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

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

Several other brokerages also recently commented on RNG. Wedbush raised their target price on RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Barclays reduced their price objective on RingCentral from $37.00 to $31.00 and set an “equal weight” rating for the company in a research note on Friday, February 21st. Wells Fargo & Company reiterated an “underweight” rating and issued a $30.00 target price (down from $38.00) on shares of RingCentral in a report on Tuesday, January 7th. Morgan Stanley upped their price objective on shares of RingCentral from $38.00 to $40.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 18th. Finally, Raymond James dropped their price objective on shares of RingCentral from $45.00 to $40.00 and set an “outperform” rating on the stock in a research note on Friday, February 21st. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, RingCentral has an average rating of “Hold” and a consensus price target of $37.69.

RingCentral Stock Performance

NYSE:RNG opened at $28.58 on Tuesday. RingCentral has a 52 week low of $26.98 and a 52 week high of $42.19. The firm’s fifty day moving average is $34.04 and its 200-day moving average is $34.13. The firm has a market cap of $2.58 billion, a P/E ratio of -44.65, a P/E/G ratio of 1.27 and a beta of 1.01.

RingCentral (NYSE:RNG) last issued 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 business 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, sell-side analysts anticipate that RingCentral will post 1.29 earnings per share for the current year.

Insiders Place Their Bets

In related 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 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 trade represents a 2.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Robert I. Theis sold 1,457 shares of the business’s stock in a transaction on 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 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 position. The disclosure for this sale can be found here. Insiders have sold a total of 260,831 shares of company stock valued at $7,642,238 in the last 90 days. 6.97% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On RingCentral

Institutional investors have recently added to or reduced their stakes in the stock. Capital World Investors raised its position in RingCentral by 5.9% in the fourth quarter. Capital World Investors now owns 10,663,441 shares of the software maker’s stock worth $373,327,000 after acquiring an additional 591,398 shares during the period. Ameriprise Financial Inc. increased its stake in shares of RingCentral by 2.2% during the 4th quarter. Ameriprise Financial Inc. now owns 6,513,731 shares of the software maker’s stock worth $228,050,000 after purchasing an additional 142,538 shares during the last quarter. Pacer Advisors Inc. raised 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 period. First Trust Advisors LP lifted its stake in RingCentral by 35.6% in the fourth quarter. First Trust Advisors LP now owns 2,009,286 shares of the software maker’s stock valued at $70,345,000 after purchasing an additional 527,901 shares during the last quarter. Finally, Renaissance Technologies LLC grew its holdings in RingCentral by 11.1% during the fourth quarter. Renaissance Technologies LLC now owns 1,795,300 shares of the software maker’s stock valued at $62,853,000 after purchasing an additional 180,000 shares during the period. Institutional investors 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.