.99 EPS for the current year.

Hedge funds have recently made changes to their positions in the stock. Cornerstone Wealth Advisors Inc. purchased a new stake in RingCentral during the first quarter worth $26,000. Spire Wealth Management boosted its position in RingCentral by 843.8% during the fourth quarter. Spire Wealth Management now owns 151 shares of the software maker’s stock worth $28,000 after purchasing an additional 135 shares in the last quarter. Jackson Wealth Management LLC boosted its position in RingCentral by 117.9% during the third quarter. Jackson Wealth Management LLC now owns 21,427 shares of the software maker’s stock worth $30,000 after purchasing an additional 11,593 shares in the last quarter. FourThought Financial LLC boosted its position in RingCentral by 60.6% during the third quarter. FourThought Financial LLC now owns 159 shares of the software maker’s stock worth $34,000 after purchasing an additional 60 shares in the last quarter. Finally, Neo Ivy Capital Management boosted its position in RingCentral by 185.1% during the fourth quarter. Neo Ivy Capital Management now owns 191 shares of the software maker’s stock worth $36,000 after purchasing an additional 124 shares in the last quarter. 85.96% of the stock is currently owned by hedge funds and other institutional investors.

RingCentral Company Profile (Get Rating)

RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect in North America. The company offers business cloud communications and contact center solutions based on its Message Video Phone? platform. Its products include RingCentral Office that provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers omni-channel; and RingCentral Engage Digital, a digital customer engagement platform that allows enterprises to interact with their customers.

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