RingCentral (NYSE:RNG) Price Target Increased to $250.00 by Analysts at Raymond James

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RingCentral (NYSE:RNG) had its target price lifted by Raymond James from $190.00 to $250.00 in a research report sent to investors on Tuesday morning, BenzingaRatingsTable reports. Raymond James currently has a strong-buy rating on the software maker’s stock.

A number of other brokerages have also weighed in on RNG. Craig Hallum raised their price objective on RingCentral from $150.00 to $175.00 and gave the company a buy rating in a report on Tuesday, November 5th. Morgan Stanley raised their price objective on RingCentral from $195.00 to $205.00 and gave the company an equal weight rating in a report on Tuesday. Zacks Investment Research lowered RingCentral from a buy rating to a hold rating in a report on Saturday, November 9th. Bank of America raised their price objective on RingCentral from $198.00 to $237.00 and gave the company a buy rating in a report on Wednesday, February 5th. Finally, Goldman Sachs Group raised their price objective on RingCentral from $230.00 to $255.00 and gave the company a buy rating in a report on Tuesday. Four equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of Buy and an average price target of $224.10.

Shares of NYSE:RNG opened at $242.39 on Tuesday. RingCentral has a 1 year low of $98.19 and a 1 year high of $246.46. The firm has a market capitalization of $20.26 billion, a price-to-earnings ratio of -378.73 and a beta of 0.81. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.85 and a quick ratio of 2.85. The business’s 50 day moving average price is $194.02 and its 200-day moving average price is $162.93.

RingCentral (NYSE:RNG) last announced its quarterly earnings data on Monday, February 10th. The software maker reported $0.22 earnings per share for the quarter, beating analysts’ consensus estimates of $0.21 by $0.01. The company had revenue of $252.87 million for the quarter, compared to analyst estimates of $237.38 million. RingCentral had a negative return on equity of 3.67% and a negative net margin of 5.94%. The firm’s revenue for the quarter was up 34.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.23 EPS. On average, sell-side analysts expect that RingCentral will post -0.22 earnings per share for the current year.

In other RingCentral news, CEO Vladimir Shmunis sold 25,000 shares of the firm’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $168.62, for a total value of $4,215,500.00. Following the completion of the sale, the chief executive officer now directly owns 254,830 shares of the company’s stock, valued at approximately $42,969,434.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO David Sipes sold 14,613 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $169.68, for a total value of $2,479,533.84. Following the completion of the sale, the chief operating officer now directly owns 228,717 shares of the company’s stock, valued at $38,808,700.56. The disclosure for this sale can be found here. Insiders sold a total of 210,437 shares of company stock valued at $35,641,084 over the last ninety days. Corporate insiders own 11.03% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of RNG. Point72 Asset Management L.P. acquired a new position in RingCentral in the 4th quarter valued at about $13,813,000. Orion Portfolio Solutions LLC acquired a new position in RingCentral in the 4th quarter valued at about $49,000. Schonfeld Strategic Advisors LLC grew its position in RingCentral by 1,749.7% in the 4th quarter. Schonfeld Strategic Advisors LLC now owns 121,600 shares of the software maker’s stock valued at $20,510,000 after acquiring an additional 115,026 shares in the last quarter. UBS Asset Management Americas Inc. grew its position in RingCentral by 165.7% in the 4th quarter. UBS Asset Management Americas Inc. now owns 217,248 shares of the software maker’s stock valued at $36,643,000 after acquiring an additional 135,484 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. acquired a new position in RingCentral in the 4th quarter valued at about $219,000. 83.31% of the stock is 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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