Stock On Watch: RingCentral Inc Stock Price Increases Today

Stock On Watch: RingCentral Inc Stock Price Increases Today

The stock of RingCentral Inc (NYSE:RNG) is a huge mover today! About 306,613 shares traded hands. RingCentral Inc (NYSE:RNG) has risen 8.51% since April 28, 2016 and is uptrending. It has outperformed by 2.58% the S&P500.
The move comes after 5 months positive chart setup for the $1.66 billion company. It was reported on Dec, 1 by Barchart.com. We have $23.43 PT which if reached, will make NYSE:RNG worth $116.20 million more.

Analysts await RingCentral Inc (NYSE:RNG) to report earnings on February, 2. They expect $-0.09 earnings per share, 0.00% or $0.00 from last year’s $-0.09 per share. After $-0.09 actual earnings per share reported by RingCentral Inc for the previous quarter, Wall Street now forecasts 0.00% EPS growth.

RingCentral Inc (NYSE:RNG) Ratings Coverage

Out of 10 analysts covering RingCentral (NYSE:RNG), 8 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 80% are positive. RingCentral has been the topic of 18 analyst reports since July 21, 2015 according to StockzIntelligence Inc. Oppenheimer maintained it with “Outperform” rating and $23 target price in Friday, July 31 report. Oppenheimer maintained it with “Outperform” rating and $25 target price in Tuesday, November 3 report. The rating was initiated by RBC Capital Markets with “Outperform” on Tuesday, October 6. On Wednesday, December 9 the stock rating was maintained by RBC Capital Markets with “Outperform”. The firm has “Outperform” rating given on Wednesday, December 2 by RBC Capital Markets. The firm has “Buy” rating by Summit Redstone Partners given on Tuesday, June 28. JP Morgan initiated RingCentral Inc (NYSE:RNG) rating on Thursday, July 23. JP Morgan has “Overweight” rating and $27 price target. The stock of RingCentral Inc (NYSE:RNG) earned “Strong Buy” rating by Raymond James on Friday, July 31. Oppenheimer maintained RingCentral Inc (NYSE:RNG) on Wednesday, December 16 with “Outperform” rating. The rating was downgraded by Morgan Stanley on Thursday, December 17 to “Equal-Weight”.

According to Zacks Investment Research, “RingCentral, Inc. provides solutions for business communications primarily in the United States. The Company’s products include RingCentral Office, RingCentral Mobile and RingCentral Fax. 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. RingCentral, Inc. is headquartered in San Mateo, California.”

Insitutional Activity: The institutional sentiment decreased to 1.04 in 2016 Q2. Its down 0.47, from 1.51 in 2016Q1. The ratio dropped, as 19 funds sold all RingCentral Inc shares owned while 40 reduced positions. 29 funds bought stakes while 60 increased positions. They now own 46.80 million shares or 2.34% less from 47.92 million shares in 2016Q1.
Fmr Ltd accumulated 0% or 304,700 shares. Great West Life Assurance Can owns 5,200 shares or 0% of their US portfolio. Waddell & Reed owns 382,700 shares or 0.02% of their US portfolio. Products Limited Liability Com holds 0.03% or 19,200 shares in its portfolio. Comml Bank Of Montreal Can has 0.01% invested in the company for 325,629 shares. The New York-based Goldman Sachs Group has invested 0% in RingCentral Inc (NYSE:RNG). Macquarie Group Inc Incorporated Ltd holds 147,800 shares or 0.01% of its portfolio. State Board Of Administration Of Florida Retirement Sys holds 0% or 19,978 shares in its portfolio. Cap World Investors last reported 1.44 million shares in the company. Princeton Alpha Mgmt L P accumulated 0.08% or 23,650 shares. Gradient Investments Lc holds 0.03% or 14,120 shares in its portfolio. Los Angeles Cap Management & Equity Rech owns 24,553 shares or 0% of their US portfolio. Gsa Capital Prtn Llp has 48,810 shares for 0.05% of their US portfolio. Deutsche Commercial Bank Ag holds 0% or 205,884 shares in its portfolio. Marshall Wace Llp holds 0.02% or 144,164 shares in its portfolio.

Insider Transactions: Since June 8, 2016, the stock had 0 buys, and 24 selling transactions for $8.55 million net activity. The insider Shah Praful sold $196,600. $68,864 worth of RingCentral Inc (NYSE:RNG) was sold by Makagon Kira. Shares for $38,710 were sold by Marlow John H. Shmunis Vladimir had sold 16,472 shares worth $376,669. Shares for $50,264 were sold by Sipes David on Tuesday, August 23.

RNG Company Profile

RingCentral, Inc., incorporated on August 29, 2013, is a well-known provider of software-as-a-service (SaaS) solutions for business communications. The Company’s cloud 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 voice, text, team messaging collaboration, high definition (HD) video for Web conferencing and fax. The Company’s products include RingCentral Office, RingCentral Professional, RingCentral Fax, RingCentral Contact Center and Glip by RingCentral. RingCentral Office is a multi-user, enterprise-grade communications solution. RingCentral Professional is an inbound call routing subscription with additional text and fax capabilities targeting smaller deployments, and RingCentral Fax is an Internet fax subscription that permits sending and receiving faxes over the Internet.

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