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.
Get RingCentral alerts: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
(Get Rating)
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.
Read More
- Get a free copy of the StockNews.com research report on RingCentral (RNG)
- MarketBeat: Week in Review 9/19 – 9/23
- Why Does Tesla Stock Remain Resilient?
- 2 Semiconductor Stocks To Watch For Reversals
- Are Layoffs At A Small-Cap Tech A Bellwether For Housing Stocks?
- Is Costco's Post-Earnings Price Weakness A Good Time To Buy?
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.