Ringcentral (RNG) Receiving Somewhat Favorable News Coverage, Report Finds

News stories about Ringcentral (NYSE:RNG) have been trending somewhat positive on Sunday, Accern reports. Accern scores the sentiment of media coverage by reviewing more than 20 million blog and news sources. Accern ranks coverage of publicly-traded companies on a scale of negative one to one, with scores nearest to one being the most favorable. Ringcentral earned a coverage optimism score of 0.14 on Accern’s scale. Accern also gave news articles about the software maker an impact score of 44.9362066593129 out of 100, meaning that recent media coverage is somewhat unlikely to have an effect on the company’s share price in the near future.

Here are some of the media stories that may have impacted Accern Sentiment Analysis’s analysis:

Ringcentral (RNG) traded down $0.90 during trading hours on Friday, reaching $46.25. The company’s stock had a trading volume of 519,320 shares, compared to its average volume of 510,452. Ringcentral has a one year low of $19.95 and a one year high of $49.95.

Ringcentral (NYSE:RNG) last released its quarterly earnings results on Wednesday, November 8th. The software maker reported $0.06 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.02. 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. During the same period in the prior year, the firm earned $0.03 earnings per share. The firm’s revenue was up 34.0% compared to the same quarter last year. sell-side analysts predict that Ringcentral will post -0.33 EPS for the current fiscal year.

Several research analysts recently weighed in on RNG shares. Bank of America increased their price objective on Ringcentral from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, October 25th. Northland Securities reiterated a “buy” rating and issued a $46.00 price objective on shares of Ringcentral in a research report on Friday, November 10th. Zacks Investment Research upgraded Ringcentral from a “hold” rating to a “buy” rating and set a $52.00 price objective for the company in a research report on Tuesday, November 14th. Craig Hallum reiterated a “buy” rating and issued a $50.00 price objective (up from $40.00) on shares of Ringcentral in a research report on Thursday, November 9th. Finally, Jefferies Group reiterated a “buy” rating and issued a $48.00 price objective on shares of Ringcentral in a research report on Thursday, October 19th. Three equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Ringcentral currently has an average rating of “Buy” and a consensus target price of $44.15.

In other Ringcentral news, COO David Sipes sold 15,270 shares of the company’s stock in a transaction on Tuesday, November 28th. The stock was sold at an average price of $49.06, for a total transaction of $749,146.20. Following the transaction, the chief operating officer now directly owns 280,781 shares in the company, valued at $13,775,115.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO John H. Marlow sold 1,945 shares of the stock in a transaction on Wednesday, November 22nd. The shares were sold at an average price of $48.65, for a total value of $94,624.25. Following the completion of the sale, the chief accounting officer now owns 120,373 shares in the company, valued at $5,856,146.45. The disclosure for this sale can be found here. Insiders have sold 361,576 shares of company stock worth $16,249,722 over the last 90 days. 14.53% of the stock is owned by insiders.

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About Ringcentral

RingCentral, Inc is a provider of software-as-a-service (SaaS) solutions for businesses to support modern communications. The Company’s cloud-based 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 high definition (HD) voice, video, short messaging service (SMS), messaging and collaboration, conferencing, online meetings, and fax.

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