RingCentral (RNG) Cut to Neutral at J P Morgan Chase & Co
J P Morgan Chase & Co cut shares of RingCentral (NYSE:RNG) from an overweight rating to a neutral rating in a research report report published on Tuesday, Marketbeat reports. J P Morgan Chase & Co currently has $52.00 price target on the software maker’s stock.
A number of other research analysts have also commented on RNG. BidaskClub raised RingCentral from a hold rating to a buy rating in a report on Wednesday, August 16th. Northland Securities reissued an outperform rating and set a $46.00 price target (up from $43.00) on shares of RingCentral in a report on Tuesday, October 3rd. Zacks Investment Research raised RingCentral from a hold rating to a buy rating and set a $49.00 price target on the stock in a report on Wednesday, October 4th. Jefferies Group reissued a buy rating and set a $48.00 price target on shares of RingCentral in a report on Thursday, October 19th. Finally, Bank of America raised their price target on RingCentral from $45.00 to $50.00 and gave the company a buy rating in a report on Wednesday, October 25th. Four analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. The company currently has an average rating of Buy and an average price target of $45.14.
RingCentral (NYSE:RNG) traded down $0.55 during mid-day trading on Tuesday, reaching $47.55. The company’s stock had a trading volume of 438,500 shares, compared to its average volume of 660,613. RingCentral has a 12 month low of $20.55 and a 12 month high of $49.95.
RingCentral (NYSE:RNG) last issued its quarterly earnings results on Wednesday, November 8th. The software maker reported $0.06 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.02. The company had revenue of $129.76 million for the quarter, compared to analyst estimates of $126.06 million. RingCentral had a negative return on equity of 17.97% and a negative net margin of 5.80%. The company’s quarterly revenue was up 34.0% compared to the same quarter last year. During the same period last year, the company earned $0.03 earnings per share. equities research analysts anticipate that RingCentral will post -0.33 EPS for the current fiscal year.
In related news, CEO Vladimir Shmunis sold 48,666 shares of RingCentral stock in a transaction dated Tuesday, December 12th. The stock was sold at an average price of $47.12, for a total transaction of $2,293,141.92. Following the transaction, the chief executive officer now directly owns 355,041 shares of the company’s stock, valued at $16,729,531.92. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, COO David Sipes sold 15,270 shares of RingCentral stock in a transaction dated Tuesday, November 28th. The stock was sold at an average price of $49.06, for a total value of $749,146.20. Following the transaction, the chief operating officer now directly owns 280,781 shares in the company, valued at $13,775,115.86. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 317,742 shares of company stock worth $14,690,590. 14.53% of the stock is owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in RNG. Capital World Investors grew its holdings in RingCentral by 23.9% during the second quarter. Capital World Investors now owns 6,599,000 shares of the software maker’s stock worth $241,193,000 after acquiring an additional 1,275,000 shares during the period. Whale Rock Capital Management LLC purchased a new position in RingCentral in the 2nd quarter worth about $39,450,000. FMR LLC increased its stake in RingCentral by 40.1% in the 2nd quarter. FMR LLC now owns 2,905,422 shares of the software maker’s stock worth $106,193,000 after purchasing an additional 832,314 shares in the last quarter. Southpoint Capital Advisors LP purchased a new position in RingCentral in the 2nd quarter worth about $18,275,000. Finally, BlackRock Inc. increased its stake in RingCentral by 11.6% in the 2nd quarter. BlackRock Inc. now owns 4,272,844 shares of the software maker’s stock worth $156,173,000 after purchasing an additional 445,306 shares in the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.
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RingCentral, Inc is a provider of software-as-a-service (SaaS) solutions for businesses to support modern communications. The Company’s cloud-based business communications solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, personal computers (PCs) and desk phones, and allow for communication across multiple channels, including high definition (HD) voice, video, short messaging service (SMS), messaging and collaboration, conferencing, online meetings, and fax.
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