RingCentral (NYSE:RNG) Given New $32.00 Price Target at Robert W. Baird

RingCentral (NYSE:RNG) had its price objective dropped by stock analysts at Robert W. Baird from $38.00 to $32.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the software maker’s stock. Robert W. Baird’s price objective points to a potential upside of 10.46% from the company’s previous close.

A number of other brokerages have also issued reports on RNG. Morgan Stanley raised their target price on RingCentral from $38.00 to $40.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 18th. Wedbush lifted their price target on RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Needham & Company LLC dropped their target price on shares of RingCentral from $42.00 to $36.00 and set a “buy” rating on the stock in a report on Friday. Rosenblatt Securities lowered their price objective on RingCentral from $45.00 to $40.00 and set a “buy” rating on the stock in a research note on Friday. Finally, Mizuho dropped their price objective on RingCentral from $42.00 to $36.00 and set a “neutral” rating for the company in a report on Monday, February 10th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, RingCentral has an average rating of “Hold” and a consensus target price of $37.69.

RingCentral Stock Performance

RNG opened at $28.97 on Tuesday. RingCentral has a 1 year low of $26.98 and a 1 year high of $42.19. The company’s 50 day simple moving average is $34.60 and its 200 day simple moving average is $34.23. The stock has a market capitalization of $2.62 billion, a PE ratio of -45.27, a P/E/G ratio of 1.27 and a beta of 1.01.

RingCentral (NYSE:RNG) last issued its quarterly earnings data on Thursday, February 20th. The software maker reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.73). The company had revenue of $614.51 million for the quarter, compared to analyst estimates of $612.37 million. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. As a group, sell-side analysts expect that RingCentral will post 1.29 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Robert I. Theis sold 1,457 shares of the business’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $37.79, for a total value of $55,060.03. Following the completion of the sale, the director now owns 28,690 shares of the company’s stock, valued at approximately $1,084,195.10. The trade was a 4.83 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP John H. Marlow sold 8,720 shares of the stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $42.05, for a total transaction of $366,676.00. Following the completion of the sale, the senior vice president now directly owns 334,869 shares of the company’s stock, valued at approximately $14,081,241.45. This trade represents a 2.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 260,831 shares of company stock worth $7,642,238. 6.97% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On RingCentral

Several institutional investors have recently modified their holdings of RNG. Rafferty Asset Management LLC increased its stake in shares of RingCentral by 1.7% during the fourth quarter. Rafferty Asset Management LLC now owns 19,685 shares of the software maker’s stock valued at $689,000 after buying an additional 325 shares during the period. Sovereign Financial Group Inc. boosted its holdings in shares of RingCentral by 4.0% in the 4th quarter. Sovereign Financial Group Inc. now owns 10,079 shares of the software maker’s stock worth $353,000 after purchasing an additional 386 shares during the period. Gagnon Securities LLC lifted its holdings in RingCentral by 5.6% during the fourth quarter. Gagnon Securities LLC now owns 7,703 shares of the software maker’s stock worth $270,000 after buying an additional 407 shares during the period. Xponance Inc. raised its stake in RingCentral by 4.2% in the fourth quarter. Xponance Inc. now owns 10,664 shares of the software maker’s stock valued at $373,000 after buying an additional 426 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in RingCentral by 10.4% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,983 shares of the software maker’s stock valued at $176,000 after purchasing an additional 468 shares during the last quarter. 98.61% of the stock is currently owned by institutional investors and hedge funds.

RingCentral Company Profile

RingCentral, Inc, together with its subsidiaries, provides cloud communications, video meetings, collaboration, and contact center software-as-a-service solutions worldwide. The company’s products include RingCentral Message Video Phone that provides a unified experience for communication and collaboration across multiple modes, including HD voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers AI-powered omnichannel and workforce engagement solutions with integrated RingCentral MVP; and RingCX, an AI-powered contact center that a native delivers omnichannel experience.