Goldman Sachs Group Raises RingCentral (NYSE:RNG) Price Target to $255.00

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RingCentral (NYSE:RNG) had its price objective increased by Goldman Sachs Group from $230.00 to $255.00 in a research note published on Tuesday morning, The Fly reports. Goldman Sachs Group currently has a buy rating on the software maker’s stock.

A number of other equities research analysts have also recently commented on the stock. Zacks Investment Research cut shares of RingCentral from a buy rating to a hold rating in a research note on Saturday, November 9th. Piper Jaffray Companies began coverage on shares of RingCentral in a research note on Tuesday, December 10th. They issued an overweight rating and a $194.00 price target on the stock. William Blair reissued a buy rating on shares of RingCentral in a research note on Thursday, February 6th. Dougherty & Co lifted their price target on shares of RingCentral from $200.00 to $230.00 and gave the company a buy rating in a research note on Friday, February 7th. Finally, Raymond James lifted their price target on shares of RingCentral from $175.00 to $190.00 and gave the company a strong-buy rating in a research note on Tuesday, November 5th. Four investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. RingCentral presently has a consensus rating of Buy and a consensus target price of $224.10.

Shares of NYSE RNG opened at $242.39 on Tuesday. The stock has a market capitalization of $20.26 billion, a price-to-earnings ratio of -378.73 and a beta of 0.81. RingCentral has a 12 month low of $98.19 and a 12 month high of $246.46. The firm’s 50 day simple moving average is $194.02 and its 200-day simple moving average is $162.93. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.85 and a quick ratio of 2.85.

RingCentral (NYSE:RNG) last issued its quarterly earnings data on Monday, February 10th. The software maker reported $0.22 EPS for the quarter, topping analysts’ consensus estimates of $0.21 by $0.01. The business had revenue of $252.87 million for the quarter, compared to analysts’ expectations of $237.38 million. RingCentral had a negative net margin of 5.94% and a negative return on equity of 3.67%. The business’s revenue was up 34.1% on a year-over-year basis. During the same quarter last year, the company earned $0.23 EPS. Analysts anticipate that RingCentral will post -0.22 earnings per share for the current fiscal year.

In other RingCentral news, CAO Vaibhav Agarwal sold 411 shares of the firm’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $196.71, for a total value of $80,847.81. Following the transaction, the chief accounting officer now owns 19,024 shares in the company, valued at approximately $3,742,211.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Vladimir Shmunis sold 63,564 shares of the firm’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $172.64, for a total value of $10,973,688.96. Following the completion of the transaction, the chief executive officer now owns 254,830 shares in the company, valued at approximately $43,993,851.20. The disclosure for this sale can be found here. Insiders sold a total of 210,437 shares of company stock worth $35,641,084 in the last three months. 11.03% of the stock is owned by corporate insiders.

A number of hedge funds have recently made changes to their positions in RNG. Cerebellum GP LLC lifted its holdings in RingCentral by 16.0% in the 3rd quarter. Cerebellum GP LLC now owns 3,390 shares of the software maker’s stock valued at $426,000 after purchasing an additional 468 shares in the last quarter. Tributary Capital Management LLC purchased a new position in RingCentral in the 3rd quarter valued at $842,000. NewSquare Capital LLC lifted its holdings in RingCentral by 22.2% in the 3rd quarter. NewSquare Capital LLC now owns 4,737 shares of the software maker’s stock valued at $595,000 after purchasing an additional 860 shares in the last quarter. Winslow Evans & Crocker Inc. lifted its holdings in RingCentral by 63.7% in the 3rd quarter. Winslow Evans & Crocker Inc. now owns 1,090 shares of the software maker’s stock valued at $138,000 after purchasing an additional 424 shares in the last quarter. Finally, Scott & Selber Inc. lifted its holdings in RingCentral by 0.8% in the 3rd quarter. Scott & Selber Inc. now owns 21,830 shares of the software maker’s stock valued at $2,743,000 after purchasing an additional 168 shares in the last quarter. Institutional investors own 83.31% of the company’s stock.

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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