RingCentral (NYSE:RNG) Price Target Lowered to $32.00 at Robert W. Baird

RingCentral (NYSE:RNG) had its target price dropped by research analysts at Robert W. Baird from $38.00 to $32.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently 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 stock’s previous close.

A number of other research analysts also recently issued reports on the stock. UBS Group reduced their price objective on shares of RingCentral from $40.00 to $38.00 and set a “neutral” rating on the stock in a research report on Friday. Mizuho cut their target price on RingCentral from $42.00 to $36.00 and set a “neutral” rating on the stock in a research note on Monday, February 10th. Raymond James lowered their price target on RingCentral from $45.00 to $40.00 and set an “outperform” rating on the stock in a report on Friday. Wells Fargo & Company reissued an “underweight” rating and set a $30.00 price objective (down from $38.00) on shares of RingCentral in a report on Tuesday, January 7th. Finally, Morgan Stanley raised their target price on RingCentral from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 18th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $37.69.

RingCentral Stock Up 0.1 %

Shares of RNG stock opened at $28.97 on Tuesday. The firm has a market cap of $2.62 billion, a P/E ratio of -45.27, a price-to-earnings-growth ratio of 1.27 and a beta of 1.01. The business has a 50-day moving average price of $34.60 and a two-hundred day moving average price of $34.23. RingCentral has a 12-month low of $26.98 and a 12-month high of $42.19.

RingCentral (NYSE:RNG) last posted its quarterly earnings results on Thursday, February 20th. The software maker reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.96 by ($0.73). The company had revenue of $614.51 million for the quarter, compared to the consensus estimate 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, research analysts expect that RingCentral will post 1.29 EPS for the current fiscal year.

Insider Activity at RingCentral

In other RingCentral news, CEO Vladimir Shmunis sold 66,112 shares of the company’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $28.83, for a total value of $1,906,008.96. Following the sale, the chief executive officer now owns 568,300 shares in the company, valued at approximately $16,384,089. This represents a 10.42 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Robert I. Theis sold 1,457 shares of the business’s stock in a transaction that occurred on Wednesday, December 4th. The shares were 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 $1,084,195.10. This trade represents a 4.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 260,831 shares of company stock valued at $7,642,238 in the last three months. 6.97% of the stock is owned by insiders.

Institutional Investors Weigh In On RingCentral

A number of hedge funds have recently modified their holdings of RNG. Kayne Anderson Rudnick Investment Management LLC purchased a new position in RingCentral during the fourth quarter worth about $49,000. Venturi Wealth Management LLC increased its position in shares of RingCentral by 150.4% during the third quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock worth $59,000 after acquiring an additional 1,119 shares during the period. Quarry LP lifted its stake in RingCentral by 106.7% in the third quarter. Quarry LP now owns 1,902 shares of the software maker’s stock worth $60,000 after acquiring an additional 982 shares during the last quarter. KBC Group NV increased its holdings in RingCentral by 38.9% in the third quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock valued at $84,000 after buying an additional 744 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd acquired a new position in RingCentral in the fourth quarter valued at approximately $173,000. 98.61% of the stock is currently owned by institutional investors and hedge funds.

About RingCentral

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.