UBS Group Raises RingCentral (NYSE:RNG) Price Target to $250.00

RingCentral (NYSE:RNG) had its price target boosted by UBS Group from $210.00 to $250.00 in a research note published on Tuesday, The Fly reports. The brokerage currently has an outperform rating on the software maker’s stock. The analysts noted that the move was a valuation call.

Several other research analysts have also recently weighed in on RNG. Dougherty & Co upped their price objective on RingCentral from $200.00 to $230.00 and gave the stock a buy rating in a research report on Friday, February 7th. Morgan Stanley upped their price objective on RingCentral from $195.00 to $205.00 and gave the stock an equal weight rating in a research report on Tuesday. Goldman Sachs Group upped their price objective on RingCentral from $230.00 to $255.00 and gave the stock a buy rating in a research report on Tuesday. Wells Fargo & Co initiated coverage on RingCentral in a research report on Monday, January 27th. They set an overweight rating and a $240.00 price objective for the company. Finally, Needham & Company LLC upped their price objective on RingCentral from $220.00 to $240.00 and gave the stock a buy rating in a research report on Tuesday. Four 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’s stock. The company currently has a consensus rating of Buy and an average target price of $224.10.

RNG stock opened at $242.39 on Tuesday. The company has a quick ratio of 2.85, a current ratio of 2.85 and a debt-to-equity ratio of 1.12. The business has a 50-day moving average of $194.02 and a 200-day moving average of $162.93. RingCentral has a fifty-two week low of $98.19 and a fifty-two week high of $246.46.

RingCentral (NYSE:RNG) last posted its quarterly earnings data 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. The company had revenue of $252.87 million during the quarter, compared to analysts’ expectations of $237.38 million. RingCentral had a negative return on equity of 3.67% and a negative net margin of 5.94%. RingCentral’s revenue for the quarter was up 34.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.23 earnings per share. On average, equities analysts predict that RingCentral will post -0.65 EPS for the current fiscal year.

In other RingCentral news, CAO Vaibhav Agarwal sold 411 shares of the company’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $196.71, for a total value of $80,847.81. Following the sale, the chief accounting officer now owns 19,024 shares in the company, valued at $3,742,211.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO David Sipes sold 14,613 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $169.68, for a total value of $2,479,533.84. Following the completion of the sale, the chief operating officer now owns 228,717 shares in the company, valued at approximately $38,808,700.56. The disclosure for this sale can be found here. Insiders have sold 210,437 shares of company stock worth $35,641,084 in the last quarter. 11.03% of the stock is currently owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in RNG. Security National Trust Co. bought a new stake in RingCentral in the fourth quarter valued at approximately $25,000. Penserra Capital Management LLC bought a new position in shares of RingCentral during the fourth quarter worth approximately $45,000. Orion Portfolio Solutions LLC bought a new position in shares of RingCentral during the fourth quarter worth approximately $49,000. Parkside Financial Bank & Trust increased its stake in shares of RingCentral by 285.7% during the third quarter. Parkside Financial Bank & Trust now owns 405 shares of the software maker’s stock worth $51,000 after purchasing an additional 300 shares during the period. Finally, Mine & Arao Wealth Creation & Management LLC. bought a new position in shares of RingCentral during the fourth quarter worth approximately $51,000. Hedge funds and other 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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