RingCentral (RNG) Price Target Increased to $67.00 by Analysts at Bank of America

RingCentral (NYSE:RNG) had its target price boosted by Bank of America from $57.00 to $67.00 in a research report sent to investors on Tuesday. The brokerage currently has a buy rating on the software maker’s stock.

Several other equities research analysts also recently weighed in on the company. Zacks Investment Research raised RingCentral from a hold rating to a buy rating and set a $52.00 price target on the stock in a research report on Tuesday, November 14th. Northland Securities reaffirmed a buy rating and set a $46.00 price target on shares of RingCentral in a research report on Friday, November 10th. JPMorgan Chase & Co. downgraded RingCentral from an overweight rating to a neutral rating and set a $52.00 price target on the stock. in a research report on Tuesday, December 12th. Oppenheimer increased their price target on RingCentral from $50.00 to $56.00 and gave the stock an outperform rating in a research report on Wednesday, December 6th. Finally, Craig Hallum reaffirmed a buy rating and set a $50.00 price target (up from $40.00) on shares of RingCentral in a research report on Thursday, November 9th. Four equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. RingCentral currently has a consensus rating of Buy and a consensus price target of $53.79.

Shares of RingCentral (NYSE RNG) opened at $63.10 on Tuesday. The firm has a market capitalization of $4,776.42, a PE ratio of -185.58 and a beta of 0.87. RingCentral has a 12-month low of $24.25 and a 12-month high of $63.60.

RingCentral (NYSE:RNG) last announced its quarterly earnings results on Monday, February 12th. The software maker reported $0.07 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.01. The company had revenue of $140.50 million for the quarter, compared to the consensus estimate of $136.34 million. RingCentral had a negative return on equity of 17.15% and a negative net margin of 5.21%. The firm’s revenue for the quarter was up 34.4% compared to the same quarter last year. During the same period last year, the firm earned $0.03 EPS. research analysts predict that RingCentral will post -0.24 EPS for the current year.

In other news, CFO Mitesh Dhruv sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, January 17th. The stock was sold at an average price of $50.96, for a total transaction of $152,880.00. Following the sale, the chief financial officer now directly owns 132,087 shares in the company, valued at approximately $6,731,153.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO David Sipes sold 9,300 shares of the firm’s stock in a transaction dated Wednesday, January 10th. The shares were sold at an average price of $48.86, for a total value of $454,398.00. The disclosure for this sale can be found here. Insiders have sold a total of 230,934 shares of company stock worth $11,112,262 over the last 90 days. Insiders own 14.53% of the company’s stock.

Several large investors have recently bought and sold shares of the company. MetLife Investment Advisors LLC acquired a new stake in shares of RingCentral during the 4th quarter valued at about $1,387,000. LPL Financial LLC grew its position in shares of RingCentral by 120.6% during the 4th quarter. LPL Financial LLC now owns 20,589 shares of the software maker’s stock valued at $997,000 after acquiring an additional 11,257 shares during the period. Ladenburg Thalmann Financial Services Inc. grew its position in shares of RingCentral by 143.9% during the 4th quarter. Ladenburg Thalmann Financial Services Inc. now owns 7,874 shares of the software maker’s stock valued at $381,000 after acquiring an additional 4,645 shares during the period. California State Teachers Retirement System lifted its stake in RingCentral by 2.6% in the 4th quarter. California State Teachers Retirement System now owns 102,571 shares of the software maker’s stock valued at $4,964,000 after buying an additional 2,619 shares in the last quarter. Finally, Two Sigma Advisers LP lifted its stake in RingCentral by 2.6% in the 4th quarter. Two Sigma Advisers LP now owns 389,638 shares of the software maker’s stock valued at $18,858,000 after buying an additional 9,739 shares in the last quarter. Hedge funds and other institutional investors own 75.37% of the company’s stock.

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RingCentral Company Profile

RingCentral, Inc is a provider of software-as-a-service (SaaS) solutions for businesses to support modern communications. The Company’s cloud-based business communications solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, personal computers (PCs) and desk phones, and allow for communication across multiple channels, including high definition (HD) voice, video, short messaging service (SMS), messaging and collaboration, conferencing, online meetings, and fax.

Analyst Recommendations for RingCentral (NYSE:RNG)

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