RingCentral, Inc. (NYSE:RNG) Receives Consensus Rating of “Buy” from Analysts

RingCentral, Inc. (NYSE:RNG) has received a consensus recommendation of “Buy” from the twenty-four ratings firms that are currently covering the firm, MarketBeat reports. Three equities research analysts have rated the stock with a hold recommendation, fifteen have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among brokers that have covered the stock in the last year is $426.09.

A number of equities research analysts have recently commented on the company. Wells Fargo & Company increased their price objective on RingCentral from $470.00 to $475.00 and gave the company an “overweight” rating in a research report on Wednesday, February 17th. Mizuho cut their price objective on RingCentral from $500.00 to $400.00 and set a “buy” rating for the company in a research report on Wednesday, May 5th. Oppenheimer reiterated a “market perform” rating on shares of RingCentral in a research report on Thursday, April 29th. KeyCorp increased their price objective on RingCentral from $410.00 to $490.00 in a research report on Wednesday, February 17th. Finally, Colliers Securities reiterated a “buy” rating and set a $470.00 price objective on shares of RingCentral in a research report on Tuesday, May 25th.

In other RingCentral news, CAO John H. Marlow sold 4,100 shares of the company’s stock in a transaction dated Tuesday, April 20th. The shares were sold at an average price of $327.23, for a total transaction of $1,341,643.00. Following the completion of the sale, the chief accounting officer now directly owns 165,895 shares in the company, valued at $54,285,820.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Vladimir Shmunis sold 17,760 shares of the company’s stock in a transaction dated Thursday, May 20th. The shares were sold at an average price of $256.91, for a total transaction of $4,562,721.60. Following the sale, the chief executive officer now owns 218,631 shares of the company’s stock, valued at $56,168,490.21. The disclosure for this sale can be found here. Insiders have sold 42,556 shares of company stock worth $11,764,839 over the last three months. Company insiders own 7.35% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RNG. Safeguard Investment Advisory Group LLC bought a new stake in shares of RingCentral in the fourth quarter valued at about $35,000. Whittier Trust Co. lifted its stake in shares of RingCentral by 86.2% in the first quarter. Whittier Trust Co. now owns 121 shares of the software maker’s stock valued at $36,000 after buying an additional 56 shares during the period. DB Wealth Management Group LLC bought a new stake in shares of RingCentral in the fourth quarter valued at about $43,000. Regent Peak Wealth Advisors LLC bought a new stake in shares of RingCentral in the fourth quarter valued at about $47,000. Finally, Penserra Capital Management LLC lifted its stake in shares of RingCentral by 18.4% in the fourth quarter. Penserra Capital Management LLC now owns 161 shares of the software maker’s stock valued at $61,000 after buying an additional 25 shares during the period. Institutional investors and hedge funds own 84.75% of the company’s stock.

RNG opened at $268.00 on Friday. The firm has a market capitalization of $24.35 billion, a P/E ratio of -1,072.00 and a beta of 0.68. The company has a debt-to-equity ratio of 6.22, a current ratio of 1.67 and a quick ratio of 1.67. RingCentral has a 1-year low of $229.00 and a 1-year high of $449.00. The business has a 50 day moving average price of $283.89.

RingCentral (NYSE:RNG) last released its earnings results on Tuesday, May 4th. The software maker reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.25 by $0.02. The firm had revenue of $352.36 million during the quarter, compared to the consensus estimate of $339.43 million. RingCentral had a negative return on equity of 27.38% and a negative net margin of 1.77%. The firm’s revenue for the quarter was up 31.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.19 earnings per share. As a group, research analysts predict that RingCentral will post -2.15 earnings per share for the current fiscal year.

RingCentral Company Profile

RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect in North America. 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.

Featured Story: What is the Gross Domestic Product (GDP)?

Analyst Recommendations for RingCentral (NYSE:RNG)

Receive News & Ratings for RingCentral Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for RingCentral and related companies with MarketBeat.com's FREE daily email newsletter.