RingCentral (NYSE:RNG) Shares Gap Up to $49.70

RingCentral, Inc. (NYSE:RNGGet Rating)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $49.70, but opened at $54.00. RingCentral shares last traded at $52.63, with a volume of 14,640 shares.

Wall Street Analyst Weigh In

RNG has been the topic of a number of analyst reports. UBS Group reduced their price target on RingCentral from $84.00 to $60.00 and set a “neutral” rating on the stock in a research report on Wednesday. Oppenheimer raised RingCentral from a “market perform” rating to an “outperform” rating and set a $100.00 price target on the stock in a research report on Tuesday, May 10th. BTIG Research cut their target price on RingCentral from $120.00 to $105.00 and set a “buy” rating for the company in a research note on Wednesday. Wells Fargo & Company cut their target price on RingCentral from $115.00 to $100.00 and set an “overweight” rating for the company in a research note on Wednesday. Finally, Robert W. Baird cut RingCentral from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $95.00 to $80.00 in a research note on Monday, May 16th. Five research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, RingCentral currently has a consensus rating of “Moderate Buy” and a consensus target price of $140.73.

RingCentral Stock Performance

The firm has a market capitalization of $4.52 billion, a P/E ratio of -7.97 and a beta of 0.94. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 33.52. The company has a 50-day moving average of $55.41 and a 200-day moving average of $96.14.

RingCentral (NYSE:RNGGet Rating) last announced its earnings results on Monday, May 9th. The software maker reported ($0.63) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.54) by ($0.09). RingCentral had a negative return on equity of 160.19% and a negative net margin of 31.67%. The company had revenue of $467.66 million for the quarter, compared to the consensus estimate of $458.36 million. During the same period in the prior year, the business earned ($0.41) earnings per share. The firm’s revenue for the quarter was up 32.7% on a year-over-year basis. On average, equities analysts anticipate that RingCentral, Inc. will post -1.66 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other RingCentral news, CAO John H. Marlow sold 7,320 shares of the stock in a transaction dated Friday, May 27th. The stock was sold at an average price of $65.34, for a total transaction of $478,288.80. Following the completion of the sale, the chief accounting officer now directly owns 210,774 shares in the company, valued at approximately $13,771,973.16. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, COO Mohammed Katibeh sold 1,846 shares of the firm’s stock in a transaction dated Wednesday, May 11th. The stock was sold at an average price of $67.60, for a total value of $124,789.60. Following the completion of the sale, the chief operating officer now directly owns 110,098 shares in the company, valued at approximately $7,442,624.80. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO John H. Marlow sold 7,320 shares of the firm’s stock in a transaction dated Friday, May 27th. The shares were sold at an average price of $65.34, for a total value of $478,288.80. Following the completion of the sale, the chief accounting officer now owns 210,774 shares of the company’s stock, valued at $13,771,973.16. The disclosure for this sale can be found here. In the last ninety days, insiders sold 44,029 shares of company stock worth $2,841,132. Company insiders own 7.35% of the company’s stock.

Institutional Trading of RingCentral

Several large investors have recently made changes to their positions in the company. Steward Partners Investment Advisory LLC grew its stake in shares of RingCentral by 18.1% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 5,540 shares of the software maker’s stock valued at $290,000 after buying an additional 849 shares during the period. State of New Jersey Common Pension Fund D grew its stake in shares of RingCentral by 5.2% in the 2nd quarter. State of New Jersey Common Pension Fund D now owns 49,037 shares of the software maker’s stock valued at $2,563,000 after buying an additional 2,402 shares during the period. Seven Eight Capital LP grew its stake in shares of RingCentral by 114.0% in the 2nd quarter. Seven Eight Capital LP now owns 8,206 shares of the software maker’s stock valued at $429,000 after buying an additional 4,372 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its position in RingCentral by 6.9% in the 2nd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 20,989 shares of the software maker’s stock valued at $1,097,000 after acquiring an additional 1,352 shares in the last quarter. Finally, Stephens Investment Management Group LLC lifted its position in RingCentral by 1.6% in the 2nd quarter. Stephens Investment Management Group LLC now owns 177,050 shares of the software maker’s stock valued at $9,253,000 after acquiring an additional 2,772 shares in the last quarter. 85.96% of the stock is currently owned by institutional investors and hedge funds.

About RingCentral

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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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