Goldman Sachs Group Upgrades RingCentral (NYSE:RNG) to Buy

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RingCentral (NYSE:RNG) was upgraded by research analysts at Goldman Sachs Group from a “neutral” rating to a “buy” rating in a research note issued on Tuesday, Briefing.com Automated Import reports. The brokerage currently has a $230.00 price target on the software maker’s stock, up from their previous price target of $189.00. Goldman Sachs Group’s price objective would indicate a potential upside of 19.24% from the stock’s current price.

Several other brokerages have also recently weighed in on RNG. Bank of America reaffirmed an “average” rating and set a $198.00 price target (up from $187.00) on shares of RingCentral in a research note on Monday, December 9th. Craig Hallum raised their price target on shares of RingCentral from $150.00 to $175.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. Raymond James raised their price target on shares of RingCentral from $175.00 to $190.00 and gave the stock a “strong-buy” rating in a research note on Tuesday, November 5th. Oppenheimer raised their price target on shares of RingCentral from $200.00 to $210.00 and gave the stock an “outperform” rating in a research note on Friday. Finally, SunTrust Banks raised their price target on shares of RingCentral from $163.00 to $192.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. Five investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $168.42.

NYSE RNG opened at $192.89 on Tuesday. The business has a 50 day simple moving average of $172.86 and a 200 day simple moving average of $152.11. RingCentral has a 52-week low of $86.46 and a 52-week high of $193.18. 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 stock has a market cap of $16.19 billion, a price-to-earnings ratio of -470.46 and a beta of 0.90.

RingCentral (NYSE:RNG) last posted its earnings results on Monday, November 4th. The software maker reported $0.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.03. The business had revenue of $233.35 million during the quarter, compared to analysts’ expectations of $221.37 million. RingCentral had a negative return on equity of 1.61% and a negative net margin of 4.06%. RingCentral’s revenue for the quarter was up 34.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.19 EPS. On average, analysts predict that RingCentral will post -0.09 EPS for the current year.

In other news, CEO Vladimir Shmunis sold 63,564 shares of the stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $172.64, for a total value of $10,973,688.96. Following the completion of the sale, the chief executive officer now owns 254,830 shares of the company’s stock, valued at approximately $43,993,851.20. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Vaibhav Agarwal sold 545 shares of the stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $151.70, for a total value of $82,676.50. Following the completion of the sale, the chief accounting officer now directly owns 21,899 shares of the company’s stock, valued at approximately $3,322,078.30. The disclosure for this sale can be found here. In the last three months, insiders sold 224,496 shares of company stock valued at $37,990,244. 11.03% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Parkside Financial Bank & Trust boosted its holdings in shares of RingCentral by 285.7% in the 3rd quarter. Parkside Financial Bank & Trust now owns 405 shares of the software maker’s stock valued at $51,000 after buying an additional 300 shares during the last quarter. Usca Ria LLC acquired a new stake in shares of RingCentral in the 3rd quarter valued at approximately $63,000. Smithfield Trust Co. acquired a new stake in shares of RingCentral in the 3rd quarter valued at approximately $68,000. Quest Capital Management Inc. ADV acquired a new stake in shares of RingCentral in the 3rd quarter valued at approximately $94,000. Finally, Parallel Advisors LLC boosted its holdings in shares of RingCentral by 48.4% in the 3rd quarter. Parallel Advisors LLC now owns 920 shares of the software maker’s stock valued at $116,000 after buying an additional 300 shares during the last quarter. 83.00% of the stock is owned by institutional investors.

About RingCentral

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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