Morgan Stanley Boosts RingCentral (NYSE:RNG) Price Target to $205.00

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RingCentral (NYSE:RNG) had its price objective hoisted by Morgan Stanley from $195.00 to $205.00 in a report published on Tuesday, BenzingaRatingsTable reports. They currently have an equal weight rating on the software maker’s stock.

RNG has been the topic of several other reports. William Blair restated a buy rating on shares of RingCentral in a report on Thursday, February 6th. Bank of America boosted their price target on shares of RingCentral from $198.00 to $237.00 and gave the stock a buy rating in a report on Wednesday, February 5th. Raymond James boosted their price target on shares of RingCentral from $175.00 to $190.00 and gave the stock a strong-buy rating in a report on Tuesday, November 5th. Goldman Sachs Group boosted their price target on shares of RingCentral from $230.00 to $255.00 and gave the stock a buy rating in a report on Tuesday. Finally, Needham & Company LLC boosted their price target on shares of RingCentral from $220.00 to $240.00 and gave the stock a buy rating in a report on Tuesday. Four equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of Buy and a consensus price target of $224.10.

RingCentral stock opened at $242.39 on Tuesday. RingCentral has a fifty-two week low of $98.19 and a fifty-two week high of $246.46. The stock has a market cap of $20.26 billion, a PE ratio of -378.73 and a beta of 0.81. 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 quick ratio of 2.85 and a current ratio of 2.85.

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

In related news, CAO Vaibhav Agarwal sold 411 shares of the company’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $196.71, for a total transaction of $80,847.81. Following the sale, the chief accounting officer now directly owns 19,024 shares in the company, valued at approximately $3,742,211.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Praful Shah sold 6,230 shares of the company’s stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $165.19, for a total transaction of $1,029,133.70. Following the sale, the insider now owns 249,906 shares in the company, valued at $41,281,972.14. The disclosure for this sale can be found here. Over the last quarter, insiders sold 210,437 shares of company stock worth $35,641,084. Corporate insiders own 11.03% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. Point72 Asset Management L.P. bought a new stake in RingCentral during the 4th quarter worth approximately $13,813,000. Orion Portfolio Solutions LLC bought a new stake in RingCentral during the 4th quarter worth approximately $49,000. Schonfeld Strategic Advisors LLC increased its holdings in RingCentral by 1,749.7% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 121,600 shares of the software maker’s stock worth $20,510,000 after acquiring an additional 115,026 shares during the period. UBS Asset Management Americas Inc. increased its holdings in shares of RingCentral by 165.7% in the 4th quarter. UBS Asset Management Americas Inc. now owns 217,248 shares of the software maker’s stock worth $36,643,000 after buying an additional 135,484 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. bought a new position in shares of RingCentral in the 4th quarter worth $219,000. 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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