Several analysts have recently updated their ratings and price targets for Ringcentral (NYSE: RNG):
- 7/20/2017 - Ringcentral was downgraded by analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating. They noted that the move was a valuation call. They noted that the move was a valuation call.
- 7/19/2017 - Ringcentral was downgraded by analysts at BidaskClub from a “strong-buy” rating to a “buy” rating.
- 7/13/2017 - Ringcentral had its price target raised by analysts at Oppenheimer Holdings, Inc. from $33.00 to $45.00.
- 7/2/2017 - Ringcentral had its “buy” rating reaffirmed by analysts at Jefferies Group LLC. They now have a $38.00 price target on the stock.
- 6/26/2017 - Ringcentral is now covered by analysts at SunTrust Banks, Inc.. They set a “buy” rating and a $47.00 price target on the stock.
- 6/25/2017 - Ringcentral had its “overweight” rating reaffirmed by analysts at Stephens. They now have a $44.00 price target on the stock.
- 6/23/2017 - Ringcentral had its “buy” rating reaffirmed by analysts at Northland Securities. They now have a $37.00 price target on the stock.
- 5/26/2017 - Ringcentral had its “buy” rating reaffirmed by analysts at Jefferies Group LLC. They now have a $38.00 price target on the stock.
- 5/22/2017 - Ringcentral had its “outperform” rating reaffirmed by analysts at William Blair.
Ringcentral, Inc. (NYSE:RNG) opened at 34.80 on Friday. The firm’s 50 day moving average price is $36.35 and its 200-day moving average price is $29.61. Ringcentral, Inc. has a one year low of $19.35 and a one year high of $39.00. The firm’s market cap is $2.62 billion.
Ringcentral (NYSE:RNG) last posted its quarterly earnings results on Tuesday, April 25th. The software maker reported ($0.09) earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of ($0.09). Ringcentral had a negative net margin of 7.41% and a negative return on equity of 20.12%. The company had revenue of $111.80 million during the quarter, compared to the consensus estimate of $110.35 million. During the same period last year, the firm earned $0.01 EPS. The company’s revenue for the quarter was up 29.2% on a year-over-year basis. Equities analysts predict that Ringcentral, Inc. will post $0.16 EPS for the current fiscal year.
In other news, CEO Vladimir Shmunis sold 88,454 shares of Ringcentral stock in a transaction that occurred on Wednesday, May 24th. The shares were sold at an average price of $34.17, for a total transaction of $3,022,473.18. Following the completion of the sale, the chief executive officer now directly owns 386,279 shares in the company, valued at approximately $13,199,153.43. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Praful Shah sold 10,000 shares of Ringcentral stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $36.07, for a total transaction of $360,700.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 558,251 shares of company stock valued at $19,059,495. Insiders own 14.53% of the company’s stock.
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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