RingCentral Inc (NYSE:RNG) was the target of unusually large options trading activity on Tuesday. Stock traders purchased 1,255 call options on the stock. This is an increase of 1,130% compared to the typical volume of 102 call options.
RingCentral (NYSE RNG) opened at $57.85 on Thursday. The company has a market cap of $4,126.68, a price-to-earnings ratio of -170.14 and a beta of 0.87. RingCentral has a one year low of $23.90 and a one year high of $58.85.
RingCentral (NYSE:RNG) last posted 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. The company had revenue of $140.50 million for the quarter, compared to analyst estimates of $136.34 million. RingCentral had a negative net margin of 5.21% and a negative return on equity of 17.15%. RingCentral’s quarterly revenue was up 34.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.03 earnings per share. research analysts forecast that RingCentral will post -0.28 EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. LPL Financial LLC increased its stake in RingCentral by 120.6% in the fourth quarter. LPL Financial LLC now owns 20,589 shares of the software maker’s stock valued at $997,000 after purchasing an additional 11,257 shares during the period. Ladenburg Thalmann Financial Services Inc. increased its stake in RingCentral by 143.9% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 7,874 shares of the software maker’s stock valued at $381,000 after purchasing an additional 4,645 shares during the period. California State Teachers Retirement System increased its stake in RingCentral by 2.6% in the fourth quarter. California State Teachers Retirement System now owns 102,571 shares of the software maker’s stock valued at $4,964,000 after purchasing an additional 2,619 shares during the period. Two Sigma Advisers LP increased its stake in RingCentral by 2.6% in the fourth quarter. Two Sigma Advisers LP now owns 389,638 shares of the software maker’s stock valued at $18,858,000 after purchasing an additional 9,739 shares during the period. Finally, Honeycomb Asset Management LP increased its stake in RingCentral by 9.2% in the fourth quarter. Honeycomb Asset Management LP now owns 250,000 shares of the software maker’s stock valued at $12,100,000 after purchasing an additional 21,158 shares during the period. Institutional investors own 75.37% of the company’s stock.
A number of equities research analysts recently weighed in on the stock. Morgan Stanley set a $60.00 price target on shares of RingCentral and gave the company a “hold” rating in a research report on Tuesday. TheStreet raised shares of RingCentral from a “d+” rating to a “c-” rating in a research report on Monday. Northland Securities set a $61.00 price target on shares of RingCentral and gave the company a “buy” rating in a research report on Tuesday. Craig Hallum boosted their price target on shares of RingCentral from $50.00 to $65.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, Stephens reissued a “buy” rating and issued a $60.00 price target on shares of RingCentral in a research report on Tuesday. Four equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $53.79.
TRADEMARK VIOLATION WARNING: This piece was reported by Markets Daily and is the sole property of of Markets Daily. If you are accessing this piece on another domain, it was stolen and reposted in violation of US and international copyright and trademark law. The original version of this piece can be accessed at https://www.themarketsdaily.com/2018/02/15/ringcentral-sees-unusually-high-options-volume-rng.html.
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.
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.