RingCentral, Inc. (RNG) Upgraded by Zacks Investment Research to Buy

RingCentral, Inc. (NYSE:RNG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The firm presently has a $52.00 price target on the software maker’s stock. Zacks Investment Research‘s price target points to a potential upside of 13.04% from the company’s current price.

According to Zacks, “RingCentral, Inc. provides solutions for business communications primarily in the United States. The Company’s products include RingCentral Office, RingCentral Mobile and RingCentral Fax. It provides solutions such as auto-receptionist, flexible extension structure, multiple voicemail boxes, smart call routing, business answering rules, extension dialing, call transfers and elegant integration with Smartphones. RingCentral, Inc. is headquartered in San Mateo, California. “

Several other research firms also recently weighed in on RNG. Craig Hallum reaffirmed a “buy” rating and set a $50.00 price target (up previously from $40.00) on shares of RingCentral in a research note on Thursday, November 9th. Northland Securities reaffirmed a “buy” rating and set a $46.00 price target on shares of RingCentral in a research note on Friday. Oppenheimer Holdings, Inc. lifted their price target on shares of RingCentral from $45.00 to $50.00 and gave the company an “outperform” rating in a research note on Thursday, November 9th. Bank of America Corporation lifted their price target on shares of RingCentral from $45.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, October 25th. Finally, Jefferies Group LLC reissued a “buy” rating and issued a $48.00 price objective on shares of RingCentral in a research note on Thursday, October 19th. Two analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. RingCentral has an average rating of “Buy” and an average price target of $44.15.

Shares of RingCentral (RNG) opened at $46.00 on Tuesday. RingCentral has a 12 month low of $19.95 and a 12 month high of $47.95.

RingCentral (NYSE:RNG) last announced its quarterly earnings data on Wednesday, November 8th. The software maker reported $0.06 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.04 by $0.02. RingCentral had a negative net margin of 5.80% and a negative return on equity of 17.97%. The business had revenue of $129.76 million during the quarter, compared to the consensus estimate of $126.06 million. During the same quarter last year, the firm earned $0.03 earnings per share. The firm’s quarterly revenue was up 34.0% compared to the same quarter last year. equities research analysts predict that RingCentral will post -0.35 earnings per share for the current fiscal year.

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In other RingCentral news, CEO Vladimir Shmunis sold 101,452 shares of the company’s stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $38.20, for a total value of $3,875,466.40. Following the sale, the chief executive officer now directly owns 355,041 shares of the company’s stock, valued at $13,562,566.20. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO David Sipes sold 1,500 shares of the company’s stock in a transaction on Monday, October 16th. The shares were sold at an average price of $44.00, for a total transaction of $66,000.00. The disclosure for this sale can be found here. Insiders have sold 382,106 shares of company stock worth $15,665,035 over the last three months. Corporate insiders own 14.53% of the company’s stock.

Large investors have recently bought and sold shares of the business. Ameritas Investment Partners Inc. boosted its holdings in RingCentral by 8.3% in the second 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 last quarter. ProShare Advisors LLC acquired a new position in shares of RingCentral in the second quarter worth about $202,000. Amalgamated Bank acquired a new position in shares of RingCentral in the first quarter worth about $203,000. Principal Financial Group Inc. acquired a new position in shares of RingCentral in the first quarter worth about $237,000. Finally, Virtu KCG Holdings LLC acquired a new position in shares of RingCentral in the second quarter worth about $248,000. 73.85% of the stock is currently owned by institutional investors.

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.

Analyst Recommendations for RingCentral (NYSE:RNG)

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