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

RingCentral (NYSE:RNG) had its price objective lowered by Robert W. Baird from $38.00 to $32.00 in a research report report published on Tuesday,Benzinga reports. Robert W. Baird currently has a neutral rating on the software maker’s stock.

Other analysts have also recently issued reports about the company. 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. StockNews.com raised shares of RingCentral from a “buy” rating to a “strong-buy” rating in a research note on Thursday, February 20th. Morgan Stanley raised their price objective on shares of RingCentral from $38.00 to $40.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 18th. Piper Sandler dropped their target price on shares of RingCentral from $38.00 to $31.00 and set a “neutral” rating for the company in a research report on Friday, February 21st. Finally, Rosenblatt Securities cut their price target on RingCentral from $45.00 to $40.00 and set a “buy” rating on the stock in a research note on Friday, February 21st. One analyst has rated the stock with a sell rating, seven have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $37.69.

RingCentral Trading Down 0.5 %

Shares of RingCentral stock opened at $28.79 on Tuesday. The stock has a market capitalization of $2.60 billion, a price-to-earnings ratio of -44.98, a P/E/G ratio of 1.27 and a beta of 1.01. The firm’s 50-day moving average price is $34.39 and its two-hundred day moving average price is $34.20. RingCentral has a 1-year low of $26.98 and a 1-year high of $42.19.

RingCentral (NYSE:RNG) last released its quarterly earnings results on Thursday, February 20th. The software maker reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.73). The business had revenue of $614.51 million during the quarter, compared to the consensus estimate of $612.37 million. RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. As a group, equities research analysts predict that RingCentral will post 1.29 EPS for the current year.

Insider Buying and Selling at RingCentral

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

Institutional Trading of RingCentral

Hedge funds have recently bought and sold shares of the business. Kayne Anderson Rudnick Investment Management LLC acquired a new stake in shares of RingCentral in the 4th quarter worth about $49,000. Venturi Wealth Management LLC raised its stake in shares of RingCentral by 150.4% in the third quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock worth $59,000 after purchasing an additional 1,119 shares during the last quarter. Quarry LP lifted its holdings in shares of RingCentral by 106.7% in the third quarter. Quarry LP now owns 1,902 shares of the software maker’s stock valued at $60,000 after purchasing an additional 982 shares in the last quarter. KBC Group NV boosted its position in shares of RingCentral by 38.9% during 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 bought a new stake in RingCentral during the fourth quarter worth $173,000. Institutional investors and hedge funds own 98.61% of the company’s stock.

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.