RingCentral (RNG) Receives Average Recommendation of “Buy” from Brokerages

RingCentral (NYSE:RNG) has been assigned a consensus recommendation of “Buy” from the seventeen ratings firms that are currently covering the stock, MarketBeat Ratings reports. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $53.92.

A number of equities analysts have recently issued reports on RNG shares. Stephens reiterated a “buy” rating and set a $60.00 price objective on shares of RingCentral in a research note on Tuesday, February 13th. SunTrust Banks increased their price objective on shares of RingCentral to $60.00 and gave the company a “buy” rating in a research note on Tuesday, February 13th. Craig Hallum increased their price objective on shares of RingCentral from $50.00 to $65.00 and gave the company a “buy” rating in a research note on Tuesday, February 13th. Northland Securities set a $61.00 price objective on shares of RingCentral and gave the company a “buy” rating in a research note on Tuesday, February 13th. Finally, Bank of America increased their price objective on shares of RingCentral from $57.00 to $67.00 and gave the company a “buy” rating in a research note on Tuesday, February 13th.

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RNG stock opened at $65.95 on Friday. RingCentral has a one year low of $26.15 and a one year high of $69.60. The stock has a market cap of $5,385.03, a P/E ratio of -193.96 and a beta of 0.68.

RingCentral (NYSE:RNG) last released its quarterly earnings data on Monday, February 12th. The software maker reported $0.07 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.06 by $0.01. RingCentral had a negative net margin of 5.21% and a negative return on equity of 16.54%. The firm had revenue of $140.50 million for the quarter, compared to the consensus estimate of $136.34 million. During the same period last year, the firm earned $0.03 earnings per share. The company’s quarterly revenue was up 34.4% on a year-over-year basis. equities analysts expect that RingCentral will post -0.24 EPS for the current fiscal year.

RingCentral announced that its Board of Directors has authorized a stock buyback plan on Tuesday, February 27th that permits the company to repurchase $35.00 million in shares. This repurchase authorization permits the software maker to repurchase shares of its stock through a private placement purchase. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

In other RingCentral news, insider Praful Shah sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 4th. The shares were sold at an average price of $47.65, for a total value of $476,500.00. Following the completion of the sale, the insider now directly owns 306,050 shares in the company, valued at $14,583,282.50. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO John H. Marlow sold 12,639 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $63.58, for a total transaction of $803,587.62. Following the completion of the sale, the chief accounting officer now owns 120,355 shares of the company’s stock, valued at $7,652,170.90. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 193,196 shares of company stock valued at $12,100,608. 14.53% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in RNG. Crow Point Partners LLC acquired a new stake in RingCentral in the fourth quarter valued at approximately $116,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of RingCentral by 108.7% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,331 shares of the software maker’s stock worth $161,000 after buying an additional 1,735 shares during the last quarter. Public Employees Retirement Association of Colorado purchased a new position in shares of RingCentral in the fourth quarter worth $174,000. Parametrica Management Ltd purchased a new position in shares of RingCentral in the fourth quarter worth $202,000. Finally, CIBC World Markets Inc. purchased a new position in shares of RingCentral in the fourth quarter worth $215,000. Institutional investors own 75.76% of the company’s stock.

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About RingCentral

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.

Analyst Recommendations for RingCentral (NYSE:RNG)

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