News headlines about RingCentral (NYSE:RNG) have trended somewhat positive recently, according to Accern Sentiment Analysis. The research group scores the sentiment of press coverage by analyzing more than 20 million blog and news sources. Accern ranks coverage of public companies on a scale of -1 to 1, with scores nearest to one being the most favorable. RingCentral earned a daily sentiment score of 0.13 on Accern’s scale. Accern also gave headlines about the software maker an impact score of 45.6702107040587 out of 100, indicating that recent press coverage is somewhat unlikely to have an impact on the company’s share price in the immediate future.
These are some of the headlines that may have impacted Accern’s scoring:
- Global and United States Hosted PBX Service Market 2018: 3CX, Jive Canada, Intermedia.net,Inc, RingCentral (anglophonetribune.com)
- Cloud Communication Platform Market Key Players: Nexmo, Comms-care, RingCentral Inc. (newsofsoftware.com)
- RingCentral (RNG) Receives Consensus Rating of “Buy” from Brokerages (americanbankingnews.com)
- Was RingCentral Inc’s (NYSE:RNG) Earnings Growth Better Than The Industry’s? (finance.yahoo.com)
Several research analysts have recently weighed in on RNG shares. Oppenheimer upped their target price on shares of RingCentral from $50.00 to $56.00 and gave the company an “outperform” rating in a research note on Wednesday, December 6th. JPMorgan Chase & Co. downgraded shares of RingCentral from an “overweight” rating to a “neutral” rating and set a $52.00 target price for the company. in a research note on Tuesday, December 12th. Morgan Stanley set a $60.00 target price on shares of RingCentral and gave the company a “hold” rating in a research note on Tuesday, February 13th. Bank of America upped their target price 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. Finally, Northland Securities set a $61.00 target price on shares of RingCentral and gave the company a “buy” rating in a research note on Tuesday, February 13th. Four investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. RingCentral currently has an average rating of “Buy” and an average price target of $53.79.
RingCentral (NYSE:RNG) last posted its quarterly earnings data on Monday, February 12th. The software maker reported $0.07 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 in the prior year, the firm posted $0.03 EPS. The firm’s revenue was up 34.4% compared to the same quarter last year. sell-side analysts expect that RingCentral will post -0.24 EPS for the current fiscal year.
RingCentral declared that its board has approved a share buyback plan on Tuesday, February 27th that authorizes the company to buyback $35.00 million in outstanding shares. This buyback authorization authorizes the software maker to purchase shares of its stock through a private placement purchase. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
In other news, insider Praful Shah sold 10,000 shares of the firm’s stock in a transaction dated Thursday, January 4th. The shares were sold at an average price of $47.65, for a total value of $476,500.00. Following the transaction, the insider now directly owns 306,050 shares in the company, valued at approximately $14,583,282.50. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Mitesh Dhruv sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, March 14th. The stock was sold at an average price of $67.49, for a total transaction of $202,470.00. Following the completion of the transaction, the chief financial officer now owns 128,842 shares in the company, valued at $8,695,546.58. The disclosure for this sale can be found here. Insiders have sold a total of 193,196 shares of company stock worth $12,100,608 over the last quarter. 14.53% of the stock is currently owned by insiders.
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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