RingCentral (RNG) Price Target Raised to $115.00

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RingCentral (NYSE:RNG) had its target price upped by Deutsche Bank to $115.00 in a note issued to investors on Tuesday, The Fly reports. The firm currently has a “buy” rating on the software maker’s stock. Deutsche Bank’s price target points to a potential upside of 15.15% from the company’s current price.

A number of other analysts also recently commented on the stock. Zacks Investment Research downgraded shares of RingCentral from a “buy” rating to a “hold” rating in a research report on Saturday. Bank of America restated a “buy” rating and set a $110.00 price target (up from $93.00) on shares of RingCentral in a research report on Thursday, February 7th. TheStreet upgraded shares of RingCentral from a “d+” rating to a “c” rating in a research report on Thursday, January 24th. Morgan Stanley boosted their price target on shares of RingCentral from $84.00 to $93.00 and gave the stock an “equal weight” rating in a research report on Monday, January 7th. Finally, Stephens began coverage on shares of RingCentral in a research report on Thursday, January 3rd. They set an “equal weight” rating on the stock. Four investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $94.93.

RingCentral stock opened at $99.87 on Tuesday. The company has a quick ratio of 4.07, a current ratio of 4.07 and a debt-to-equity ratio of 1.22. The stock has a market cap of $8.11 billion, a price-to-earnings ratio of -285.34 and a beta of 0.99. RingCentral has a 52-week low of $51.95 and a 52-week high of $103.49.

RingCentral (NYSE:RNG) last posted its earnings results on Monday, February 11th. The software maker reported $0.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.18 by $0.05. RingCentral had a negative net margin of 4.25% and a negative return on equity of 3.64%. Equities analysts forecast that RingCentral will post -0.09 EPS for the current fiscal year.

In related news, COO David Sipes sold 5,841 shares of the business’s stock in a transaction that occurred on Thursday, January 10th. The shares were sold at an average price of $87.28, for a total value of $509,802.48. Following the sale, the chief operating officer now directly owns 260,755 shares in the company, valued at approximately $22,758,696.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Vladimir Shmunis sold 13,009 shares of the business’s stock in a transaction that occurred on Tuesday, January 8th. The stock was sold at an average price of $87.57, for a total transaction of $1,139,198.13. Following the completion of the sale, the chief executive officer now owns 276,760 shares in the company, valued at $24,235,873.20. The disclosure for this sale can be found here. Insiders sold a total of 243,484 shares of company stock worth $19,716,779 over the last quarter. Insiders own 11.99% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Teachers Advisors LLC increased its position in shares of RingCentral by 8.3% in the third quarter. Teachers Advisors LLC now owns 329,177 shares of the software maker’s stock worth $30,630,000 after acquiring an additional 25,247 shares in the last quarter. Mizuho Securities USA LLC purchased a new position in shares of RingCentral in the fourth quarter worth approximately $1,459,000. JPMorgan Chase & Co. increased its position in shares of RingCentral by 6.4% in the third quarter. JPMorgan Chase & Co. now owns 992,948 shares of the software maker’s stock worth $92,393,000 after acquiring an additional 59,673 shares in the last quarter. Neuberger Berman Group LLC increased its position in shares of RingCentral by 26.2% in the third quarter. Neuberger Berman Group LLC now owns 330,300 shares of the software maker’s stock worth $30,734,000 after acquiring an additional 68,600 shares in the last quarter. Finally, US Bancorp DE increased its position in shares of RingCentral by 4,314.7% in the third quarter. US Bancorp DE now owns 77,037 shares of the software maker’s stock worth $7,168,000 after acquiring an additional 75,292 shares in the last quarter. Institutional investors and hedge funds own 77.75% of the company’s stock.

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.

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