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

RingCentral (NYSE:RNGGet Free Report) 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.

Read Our Latest Stock Report on RNG

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:RNGGet Free Report) 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

(Get Free Report)

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.

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Analyst Recommendations for RingCentral (NYSE:RNG)

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