Research analysts at Moffett Nathanson began coverage on shares of RingCentral (NYSE:RNG – Get Rating) in a research report issued to clients and investors on Thursday, The Fly reports. The firm set a "buy" rating and a $90.00 price target on the software maker's stock. Moffett Nathanson's price target would indicate a potential upside of 120.59% from the company's current price.
A number of other research firms have also recently issued reports on RNG. BTIG Research cut their target price on shares of RingCentral from $120.00 to $105.00 and set a "buy" rating for the company in a research note on Wednesday, August 3rd. William Blair reiterated an "outperform" rating on shares of RingCentral in a research note on Wednesday, August 3rd. MKM Partners initiated coverage on shares of RingCentral in a research note on Thursday, August 4th. They issued a "buy" rating and a $80.00 target price for the company. Mizuho cut their target price on shares of RingCentral from $150.00 to $80.00 and set a "buy" rating for the company in a research note on Wednesday, August 3rd. Finally, Morgan Stanley cut their target price on shares of RingCentral from $105.00 to $75.00 and set an "equal weight" rating for the company in a research note on Thursday, July 14th. Six investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $126.38.
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RingCentral Stock Down 2.1 %
NYSE RNG opened at $40.80 on Thursday. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 33.52. The stock's 50 day moving average is $47.38 and its two-hundred day moving average is $69.38. The company has a market capitalization of $3.89 billion, a price-to-earnings ratio of -6.63 and a beta of 0.98. RingCentral has a 1-year low of $40.09 and a 1-year high of $315.00.
RingCentral (NYSE:RNG – Get Rating) last released its quarterly earnings data on Tuesday, August 2nd. The software maker reported ($0.57) earnings per share for the quarter, missing analysts' consensus estimates of ($0.47) by ($0.10). The company had revenue of $486.90 million for the quarter, compared to analyst estimates of $478.98 million. RingCentral had a negative net
margin of 31.67% and a negative return on equity of 233.94%. Equities analysts forecast that RingCentral will post -1.42 earnings per share for the current fiscal year.
Insider Activity
In other news, CAO Vaibhav Agarwal sold 1,960 shares of the business's stock in a transaction on Tuesday, August 16th. The shares were sold at an average price of $50.23, for a total value of $98,450.80. Following the completion of the transaction, the chief accounting officer now owns 109,957 shares of the company's stock, valued at approximately $5,523,140.11. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, CAO John H. Marlow sold 6,047 shares of the business's stock in a transaction on Monday, August 29th. The shares were sold at an average price of $42.05, for a total value of $254,276.35. Following the completion of the transaction, the chief accounting officer now owns 202,198 shares of the company's stock, valued at approximately $8,502,425.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Vaibhav Agarwal sold 1,960 shares of the business's stock in a transaction on Tuesday, August 16th. The shares were sold at an average price of $50.23, for a total transaction of $98,450.80. Following the completion of the transaction, the chief accounting officer now directly owns 109,957 shares of the company's stock, valued at approximately $5,523,140.11. The disclosure for this sale can be found here. Insiders sold 16,884 shares of company stock valued at $763,314 in the last quarter. Company insiders own 7.35% of the company's stock.
Hedge Funds Weigh In On RingCentral
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Standard Family Office LLC acquired a new position in RingCentral in the 4th quarter worth $43,000. Richelieu Gestion PLC bought a new stake in RingCentral during the 1st quarter worth about $37,000. Newbridge Financial Services Group Inc. raised its holdings in shares of RingCentral by 177.9% in the 1st quarter. Newbridge Financial Services Group Inc. now owns 314 shares of the software maker's stock valued at $37,000 after purchasing an additional 201 shares during the period. Ronald Blue Trust Inc. bought a new stake in shares of RingCentral in the 2nd quarter valued at about $41,000. Finally, Quent Capital LLC bought a new stake in shares of RingCentral in the 4th quarter valued at about $86,000. 86.29% of the stock is owned by institutional investors and hedge funds.
About RingCentral
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RingCentral, Inc engages in the provision of global enterprise cloud communications and collaboration solutions. The firm's solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, PCs and desk phones, and allows for communication across multiple modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings and fax.
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