RingCentral Inc (NYSE:RNG) has received a consensus recommendation of “Buy” from the seventeen research firms that are presently covering the stock, Marketbeat.com reports. Three analysts have rated the stock with a hold recommendation, twelve have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $89.47.

RNG has been the subject of a number of research reports. Jefferies Financial Group lifted their target price on RingCentral to $105.00 and gave the stock a “buy” rating in a report on Wednesday, September 5th. SunTrust Banks lifted their target price on RingCentral to $100.00 and gave the stock a “buy” rating in a report on Tuesday, August 7th. Rosenblatt Securities initiated coverage on RingCentral in a report on Friday, September 7th. They set a “buy” rating and a $105.00 target price for the company. Bank of America lifted their target price on RingCentral from $86.00 to $95.00 and gave the stock a “buy” rating in a report on Tuesday, August 7th. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $84.00 target price on shares of RingCentral in a report on Friday, June 15th.

Shares of RingCentral stock traded up $5.08 on Wednesday, reaching $80.08. 1,265,596 shares of the stock were exchanged, compared to its average volume of 759,125. The company has a quick ratio of 4.32, a current ratio of 4.32 and a debt-to-equity ratio of 1.24. RingCentral has a twelve month low of $40.35 and a twelve month high of $98.15. The company has a market capitalization of $7.41 billion, a price-to-earnings ratio of -228.80 and a beta of 0.81.

RingCentral (NYSE:RNG) last released its earnings results on Monday, August 6th. The software maker reported $0.19 EPS for the quarter, topping the Zacks’ consensus estimate of $0.15 by $0.04. RingCentral had a negative return on equity of 5.93% and a negative net margin of 3.92%. The firm had revenue of $160.83 million during the quarter, compared to the consensus estimate of $155.71 million. During the same quarter in the previous year, the company posted $0.04 earnings per share. The company’s revenue was up 34.1% compared to the same quarter last year. Research analysts anticipate that RingCentral will post -0.14 EPS for the current fiscal year.

In related news, COO David Sipes sold 9,300 shares of RingCentral stock in a transaction that occurred on Wednesday, July 25th. The stock was sold at an average price of $81.13, for a total transaction of $754,509.00. Following the completion of the transaction, the chief operating officer now directly owns 299,695 shares in the company, valued at $24,314,255.35. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO John H. Marlow sold 14,500 shares of RingCentral stock in a transaction that occurred on Monday, August 27th. The shares were sold at an average price of $93.45, for a total value of $1,355,025.00. Following the transaction, the chief accounting officer now owns 153,218 shares of the company’s stock, valued at $14,318,222.10. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 257,649 shares of company stock valued at $22,985,768. 11.99% of the stock is owned by company insiders.

A number of hedge funds have recently made changes to their positions in RNG. US Bancorp DE raised its position in RingCentral by 141.7% during the second quarter. US Bancorp DE now owns 1,745 shares of the software maker’s stock valued at $123,000 after acquiring an additional 1,023 shares in the last quarter. Cerebellum GP LLC purchased a new stake in shares of RingCentral in the second quarter valued at approximately $183,000. Sun Life Financial INC purchased a new stake in shares of RingCentral in the second quarter valued at approximately $185,000. NewSquare Capital LLC purchased a new stake in shares of RingCentral in the second quarter valued at approximately $188,000. Finally, NumerixS Investment Technologies Inc purchased a new stake in shares of RingCentral in the second quarter valued at approximately $198,000. Institutional investors own 77.60% of the company’s stock.

RingCentral Company Profile

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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Analyst Recommendations for RingCentral (NYSE:RNG)

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