RingCentral (RNG) Given New $66.00 Price Target at Oppenheimer

RingCentral (NYSE:RNG) had its price target lifted by investment analysts at Oppenheimer from $60.00 to $66.00 in a research note issued to investors on Tuesday. The firm presently has an “outperform” rating on the software maker’s stock. Oppenheimer’s target price would indicate a potential upside of 14.09% from the company’s previous close.

A number of other brokerages also recently commented on RNG. Bank of America lifted their price objective on shares of RingCentral from $57.00 to $67.00 and gave the company a “buy” rating in a research report on Tuesday. JPMorgan Chase & Co. lifted their price objective on shares of RingCentral from $52.00 to $60.00 and gave the company a “neutral” rating in a research report on Tuesday. Northland Securities set a $61.00 price objective on shares of RingCentral and gave the company a “buy” rating in a research report on Tuesday. Morgan Stanley set a $60.00 price objective on shares of RingCentral and gave the company a “hold” rating in a research report on Tuesday. Finally, Zacks Investment Research downgraded shares of RingCentral from a “buy” rating to a “hold” rating in a research report on Wednesday, November 15th. Four analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $53.79.

Shares of RingCentral (RNG) opened at $57.85 on Tuesday. RingCentral has a 52 week low of $23.90 and a 52 week high of $58.85. The stock has a market cap of $4,126.68, a price-to-earnings ratio of -170.14 and a beta of 0.87.

RingCentral (NYSE:RNG) last announced its quarterly earnings data on Monday, February 12th. The software maker reported $0.07 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.01. RingCentral had a negative net margin of 5.21% and a negative return on equity of 17.15%. The company had revenue of $140.50 million during the quarter, compared to the consensus estimate of $136.34 million. During the same quarter last year, the firm posted $0.03 EPS. The company’s quarterly revenue was up 34.4% on a year-over-year basis. equities research analysts expect that RingCentral will post -0.28 EPS for the current year.

In related news, CFO Mitesh Dhruv sold 3,000 shares of RingCentral stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $48.22, for a total transaction of $144,660.00. Following the completion of the sale, the chief financial officer now owns 129,087 shares of the company’s stock, valued at approximately $6,224,575.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO John H. Marlow sold 1,945 shares of RingCentral stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $48.65, for a total transaction of $94,624.25. Following the sale, the chief accounting officer now directly owns 120,373 shares of the company’s stock, valued at approximately $5,856,146.45. The disclosure for this sale can be found here. Insiders have sold a total of 230,934 shares of company stock valued at $11,112,262 in the last ninety days. 14.53% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Crow Point Partners LLC bought a new stake in RingCentral in the 4th quarter valued at about $116,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in RingCentral by 108.7% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,331 shares of the software maker’s stock valued at $161,000 after purchasing an additional 1,735 shares during the period. Public Employees Retirement Association of Colorado bought a new stake in RingCentral in the 4th quarter valued at about $174,000. Ameritas Investment Partners Inc. boosted its holdings in RingCentral by 8.3% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,480 shares of the software maker’s stock valued at $200,000 after purchasing an additional 418 shares during the period. Finally, Parametrica Management Ltd bought a new stake in RingCentral in the 4th quarter valued at about $202,000. 75.37% of the stock is owned by hedge funds and other institutional investors.

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About RingCentral

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.

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