UBS Group Raises RingCentral (NYSE:RNG) Price Target to $250.00

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RingCentral (NYSE:RNG) had its target price raised by UBS Group from $210.00 to $250.00 in a research report report published on Tuesday morning, The Fly reports. UBS Group currently has an outperform rating on the software maker’s stock. The analysts noted that the move was a valuation call.

Several other research firms also recently weighed in on RNG. Rosenblatt Securities raised their price objective on RingCentral from $215.00 to $245.00 and gave the company a buy rating in a report on Tuesday. Dougherty & Co raised their price objective on RingCentral from $200.00 to $230.00 and gave the company a buy rating in a report on Friday, February 7th. Needham & Company LLC raised their price objective on RingCentral from $220.00 to $240.00 and gave the company a buy rating in a report on Tuesday. Piper Jaffray Companies assumed coverage on RingCentral in a report on Tuesday, December 10th. They set an overweight rating and a $194.00 price objective on the stock. Finally, Wells Fargo & Co assumed coverage on RingCentral in a report on Monday, January 27th. They set an overweight rating and a $240.00 price objective on the stock. Four research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of Buy and a consensus price target of $224.10.

Shares of RNG stock opened at $242.39 on Tuesday. The stock’s fifty day moving average price is $194.02 and its two-hundred day moving average price is $162.93. RingCentral has a fifty-two week low of $98.19 and a fifty-two week high of $246.46. The company has a quick ratio of 2.85, a current ratio of 2.85 and a debt-to-equity ratio of 1.12.

RingCentral (NYSE:RNG) last issued its earnings results on Monday, February 10th. The software maker reported $0.22 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.21 by $0.01. The firm had revenue of $252.87 million for the quarter, compared to the consensus estimate of $237.38 million. RingCentral had a negative return on equity of 3.67% and a negative net margin of 5.94%. The company’s revenue was up 34.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.23 EPS. As a group, analysts forecast that RingCentral will post -0.65 earnings per share for the current year.

In related news, CEO Vladimir Shmunis sold 25,000 shares of the firm’s stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $160.85, for a total transaction of $4,021,250.00. Following the completion of the transaction, the chief executive officer now directly owns 216,266 shares of the company’s stock, valued at approximately $34,786,386.10. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO David Sipes sold 14,613 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $169.68, for a total value of $2,479,533.84. Following the transaction, the chief operating officer now directly owns 228,717 shares of the company’s stock, valued at $38,808,700.56. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 210,437 shares of company stock valued at $35,641,084. 11.03% of the stock is owned by corporate insiders.

Large investors have recently made changes to their positions in the stock. FIL Ltd raised its position in shares of RingCentral by 38.0% in the 4th quarter. FIL Ltd now owns 1,543,715 shares of the software maker’s stock worth $260,378,000 after acquiring an additional 425,459 shares in the last quarter. Eagle Asset Management Inc. raised its position in shares of RingCentral by 12.4% in the 4th quarter. Eagle Asset Management Inc. now owns 758,344 shares of the software maker’s stock worth $127,909,000 after acquiring an additional 83,415 shares in the last quarter. Jennison Associates LLC bought a new position in shares of RingCentral in the 4th quarter worth about $117,161,000. Lord Abbett & CO. LLC raised its position in shares of RingCentral by 23.6% in the 4th quarter. Lord Abbett & CO. LLC now owns 552,039 shares of the software maker’s stock worth $93,113,000 after acquiring an additional 105,395 shares in the last quarter. Finally, Zevenbergen Capital Investments LLC raised its position in shares of RingCentral by 131.6% in the 4th quarter. Zevenbergen Capital Investments LLC now owns 490,426 shares of the software maker’s stock worth $82,720,000 after acquiring an additional 278,641 shares in the last quarter. 83.31% of the stock is owned by institutional investors and hedge funds.

RingCentral Company Profile

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.

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