Ringcentral Inc (NYSE:RNG) Sees Price Increase - Up $0.45

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

RingCentral, Inc 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. Group Inc reported 0.01% in RingCentral Inc (NYSE:RNG). Three equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. Northland Securities reaffirmed a "buy" rating and set a $46.00 price target on shares of RingCentral in a research note on Friday. Jefferies Group reaffirmed a buy rating on shares of RingCentral in a report on Wednesday, October 26th. The stock has "Hold" rating by Robert W. Baird on Thursday, November 9. Zacks Investment Research's price target points to a potential upside of 13.04% from the company's current price. Bank of America Corporation lifted their price target on shares of RingCentral from $45.00 to $50.00 and gave the company a "buy" rating in a research note on Wednesday, October 25th. Robert W. Baird initiated RingCentral Inc (NYSE:RNG) rating on Friday, August 26. The stock of RingCentral Inc (NYSE:RNG) earned "Buy" rating by Oppenheimer on Thursday, August 3. Accern ranks coverage of companies on a scale of negative one to positive one, with scores closest to one being the most favorable. Craig Hallum now has a $50.00 price objective on the software maker's stock, up from their previous price objective of $40.00. Portolan Capital Mngmt Limited Liability has invested 1.1% of its portfolio in RingCentral Inc (NYSE:RNG). RingCentral has a 52 week low of $13.88 and a 52 week high of $25.67. The stock was sold at an average price of $39.50, for a total transaction of $869,000.00. The rating was maintained by RBC Capital Markets on Wednesday, December 9 with "Outperform".

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Ringcentral (NYSE:RNG) last issued its earnings results on Wednesday, November 8th.

Amalgamated Bank reduced its holdings by selling 49 shares a decrease of 0.6% from 06/30/2017 to 09/30/2017. Ringcentral had a negative return on equity of 17.97% and a negative net margin of 5.80%. The company had revenue of $129.76 million for the quarter, compared to analysts' expectations of $126.06 million. They expect $0.18 earnings per share, down 14.29% or $0.03 from last year's $0.21 per share. The business's quarterly revenue was up 34.0% on a year-over-year basis. They expect $-0.08 EPS, 0.00% or $0.00 from last year's $-0.08 per share. The shares were sold on October 11th for an average price of $43.32. Also, insider Praful Shah sold 10,000 shares of the business's stock in a transaction dated Tuesday, August 22nd. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

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In related news, COO David Sipes sold 1,500 shares of the stock in a transaction on Monday, October 16th. About 246,036 shares traded or 12.97% up from the average. The disclosure for this sale can be found here. Corporate insiders own 14.53% of the company's stock.

Institutional investors and hedge funds have recently modified their holdings of the company. During the same period last year, the business posted $0.03 earnings per share. equities research analysts anticipate that Ringcentral will post -0.35 EPS for the current fiscal year. Following the sale, the chief operating officer now directly owns 291,580 shares in the company, valued at $11,266,651.20. Amalgamated Bank acquired a new position in Ringcentral in the first quarter valued at about $203,000. BlackRock Institutional Trust Company N.A. now owns 1,496,736 shares of the company's stock valued at $23,574,000 after buying an additional 135,426 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in shares of RingCentral by 134.9% in the first quarter. Ameritas Investment Partners Inc. now owns 5,480 shares of the software maker's stock valued at $200,000 after acquiring an additional 418 shares during the period. The stock was sold at an average price of $37.98, for a total transaction of $379,800.00.

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