RingCentral (NYSE:RNG) Given New $38.00 Price Target at Robert W. Baird

RingCentral (NYSE:RNG) had its price objective hoisted by investment analysts at Robert W. Baird from $36.00 to $38.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the software maker’s stock. Robert W. Baird’s price objective indicates a potential upside of 4.77% from the stock’s previous close.

RNG has been the topic of several other research reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $42.00 price objective on shares of RingCentral in a research report on Monday. StockNews.com downgraded shares of RingCentral from a “strong-buy” rating to a “buy” rating in a research note on Saturday, October 19th. Raymond James lowered their price objective on shares of RingCentral from $52.00 to $50.00 and set a “strong-buy” rating for the company in a research report on Friday, November 8th. Wells Fargo & Company raised their target price on shares of RingCentral from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on RingCentral from $42.00 to $45.00 and gave the company a “buy” rating in a report on Tuesday, August 6th. Eight equities research analysts have rated the stock with a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, RingCentral presently has a consensus rating of “Moderate Buy” and a consensus target price of $40.73.

RingCentral Stock Performance

RNG opened at $36.27 on Monday. The stock has a market cap of $3.33 billion, a price-to-earnings ratio of -34.22, a price-to-earnings-growth ratio of 2.96 and a beta of 0.99. The firm’s fifty day moving average is $32.26 and its 200 day moving average is $32.35. RingCentral has a fifty-two week low of $26.27 and a fifty-two week high of $40.98.

RingCentral (NYSE:RNG) last released its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.10. The firm had revenue of $608.77 million during the quarter, compared to analyst estimates of $601.91 million. RingCentral had a negative return on equity of 2.58% and a negative net margin of 4.17%. On average, equities research analysts predict that RingCentral will post 0.63 earnings per share for the current year.

Insider Transactions at RingCentral

In other RingCentral news, CFO Sonalee Elizabeth Parekh sold 9,913 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $33.45, for a total value of $331,589.85. Following the completion of the transaction, the chief financial officer now owns 358,622 shares in the company, valued at $11,995,905.90. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other RingCentral news, CAO John H. Marlow sold 19,498 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $32.52, for a total transaction of $634,074.96. Following the completion of the transaction, the chief accounting officer now owns 391,542 shares of the company’s stock, valued at approximately $12,732,945.84. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Sonalee Elizabeth Parekh sold 9,913 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $33.45, for a total transaction of $331,589.85. Following the completion of the sale, the chief financial officer now directly owns 358,622 shares in the company, valued at $11,995,905.90. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 103,824 shares of company stock valued at $3,386,396. 6.76% of the stock is currently owned by corporate insiders.

Institutional Trading of RingCentral

A number of institutional investors and hedge funds have recently bought and sold shares of RNG. Daiwa Securities Group Inc. acquired a new position in RingCentral in the 3rd quarter worth $180,000. Algert Global LLC increased its stake in RingCentral by 80.8% during the third quarter. Algert Global LLC now owns 317,734 shares of the software maker’s stock valued at $10,050,000 after purchasing an additional 141,999 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of RingCentral by 7.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 822,087 shares of the software maker’s stock valued at $26,003,000 after buying an additional 59,570 shares during the last quarter. Pacer Advisors Inc. lifted its holdings in shares of RingCentral by 45.3% in the 3rd quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker’s stock worth $83,483,000 after purchasing an additional 822,892 shares during the last quarter. Finally, Foundry Partners LLC bought a new stake in RingCentral in the third quarter valued at $8,886,000. 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.