RingCentral (NYSE:RNG) Given New $136.00 Price Target at Morgan Stanley

RingCentral (NYSE:RNG) had its price target increased by Morgan Stanley from $129.00 to $136.00 in a research note issued to investors on Thursday, BenzingaRatingsTable reports. They currently have an equal weight rating on the software maker’s stock.

Several other research analysts have also recently issued reports on RNG. SunTrust Banks increased their price objective on RingCentral to $163.00 and gave the stock a buy rating in a research report on Tuesday, July 30th. Craig Hallum raised their price objective on RingCentral from $140.00 to $150.00 and gave the company a buy rating in a report on Tuesday, July 30th. Bank of America lifted their price target on RingCentral from $135.00 to $150.00 and gave the stock a buy rating in a report on Tuesday, July 30th. Raymond James lifted their price target on RingCentral from $140.00 to $175.00 and gave the stock a strong-buy rating in a report on Tuesday, July 30th. Finally, Needham & Company LLC reiterated a buy rating and set a $150.00 price target (up previously from $140.00) on shares of RingCentral in a report on Tuesday, July 30th. Two analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of Buy and a consensus price target of $138.63.

RNG traded up $0.81 on Thursday, hitting $134.14. 7,424 shares of the company’s stock were exchanged, compared to its average volume of 705,388. RingCentral has a fifty-two week low of $64.41 and a fifty-two week high of $146.38. The company has a current ratio of 2.99, a quick ratio of 2.99 and a debt-to-equity ratio of 1.13. The firm has a 50-day moving average price of $137.24 and a 200-day moving average price of $120.50. The stock has a market cap of $10.84 billion, a price-to-earnings ratio of -3,362.25 and a beta of 0.87.

RingCentral (NYSE:RNG) last announced its earnings results on Monday, July 29th. The software maker reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.16) by $0.13. The company had revenue of $215.20 million for the quarter, compared to analysts’ expectations of $204.70 million. RingCentral had a negative net margin of 3.95% and a negative return on equity of 1.13%. The firm’s quarterly revenue was up 33.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.19 EPS. On average, equities analysts predict that RingCentral will post -0.13 EPS for the current year.

In related news, CEO Vladimir Shmunis sold 113,687 shares of the company’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $139.45, for a total transaction of $15,853,652.15. Following the completion of the transaction, the chief executive officer now owns 292,020 shares in the company, valued at $40,722,189. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Praful Shah sold 5,016 shares of the company’s stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $115.33, for a total transaction of $578,495.28. Following the transaction, the insider now owns 257,763 shares of the company’s stock, valued at approximately $29,727,806.79. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 408,986 shares of company stock valued at $55,074,381. 11.03% of the stock is owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in RNG. Vanguard Group Inc. raised its holdings in RingCentral by 2.5% in the 2nd quarter. Vanguard Group Inc. now owns 6,439,805 shares of the software maker’s stock valued at $740,062,000 after buying an additional 157,358 shares during the period. Nuveen Asset Management LLC purchased a new position in shares of RingCentral during the second quarter valued at $94,704,000. Eagle Asset Management Inc. grew its holdings in shares of RingCentral by 0.6% during the second quarter. Eagle Asset Management Inc. now owns 686,925 shares of the software maker’s stock valued at $78,941,000 after buying an additional 3,917 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of RingCentral by 10.2% during the fourth quarter. Geode Capital Management LLC now owns 641,969 shares of the software maker’s stock valued at $52,923,000 after buying an additional 59,629 shares in the last quarter. Finally, FIL Ltd purchased a new position in shares of RingCentral during the first quarter valued at $67,944,000. 82.22% of the stock is currently owned by institutional investors.

About RingCentral

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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