RingCentral (NYSE:RNG) had its price target hoisted by analysts at Jefferies Financial Group from $115.00 to $121.00 in a report issued on Friday, The Fly reports. The brokerage presently has a “buy” rating on the software maker’s stock. Jefferies Financial Group’s price objective would suggest a potential upside of 14.22% from the company’s current price.
Other analysts also recently issued reports about the company. Robert W. Baird raised their target price on RingCentral from $100.00 to $120.00 and gave the company a “positive” rating in a research note on Tuesday, February 12th. Zacks Investment Research downgraded RingCentral from a “buy” rating to a “hold” rating in a research note on Friday, February 1st. Craig Hallum raised their target price on RingCentral from $95.00 to $120.00 and gave the company a “buy” rating in a research note on Tuesday, February 12th. TheStreet upgraded RingCentral from a “d+” rating to a “c” rating in a research note on Thursday, January 24th. Finally, Raymond James raised their target price on RingCentral from $98.00 to $116.00 and gave the company a “strong-buy” rating in a research note on Tuesday, February 12th. Four analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company. RingCentral currently has a consensus rating of “Buy” and an average target price of $108.93.
Shares of RingCentral stock traded up $1.85 during trading hours on Friday, hitting $105.94. 519,286 shares of the company’s stock traded hands, compared to its average volume of 947,482. The company has a debt-to-equity ratio of 1.22, a current ratio of 4.07 and a quick ratio of 4.07. The company has a market capitalization of $8.36 billion, a PE ratio of -2,648.50 and a beta of 0.99. RingCentral has a twelve month low of $60.85 and a twelve month high of $109.84.
RingCentral (NYSE:RNG) last announced its earnings results on Monday, February 11th. The software maker reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.05. The company had revenue of $188.62 million during the quarter, compared to the consensus estimate of $180.91 million. RingCentral had a negative return on equity of 0.71% and a negative net margin of 3.89%. On average, equities analysts expect that RingCentral will post -0.43 earnings per share for the current fiscal year.
In other news, CAO John H. Marlow sold 17,789 shares of the stock in a transaction dated Monday, November 26th. The shares were sold at an average price of $74.35, for a total transaction of $1,322,612.15. Following the transaction, the chief accounting officer now owns 152,546 shares of the company’s stock, valued at $11,341,795.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Praful Shah sold 1,889 shares of the stock in a transaction dated Wednesday, November 28th. The stock was sold at an average price of $75.54, for a total transaction of $142,695.06. Following the transaction, the insider now directly owns 291,166 shares in the company, valued at approximately $21,994,679.64. The disclosure for this sale can be found here. Insiders have sold 430,750 shares of company stock worth $41,089,632 in the last ninety days. Corporate insiders own 11.99% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Neuburgh Advisers LLC bought a new position in RingCentral in the fourth quarter worth about $25,000. Ffcm LLC bought a new position in RingCentral in the fourth quarter worth about $27,000. Karp Capital Management Corp bought a new position in RingCentral in the fourth quarter worth about $41,000. Evolution Wealth Advisors LLC bought a new position in RingCentral in the fourth quarter worth about $99,000. Finally, DekaBank Deutsche Girozentrale lifted its holdings in RingCentral by 75.1% in the third quarter. DekaBank Deutsche Girozentrale now owns 1,401 shares of the software maker’s stock worth $130,000 after acquiring an additional 601 shares during the last quarter. 78.52% of the stock is currently owned by institutional investors and hedge funds.
RingCentral Company Profile
RingCentral, Inc provides software-as-a-service solutions for business communications and collaboration primarily in the United States. The company's products include RingCentral Office, a multi-tenant, multi-location, and enterprise-grade communications and collaboration solution that enables employees to communicate through voice, text, team messaging and collaboration, and HD video and Web conferencing through smartphones, tablets, PCs, and desk phones for businesses, which require a communications solution; RingCentral Professional, an inbound call routing subscription with additional text and fax capabilities primarily for smaller businesses; and RingCentral Fax solution that offers Internet fax capabilities, which allow businesses to send and receive fax documents without the need for a fax machine.
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