RingCentral (NYSE:RNG) Price Target Raised to $38.00 at Robert W. Baird

RingCentral (NYSE:RNG) had its target price upped by Robert W. Baird from $36.00 to $38.00 in a report released on Monday morning,Benzinga reports. The firm currently has a neutral rating on the software maker’s stock.

A number of other equities research analysts have also recently weighed in on the company. Wells Fargo & Company raised their price target on RingCentral from $28.00 to $35.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. StockNews.com cut RingCentral from a “strong-buy” rating to a “buy” rating in a report on Saturday, October 19th. Wedbush upped their price target on shares of RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Needham & Company LLC restated a “buy” rating and issued a $42.00 price objective on shares of RingCentral in a research report on Monday. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $45.00 target price on shares of RingCentral in a research report on Friday, November 8th. Eight analysts have rated the stock with a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $40.73.

RingCentral Stock Performance

Shares of NYSE:RNG opened at $36.74 on Monday. The company’s fifty day moving average is $32.59 and its 200-day moving average is $32.42. RingCentral has a 52 week low of $26.98 and a 52 week high of $40.98.

RingCentral (NYSE:RNG) last released its quarterly earnings results on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.10. The firm had revenue of $608.77 million for the quarter, compared to analyst estimates of $601.91 million. RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. As a group, equities research analysts anticipate that RingCentral will post 0.84 earnings per share for the current fiscal year.

Insider Activity

In other news, CAO John H. Marlow sold 19,498 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $32.52, for a total value of $634,074.96. Following the completion of the transaction, the chief accounting officer now owns 391,542 shares in the company, valued at $12,732,945.84. This represents a 4.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Vaibhav Agarwal sold 10,184 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $32.88, for a total transaction of $334,849.92. Following the sale, the chief financial officer now owns 137,545 shares in the company, valued at approximately $4,522,479.60. The trade was a 6.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 103,824 shares of company stock valued at $3,386,396 in the last quarter. Company insiders own 6.76% of the company’s stock.

Hedge Funds Weigh In On RingCentral

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Kestra Investment Management LLC acquired a new position in RingCentral during the 3rd quarter worth approximately $227,000. 272 Capital LP bought a new stake in shares of RingCentral in the third quarter worth $436,000. Vinva Investment Management Ltd boosted its holdings in RingCentral by 49.6% during the third quarter. Vinva Investment Management Ltd now owns 20,487 shares of the software maker’s stock worth $648,000 after purchasing an additional 6,791 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in RingCentral by 57.9% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,682 shares of the software maker’s stock worth $717,000 after purchasing an additional 8,318 shares during the last quarter. Finally, D.A. Davidson & CO. grew its position in RingCentral by 12.0% in the third quarter. D.A. Davidson & CO. now owns 10,599 shares of the software maker’s stock valued at $335,000 after purchasing an additional 1,134 shares in the last quarter. 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.