Ringcentral Inc (NYSE:RNG) Sees Stock Price Rise - Up by 0.98%

Brunilde Fioravanti
Novembre 15, 2017

TRADEMARK VIOLATION NOTICE: This article was originally posted by BBNS and is the sole property of of BBNS.

RingCentral, Inc., launched on August 29, 2013, is a provider of software-as-a-service (SaaS) solutions for businesses to support modern communications. 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.

Several other equities research analysts have also recently weighed in on RNG. Zacks Investment Research upgraded shares of Ringcentral from a hold rating to a buy rating and set a $49.00 price objective on the stock in a research note on Wednesday, October 4th. Jefferies Group LLC reiterated a buy rating and issued a $38.00 target price on shares of Ringcentral in a research note on Thursday, August 3rd. Robert W. Baird assumed coverage on shares of RingCentral in a report on Thursday, August 25th. Morgan Stanley cut shares of Ringcentral from an overweight rating to an equal weight rating and reduced their target price for the company from $37.00 to $33.00 in a research note on Thursday, July 20th. The legal version of this news story can be accessed at https://weekherald.com/2017/11/12/oppenheimer-holdings-inc-raises-ringcentral-inc-rng-price-target-to-50-00.html. Suntrust Banks Inc. now owns 9,970 shares of the software maker's stock worth $364,000 after buying an additional 523 shares in the last quarter.

Ringcentral Inc is trading down by 0.98% percent from yesterday's close and has one of the biggest price gains of the day. Craig Hallum reaffirmed a "buy" rating and set a $50.00 price target (up previously from $40.00) on shares of RingCentral in a research note on Thursday, November 9th. Oppenheimer maintained RingCentral Inc (NYSE:RNG) rating on Thursday, August 3.

Analysts await RingCentral Inc (NYSE:RNG) to report earnings on February, 12. The company's market capitalization is $1.45 billion. RingCentral Inc (NYSE:RNG) has risen 80.85% since November 14, 2016 and is uptrending. The software maker reported $0.06 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.02. Ringcentral had a negative net margin of 5.80% and a negative return on equity of 17.97%. The business had revenue of $129.76 million for the quarter, compared to analyst estimates of $126.06 million. The business's quarterly revenue was up 34.0% on a year-over-year basis. In the latest earnings report the EPS was $-0.36 with 64.93M shares now outstanding. Amalgamated Bank now holds 7,957 shares worth $332,000. Shmunis Vladimir had sold 88,454 shares worth $3.02M.

In other news, COO David Sipes sold 3,000 shares of the firm's stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $44.00, for a total transaction of $66,000.00. Following the sale, the chief executive officer now directly owns 355,041 shares of the company's stock, valued at $13,562,566.20. The disclosure for this sale can be found here. Following the transaction, the director now directly owns 6,921 shares in the company, valued at approximately $273,379.50.

Institutional investors and hedge funds have recently modified their holdings of the company. During the same period last year, the company posted $0.03 EPS. analysts predict that Ringcentral will post -0.35 earnings per share for the current fiscal year. Following the transaction, the chief operating officer now owns 291,580 shares of the company's stock, valued at $11,266,651.20. Amalgamated Bank purchased a new position in Ringcentral in the 1st quarter worth about $203,000. The value of the investment in RNG went from $1,416,000 to $1,748,000 a change of 23.4% quarter to quarter. Goldman Sachs Group Inc. boosted its position in shares of RingCentral by 134.9% in the first quarter. The value of the company's investment in Ringcentral Inc increased from $4,703,000 to $5,361,000 a change of $658,000 quarter to quarter. Another trade for 10,000 shares valued at $360,700 was made by Shah Praful on Wednesday, June 14. Ameritas Investment Partners Inc. raised its position in Ringcentral by 8.3% in the second quarter.

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