RingCentral (RNG) Rating Increased to Buy at Zacks Investment Research

RingCentral (NYSE:RNG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The brokerage currently has a $75.00 price target on the software maker’s stock. Zacks Investment Research‘s price objective points to a potential upside of 10.46% from the company’s current price.

According to Zacks, “RingCentral, Inc. provides solutions for business communications primarily in the United States. The Company’s products include RingCentral Office, RingCentral Mobile and RingCentral Fax. It provides solutions such as auto-receptionist, flexible extension structure, multiple voicemail boxes, smart call routing, business answering rules, extension dialing, call transfers and elegant integration with Smartphones. RingCentral, Inc. is headquartered in San Mateo, California. “

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Several other equities research analysts have also recently commented on RNG. Northland Securities set a $61.00 target price on RingCentral and gave the stock a “buy” rating in a research note on Tuesday, February 13th. Morgan Stanley set a $60.00 target price on RingCentral and gave the stock a “hold” rating in a research note on Tuesday, February 13th. Craig Hallum raised their target price on RingCentral from $50.00 to $65.00 and gave the stock a “buy” rating in a research note on Tuesday, February 13th. Oppenheimer raised their target price on RingCentral from $60.00 to $66.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 13th. Finally, Stephens reaffirmed a “buy” rating and set a $60.00 target price on shares of RingCentral in a research note on Tuesday, February 13th. Three research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $55.43.

Shares of RNG stock opened at $67.90 on Wednesday. The stock has a market capitalization of $5,404.70, a PE ratio of -194.00 and a beta of 0.67. RingCentral has a 1-year low of $29.15 and a 1-year high of $69.60.

RingCentral (NYSE:RNG) last issued its quarterly earnings results on Monday, February 12th. The software maker reported $0.07 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.01. The company had revenue of $140.50 million during the quarter, compared to analysts’ expectations of $136.34 million. RingCentral had a negative return on equity of 16.54% and a negative net margin of 5.21%. The business’s quarterly revenue was up 34.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.03 earnings per share. sell-side analysts expect that RingCentral will post -0.24 EPS for the current year.

RingCentral announced that its Board of Directors has approved a share buyback plan on Tuesday, February 27th that permits the company to repurchase $35.00 million in shares. This repurchase authorization permits the software maker to buy shares of its stock through a private placement purchase. Shares repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

In other RingCentral news, CAO John H. Marlow sold 2,639 shares of the firm’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $62.35, for a total value of $164,541.65. Following the completion of the sale, the chief accounting officer now owns 120,355 shares of the company’s stock, valued at $7,504,134.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO David Sipes sold 9,300 shares of the firm’s stock in a transaction that occurred on Wednesday, April 18th. The shares were sold at an average price of $68.86, for a total value of $640,398.00. Following the completion of the sale, the chief operating officer now directly owns 317,520 shares of the company’s stock, valued at approximately $21,864,427.20. The disclosure for this sale can be found here. Insiders sold 225,269 shares of company stock valued at $14,582,112 in the last three months. Insiders own 14.53% of the company’s stock.

Several hedge funds have recently bought and sold shares of the company. BlackRock Inc. lifted its holdings in shares of RingCentral by 17.2% in the fourth quarter. BlackRock Inc. now owns 5,110,028 shares of the software maker’s stock valued at $247,325,000 after purchasing an additional 750,564 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in shares of RingCentral by 14.8% in the fourth quarter. Renaissance Technologies LLC now owns 1,769,500 shares of the software maker’s stock valued at $85,644,000 after purchasing an additional 228,200 shares in the last quarter. OppenheimerFunds Inc. lifted its holdings in shares of RingCentral by 3.6% in the fourth quarter. OppenheimerFunds Inc. now owns 640,825 shares of the software maker’s stock valued at $31,015,000 after purchasing an additional 22,530 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of RingCentral by 1.2% in the fourth quarter. Geode Capital Management LLC now owns 530,786 shares of the software maker’s stock valued at $25,689,000 after purchasing an additional 6,043 shares in the last quarter. Finally, Wells Fargo & Company MN lifted its holdings in shares of RingCentral by 5.6% in the fourth quarter. Wells Fargo & Company MN now owns 513,255 shares of the software maker’s stock valued at $24,842,000 after purchasing an additional 27,177 shares in the last quarter. Institutional investors own 75.77% of the company’s stock.

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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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