Robert W. Baird Has Lowered Expectations for RingCentral (NYSE:RNG) Stock Price

RingCentral (NYSE:RNG) had its price target reduced by equities researchers at Robert W. Baird from $38.00 to $32.00 in a report issued on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the software maker’s stock. Robert W. Baird’s price target would suggest a potential upside of 11.61% from the stock’s current price.

A number of other equities research analysts have also issued reports on the stock. Needham & Company LLC dropped their price objective on shares of RingCentral from $42.00 to $36.00 and set a “buy” rating for the company in a report on Friday, February 21st. Raymond James dropped their price objective on shares of RingCentral from $45.00 to $40.00 and set an “outperform” rating for the company in a report on Friday, February 21st. StockNews.com raised shares of RingCentral from a “buy” rating to a “strong-buy” rating in a report on Thursday, February 20th. Wells Fargo & Company reissued an “underweight” rating and issued a $30.00 price objective (down previously from $38.00) on shares of RingCentral in a report on Tuesday, January 7th. Finally, Wedbush upped their price objective on shares of RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $37.69.

RingCentral Trading Down 0.4 %

NYSE:RNG opened at $28.67 on Tuesday. RingCentral has a twelve month low of $26.98 and a twelve month high of $42.19. The company’s 50 day moving average is $34.21 and its two-hundred day moving average is $34.17. The company has a market cap of $2.59 billion, a PE ratio of -44.80, a P/E/G ratio of 1.27 and a beta of 1.01.

RingCentral (NYSE:RNG) last posted its 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 firm had revenue of $614.51 million during the quarter, compared to analyst estimates 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, analysts expect that RingCentral will post 1.29 EPS for the current fiscal year.

Insider Activity

In related news, SVP John H. Marlow sold 8,720 shares of the stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $42.05, for a total value 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 represents a 2.54 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Robert I. Theis sold 1,457 shares of the stock in a transaction dated 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 directly owns 28,690 shares of the company’s stock, 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. Insiders sold a total of 260,831 shares of company stock valued at $7,642,238 over the last three months. Insiders own 6.97% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Mackenzie Financial Corp increased its position in RingCentral by 56.2% in the 4th quarter. Mackenzie Financial Corp now owns 127,406 shares of the software maker’s stock worth $4,460,000 after purchasing an additional 45,848 shares during the last quarter. PharVision Advisers LLC bought a new position in shares of RingCentral in the fourth quarter valued at approximately $246,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of RingCentral by 14.4% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 255,792 shares of the software maker’s stock worth $8,955,000 after buying an additional 32,175 shares during the last quarter. Woodline Partners LP boosted its holdings in shares of RingCentral by 17.6% during the 4th quarter. Woodline Partners LP now owns 138,956 shares of the software maker’s stock worth $4,865,000 after buying an additional 20,799 shares during the period. Finally, Two Sigma Advisers LP raised its holdings in RingCentral by 79.5% in the 4th quarter. Two Sigma Advisers LP now owns 412,700 shares of the software maker’s stock worth $14,449,000 after acquiring an additional 182,800 shares during the period. 98.61% of the stock is 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.