Deutsche Bank Boosts RingCentral (RNG) Price Target to $125.00

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RingCentral (NYSE:RNG) had its price target raised by analysts at Deutsche Bank from $115.00 to $125.00 in a report issued on Friday. The firm presently has a “buy” rating on the software maker’s stock. Deutsche Bank’s target price would indicate a potential upside of 13.65% from the stock’s current price.

Other analysts have also recently issued reports about the stock. Robert W. Baird raised their price target on shares of RingCentral from $100.00 to $120.00 and gave the stock a “positive” rating in a report on Tuesday, February 12th. Zacks Investment Research cut shares of RingCentral from a “buy” rating to a “hold” rating in a research note on Friday, February 1st. Craig Hallum lifted their target price on shares of RingCentral from $95.00 to $120.00 and gave the company a “buy” rating in a research note on Tuesday, February 12th. TheStreet upgraded shares of RingCentral from a “d+” rating to a “c” rating in a research note on Thursday, January 24th. Finally, Raymond James lifted their target price on shares of RingCentral from $98.00 to $116.00 and gave the company a “strong-buy” rating in a research note on Tuesday, February 12th. Four research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company. RingCentral presently has an average rating of “Buy” and an average price target of $110.67.

Shares of RNG traded down $1.58 during midday trading on Friday, hitting $109.99. The stock had a trading volume of 5,037 shares, compared to its average volume of 743,641. RingCentral has a fifty-two week low of $61.35 and a fifty-two week high of $111.70. The stock has a market cap of $8.91 billion, a price-to-earnings ratio of -2,736.00 and a beta of 0.95. The company has a debt-to-equity ratio of 1.15, a current ratio of 3.55 and a quick ratio of 3.55.

RingCentral (NYSE:RNG) last announced its earnings results on Monday, February 11th. The software maker reported $0.01 EPS for the quarter, topping the consensus estimate of ($0.04) by $0.05. The company had revenue of $188.62 million during the quarter, compared to analysts’ expectations of $180.91 million. RingCentral had a negative net margin of 3.89% and a negative return on equity of 0.69%. Analysts anticipate that RingCentral will post -0.43 earnings per share for the current year.

In other news, CEO Vladimir Shmunis sold 16,898 shares of RingCentral stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $104.36, for a total value of $1,763,475.28. Following the transaction, the chief executive officer now owns 245,623 shares of the company’s stock, valued at $25,633,216.28. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO John H. Marlow sold 30,332 shares of RingCentral stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $106.56, for a total transaction of $3,232,177.92. Following the completion of the transaction, the chief accounting officer now directly owns 114,959 shares in the company, valued at approximately $12,250,031.04. The disclosure for this sale can be found here. In the last three months, insiders sold 470,890 shares of company stock worth $48,082,706. Insiders own 11.99% of the company’s stock.

A number of hedge funds have recently made changes to their positions in RNG. Neuburgh Advisers LLC bought a new position in RingCentral during the fourth quarter worth $25,000. Ffcm LLC bought a new position in RingCentral during the fourth quarter worth $27,000. Karp Capital Management Corp bought a new position in RingCentral during the fourth quarter worth $41,000. Evolution Wealth Advisors LLC bought a new position in RingCentral during the fourth quarter worth $99,000. Finally, DekaBank Deutsche Girozentrale increased its position in RingCentral by 75.1% during the third quarter. DekaBank Deutsche Girozentrale now owns 1,401 shares of the software maker’s stock worth $130,000 after acquiring an additional 601 shares during the period. 80.53% of the stock is currently owned by institutional investors and hedge funds.

RingCentral Company Profile

RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect primarily in North America. The company's products include RingCentral Office, provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax through smartphones, tablets, PCs, and desk phones; RingCentral Professional, a cloud based virtual telephone service for professionals, as well as provides inbound call answering and management services, and includes inbound local, long-distance, and toll-free minutes; and RingCentral Fax that provides online fax capabilities that allow businesses to send and receive fax documents without a fax machine.

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Analyst Recommendations for RingCentral (NYSE:RNG)

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