RingCentral Inc (NYSE:RNG)’s share price was down 7.2% on Wednesday after Morgan Stanley lowered their price target on the stock from $205.00 to $190.00. Morgan Stanley currently has an equal weight rating on the stock. RingCentral traded as low as $183.76 and last traded at $190.36, approximately 1,550,923 shares changed hands during mid-day trading. An increase of 8% from the average daily volume of 1,436,202 shares. The stock had previously closed at $205.08.
Several other research analysts have also weighed in on RNG. Dougherty & Co increased their price objective on RingCentral from $200.00 to $230.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Oppenheimer lowered their price objective on RingCentral from $250.00 to $203.00 and set an “outperform” rating for the company in a research report on Tuesday, March 17th. Northland Securities increased their price objective on RingCentral from $185.00 to $239.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 11th. Jefferies Financial Group increased their price objective on RingCentral from to and gave the stock a “buy” rating in a research report on Tuesday, February 11th. Finally, UBS Group increased their price objective on RingCentral from $210.00 to $250.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 11th. They noted that the move was a valuation call. Four investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $226.86.
In other news, CAO Vaibhav Agarwal sold 423 shares of the stock in a transaction on Wednesday, March 25th. The stock was sold at an average price of $202.36, for a total value of $85,598.28. Following the sale, the chief accounting officer now directly owns 17,760 shares in the company, valued at $3,593,913.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Mitesh Dhruv sold 2,528 shares of the stock in a transaction on Tuesday, January 14th. The shares were sold at an average price of $186.43, for a total value of $471,295.04. Following the completion of the sale, the chief financial officer now owns 256,674 shares in the company, valued at $47,851,733.82. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 111,363 shares of company stock valued at $24,869,313. Company insiders own 11.03% of the company’s stock.
The company has a debt-to-equity ratio of 0.56, a current ratio of 1.91 and a quick ratio of 1.91. The company has a market capitalization of $16.58 billion, a price-to-earnings ratio of -340.31 and a beta of 0.55. The stock has a 50 day simple moving average of $214.39 and a two-hundred day simple moving average of $178.05.
RingCentral (NYSE:RNG) last posted its quarterly 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. RingCentral had a negative return on equity of 2.87% and a negative net margin of 5.94%. The company had revenue of $252.87 million for the quarter, compared to analysts’ expectations of $237.38 million. During the same period last year, the firm earned $0.23 earnings per share. RingCentral’s quarterly revenue was up 34.1% on a year-over-year basis. Equities research analysts predict that RingCentral Inc will post -0.66 EPS for the current year.
RingCentral Company Profile (NYSE:RNG)
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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