RingCentral, Inc. (NYSE:RNG) Receives Average Rating of “Buy” from Analysts

Shares of RingCentral, Inc. (NYSE:RNGGet Rating) have received an average recommendation of “Buy” from the twenty-three analysts that are covering the stock, MarketBeat.com reports. Five analysts have rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 12-month target price among analysts that have covered the stock in the last year is $177.68.

Several brokerages recently weighed in on RNG. Needham & Company LLC decreased their price objective on RingCentral from $225.00 to $110.00 in a report on Tuesday, May 10th. Morgan Stanley cut their target price on RingCentral from $220.00 to $165.00 and set an “equal weight” rating for the company in a research note on Tuesday, February 22nd. The Goldman Sachs Group cut their target price on RingCentral from $240.00 to $205.00 and set a “buy” rating for the company in a research note on Wednesday, February 23rd. BTIG Research cut their target price on RingCentral from $250.00 to $120.00 in a research note on Tuesday, May 10th. Finally, Wells Fargo & Company cut their target price on RingCentral from $150.00 to $115.00 and set an “overweight” rating for the company in a research note on Wednesday, May 18th.

Shares of RingCentral stock opened at $61.95 on Friday. RingCentral has a 1 year low of $56.95 and a 1 year high of $315.00. The firm has a market cap of $5.71 billion, a PE ratio of -10.89 and a beta of 0.93. The stock has a fifty day moving average price of $94.19 and a 200-day moving average price of $148.10. The company has a debt-to-equity ratio of 33.52, a current ratio of 1.25 and a quick ratio of 1.25.

RingCentral (NYSE:RNGGet Rating) last announced its quarterly earnings data on Monday, May 9th. The software maker reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.05. RingCentral had a negative return on equity of 183.51% and a negative net margin of 30.82%. The company had revenue of $467.66 million during the quarter, compared to analyst estimates of $458.36 million. During the same quarter last year, the firm posted ($0.41) EPS. The firm’s revenue for the quarter was up 32.7% on a year-over-year basis. As a group, equities analysts anticipate that RingCentral will post -1.66 EPS for the current fiscal year.

In other news, CEO Vladimir Shmunis purchased 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 24th. The stock was bought at an average cost of $59.52 per share, with a total value of $1,190,400.00. Following the completion of the purchase, the chief executive officer now owns 289,379 shares in the company, valued at $17,223,838.08. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Mohammed Katibeh sold 2,735 shares of the stock in a transaction that occurred on Monday, May 23rd. The shares were sold at an average price of $62.78, for a total value of $171,703.30. Following the transaction, the chief operating officer now directly owns 103,514 shares of the company’s stock, valued at $6,498,608.92. The disclosure for this sale can be found here. Insiders sold 21,349 shares of company stock worth $1,399,925 over the last three months. Corporate insiders own 7.35% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. Cornerstone Wealth Advisors Inc. bought a new stake in shares of RingCentral in the 1st quarter valued at approximately $26,000. Spire Wealth Management lifted its stake in shares of RingCentral by 843.8% in the 4th quarter. Spire Wealth Management now owns 151 shares of the software maker’s stock valued at $28,000 after purchasing an additional 135 shares during the last quarter. Jackson Wealth Management LLC lifted its stake in shares of RingCentral by 117.9% in the 3rd quarter. Jackson Wealth Management LLC now owns 21,427 shares of the software maker’s stock valued at $30,000 after purchasing an additional 11,593 shares during the last quarter. FourThought Financial LLC lifted its stake in shares of RingCentral by 60.6% in the 3rd quarter. FourThought Financial LLC now owns 159 shares of the software maker’s stock valued at $34,000 after purchasing an additional 60 shares during the last quarter. Finally, Neo Ivy Capital Management lifted its stake in shares of RingCentral by 185.1% in the 4th quarter. Neo Ivy Capital Management now owns 191 shares of the software maker’s stock valued at $36,000 after purchasing an additional 124 shares during the last quarter. 85.96% of the stock is owned by 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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Analyst Recommendations for RingCentral (NYSE:RNG)

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