Morgan Stanley Boosts RingCentral (NYSE:RNG) Price Target to $205.00

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RingCentral (NYSE:RNG) had its price objective lifted by Morgan Stanley from $195.00 to $205.00 in a report issued on Tuesday, BenzingaRatingsTable reports. The brokerage currently has an equal weight rating on the software maker’s stock.

Other equities research analysts have also recently issued reports about the stock. Wells Fargo & Co initiated coverage on shares of RingCentral in a research report on Monday, January 27th. They issued an overweight rating and a $240.00 target price for the company. Zacks Investment Research lowered shares of RingCentral from a buy rating to a hold rating in a research note on Saturday, November 9th. SunTrust Banks reiterated a positive rating and issued a $225.00 price target on shares of RingCentral in a research note on Tuesday, February 4th. Craig Hallum increased 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. Finally, Goldman Sachs Group increased their price target on shares of RingCentral from $230.00 to $255.00 and gave the stock a buy rating in a research note on Tuesday. Four equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of Buy and a consensus price target of $224.10.

NYSE:RNG opened at $242.39 on Tuesday. The company has a 50-day moving average price of $194.02 and a 200-day moving average price of $162.93. RingCentral has a 12 month low of $98.19 and a 12 month high of $246.46. The company has a current ratio of 2.85, a quick ratio of 2.85 and a debt-to-equity ratio of 1.12. The stock has a market cap of $20.26 billion, a price-to-earnings ratio of -378.73 and a beta of 0.81.

RingCentral (NYSE:RNG) last posted its earnings results on Monday, February 10th. The software maker reported $0.22 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.21 by $0.01. RingCentral had a negative net margin of 5.94% and a negative return on equity of 3.67%. The firm had revenue of $252.87 million during the quarter, compared to analysts’ expectations of $237.38 million. During the same period last year, the company posted $0.23 EPS. The company’s quarterly revenue was up 34.1% compared to the same quarter last year. Equities analysts forecast that RingCentral will post -0.22 EPS for the current fiscal year.

In other news, CEO Vladimir Shmunis sold 25,000 shares of the firm’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $168.62, for a total transaction of $4,215,500.00. Following the sale, the chief executive officer now owns 254,830 shares of the company’s stock, valued at approximately $42,969,434.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO David Sipes sold 14,613 shares of the firm’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $169.68, for a total transaction of $2,479,533.84. Following the sale, the chief operating officer now directly owns 228,717 shares in the company, valued at approximately $38,808,700.56. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 210,437 shares of company stock worth $35,641,084. Insiders own 11.03% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Granahan Investment Management Inc. MA purchased a new position in shares of RingCentral in the third quarter worth approximately $204,000. IFM Investors Pty Ltd purchased a new position in shares of RingCentral in the fourth quarter worth approximately $1,191,000. SG Americas Securities LLC boosted its holdings in shares of RingCentral by 180.2% in the third quarter. SG Americas Securities LLC now owns 12,775 shares of the software maker’s stock worth $1,605,000 after buying an additional 8,215 shares during the last quarter. Virtu Financial LLC boosted its holdings in shares of RingCentral by 34.7% in the third quarter. Virtu Financial LLC now owns 6,385 shares of the software maker’s stock worth $802,000 after buying an additional 1,646 shares during the last quarter. Finally, Virginia Retirement Systems ET AL boosted its holdings in shares of RingCentral by 42.6% in the third quarter. Virginia Retirement Systems ET AL now owns 8,700 shares of the software maker’s stock worth $1,093,000 after buying an additional 2,600 shares during the last quarter. 83.31% of the stock is currently owned by hedge funds and other 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.

Further Reading: Cash Flow

Analyst Recommendations for RingCentral (NYSE:RNG)

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