RingCentral (RNG) Shares Gap Up Following Analyst Upgrade

RingCentral Inc (NYSE:RNG)’s share price gapped up before the market opened on Wednesday after Oppenheimer raised their price target on the stock from $101.00 to $117.00. The stock had previously closed at $102.57, but opened at $105.91. Oppenheimer currently has an outperform rating on the stock. RingCentral shares last traded at $103.88, with a volume of 436796 shares traded.

Several other research analysts have also recently issued reports on the stock. Morgan Stanley increased their price target on shares of RingCentral from $84.00 to $93.00 and gave the stock an “equal weight” rating in a report on Monday, January 7th. Robert W. Baird upgraded shares of RingCentral from a “neutral” rating to an “outperform” rating and set a $100.00 target price on the stock in a research report on Monday, November 19th. Bank of America restated a “buy” rating and set a $110.00 target price (up previously from $93.00) on shares of RingCentral in a research report on Thursday, February 7th. TheStreet lowered shares of RingCentral from a “c” rating to a “d+” rating in a research report on Tuesday, November 6th. Finally, Rosenblatt Securities restated a “buy” rating and set a $100.00 target price on shares of RingCentral in a research report on Wednesday, November 7th. Four investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $102.50.

In other RingCentral news, COO David Sipes sold 5,841 shares of RingCentral stock in a transaction on Thursday, January 10th. The shares were sold at an average price of $87.28, for a total value of $509,802.48. Following the transaction, the chief operating officer now owns 260,755 shares in the company, valued at approximately $22,758,696.40. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Vladimir Shmunis sold 46,048 shares of RingCentral stock in a transaction on Tuesday, November 20th. The shares were sold at an average price of $68.76, for a total transaction of $3,166,260.48. Following the completion of the transaction, the chief executive officer now owns 309,799 shares in the company, valued at approximately $21,301,779.24. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 243,484 shares of company stock worth $19,716,779. 11.99% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently made changes to their positions in the business. Ffcm LLC acquired a new position in shares of RingCentral in the 4th quarter valued at $27,000. Karp Capital Management Corp acquired a new position in shares of RingCentral in the 4th quarter valued at $41,000. Evolution Wealth Advisors LLC acquired a new position in shares of RingCentral in the 4th quarter valued at $99,000. DekaBank Deutsche Girozentrale boosted its holdings in shares of RingCentral by 75.1% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 1,401 shares of the software maker’s stock valued at $130,000 after purchasing an additional 601 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd boosted its holdings in shares of RingCentral by 287.0% in the 3rd quarter. Harvest Fund Management Co. Ltd now owns 1,513 shares of the software maker’s stock valued at $141,000 after purchasing an additional 1,122 shares during the last quarter. Institutional investors own 77.75% of the company’s stock.

The firm has a market cap of $8.11 billion, a price-to-earnings ratio of -296.80 and a beta of 0.99. The company has a current ratio of 4.07, a quick ratio of 4.07 and a debt-to-equity ratio of 1.22.

RingCentral (NYSE:RNG) last announced its quarterly earnings results on Monday, February 11th. The software maker reported $0.01 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.04) by $0.05. The company had revenue of $188.62 million for the quarter, compared to analyst estimates of $180.91 million. RingCentral had a negative net margin of 4.25% and a negative return on equity of 3.64%. On average, research analysts expect that RingCentral Inc will post -0.09 earnings per share for the current year.

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About RingCentral (NYSE:RNG)

RingCentral, Inc provides software-as-a-service solutions for business communications and collaboration primarily in the United States. The company's products include RingCentral Office, a multi-tenant, multi-location, and enterprise-grade communications and collaboration solution that enables employees to communicate through voice, text, team messaging and collaboration, and HD video and Web conferencing through smartphones, tablets, PCs, and desk phones for businesses, which require a communications solution; RingCentral Professional, an inbound call routing subscription with additional text and fax capabilities primarily for smaller businesses; and RingCentral Fax solution that offers Internet fax capabilities, which allow businesses to send and receive fax documents without the need for a fax machine.

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