Robert W. Baird Increases RingCentral (NYSE:RNG) Price Target to $35.00

RingCentral (NYSE:RNG) had its target price raised by equities research analysts at Robert W. Baird from $32.00 to $35.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm currently has a “neutral” rating on the software maker’s stock. Robert W. Baird’s target price points to a potential upside of 1.80% from the company’s previous close.

Other analysts have also recently issued reports about the company. Mizuho raised their price objective on RingCentral from $36.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday. Needham & Company LLC reaffirmed a “buy” rating and set a $42.00 price objective on shares of RingCentral in a research report on Wednesday. Rosenblatt Securities reissued a “neutral” rating and issued a $35.00 price objective on shares of RingCentral in a research report on Wednesday, May 1st. The Goldman Sachs Group reduced their target price on shares of RingCentral from $38.00 to $34.00 and set a “neutral” rating for the company in a report on Wednesday, February 21st. Finally, KeyCorp lowered their price target on shares of RingCentral from $50.00 to $48.00 and set an “overweight” rating on the stock in a report on Wednesday, February 21st. Ten equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $39.44.

RingCentral Price Performance

Shares of NYSE:RNG opened at $34.38 on Thursday. The company’s 50-day moving average price is $32.83 and its two-hundred day moving average price is $31.92. The stock has a market capitalization of $3.17 billion, a PE ratio of -19.65, a price-to-earnings-growth ratio of 3.24 and a beta of 0.94. RingCentral has a one year low of $25.08 and a one year high of $43.28.

RingCentral (NYSE:RNG) last posted its quarterly earnings results on Tuesday, February 20th. The software maker reported ($0.33) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.31). The business had revenue of $571.27 million during the quarter, compared to analysts’ expectations of $569.65 million. On average, analysts anticipate that RingCentral will post 0.45 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Kenneth A. Goldman sold 1,287 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $34.47, for a total value of $44,362.89. Following the sale, the director now directly owns 23,688 shares in the company, valued at approximately $816,525.36. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Director Kenneth A. Goldman sold 1,287 shares of the firm’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $34.47, for a total transaction of $44,362.89. Following the sale, the director now owns 23,688 shares of the company’s stock, valued at approximately $816,525.36. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Vaibhav Agarwal sold 1,984 shares of the company’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $34.55, for a total value of $68,547.20. Following the completion of the transaction, the chief financial officer now directly owns 114,656 shares of the company’s stock, valued at approximately $3,961,364.80. The disclosure for this sale can be found here. Insiders sold a total of 23,608 shares of company stock worth $800,974 in the last ninety days. 6.76% of the stock is owned by insiders.

Institutional Investors Weigh In On RingCentral

Several hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC bought a new position in shares of RingCentral during the fourth quarter valued at $26,000. Hexagon Capital Partners LLC grew its stake in shares of RingCentral by 116.8% in the fourth quarter. Hexagon Capital Partners LLC now owns 930 shares of the software maker’s stock worth $32,000 after purchasing an additional 501 shares during the last quarter. Tennessee Valley Asset Management Partners acquired a new stake in RingCentral in the fourth quarter valued at $33,000. Nisa Investment Advisors LLC raised its position in RingCentral by 100.0% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,000 shares of the software maker’s stock worth $34,000 after purchasing an additional 500 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. grew its position in shares of RingCentral by 438.1% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 1,200 shares of the software maker’s stock valued at $41,000 after buying an additional 977 shares during the last quarter. 98.61% of the stock is currently 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.