Goldman Sachs Group Raises RingCentral (NYSE:RNG) Price Target to $255.00

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RingCentral (NYSE:RNG) had its price objective lifted by Goldman Sachs Group from $230.00 to $255.00 in a research report released on Tuesday morning, The Fly reports. They currently have a buy rating on the software maker’s stock.

Other equities analysts also recently issued reports about the company. Wells Fargo & Co began coverage on RingCentral in a research report on Monday, January 27th. They set an overweight rating and a $240.00 price objective for the company. Dougherty & Co boosted their target price on RingCentral from $200.00 to $230.00 and gave the stock a buy rating in a research note on Friday, February 7th. Raymond James boosted their target price on RingCentral from $175.00 to $190.00 and gave the stock a strong-buy rating in a research note on Tuesday, November 5th. Bank of America boosted their target price on RingCentral from $198.00 to $237.00 and gave the stock a buy rating in a research note on Wednesday, February 5th. Finally, Needham & Company LLC boosted their target price on RingCentral from $190.00 to $220.00 and gave the stock a buy rating in a research note on Thursday, January 23rd. Four analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. RingCentral presently has a consensus rating of Buy and a consensus price target of $224.10.

Shares of RingCentral stock opened at $242.39 on Tuesday. RingCentral has a one year low of $98.19 and a one year high of $246.46. The company has a market cap of $20.26 billion, a PE ratio of -378.73 and a beta of 0.81. The company has a debt-to-equity ratio of 1.12, a quick ratio of 2.85 and a current ratio of 2.85. The business has a 50-day simple moving average of $194.02 and a 200-day simple moving average of $162.93.

RingCentral (NYSE:RNG) last announced its quarterly earnings data on Monday, February 10th. The software maker reported $0.22 EPS for the quarter, topping the Zacks’ consensus estimate of $0.21 by $0.01. RingCentral had a negative return on equity of 3.67% and a negative net margin of 5.94%. The business had revenue of $252.87 million during the quarter, compared to the consensus estimate of $237.38 million. During the same period in the previous year, the company posted $0.23 earnings per share. The business’s revenue for the quarter was up 34.1% on a year-over-year basis. On average, sell-side analysts predict that RingCentral will post -0.22 earnings per share for the current fiscal year.

In other RingCentral news, CAO Vaibhav Agarwal sold 411 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $167.17, for a total value of $68,706.87. Following the completion of the sale, the chief accounting officer now owns 19,535 shares in the company, valued at $3,265,665.95. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Praful Shah sold 6,230 shares of the business’s stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $165.19, for a total value of $1,029,133.70. Following the completion of the sale, the insider now owns 249,906 shares of the company’s stock, valued at approximately $41,281,972.14. The disclosure for this sale can be found here. In the last quarter, insiders sold 210,437 shares of company stock valued at $35,641,084. 11.03% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of RNG. Millennium Management LLC lifted its stake in RingCentral by 169.0% in the third quarter. Millennium Management LLC now owns 325,189 shares of the software maker’s stock valued at $40,863,000 after buying an additional 796,389 shares during the last quarter. Jennison Associates LLC purchased a new stake in RingCentral in the fourth quarter valued at approximately $117,161,000. FIL Ltd lifted its stake in RingCentral by 38.0% in the fourth quarter. FIL Ltd now owns 1,543,715 shares of the software maker’s stock valued at $260,378,000 after buying an additional 425,459 shares during the last quarter. Zevenbergen Capital Investments LLC raised its stake in shares of RingCentral by 131.6% during the fourth quarter. Zevenbergen Capital Investments LLC now owns 490,426 shares of the software maker’s stock worth $82,720,000 after purchasing an additional 278,641 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of RingCentral by 7,077.8% during the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 264,574 shares of the software maker’s stock worth $44,626,000 after purchasing an additional 260,888 shares during the last quarter. Institutional investors own 83.31% of the company’s stock.

RingCentral Company Profile

RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect primarily in North America. The company's products include RingCentral Office, provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax through smartphones, tablets, PCs, and desk phones; RingCentral Professional, a cloud based virtual telephone service for professionals, as well as provides inbound call answering and management services, and includes inbound local, long-distance, and toll-free minutes; and RingCentral Fax that provides online fax capabilities that allow businesses to send and receive fax documents without a fax machine.

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