RingCentral (NYSE:RNG) PT Raised to $35.00 at Robert W. Baird

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

Several other research firms have also commented on RNG. Mizuho increased their target price on shares of RingCentral from $36.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday. The Goldman Sachs Group reduced their price objective on RingCentral from $38.00 to $34.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 21st. KeyCorp dropped their target price on RingCentral from $50.00 to $48.00 and set an “overweight” rating for the company in a report on Wednesday, February 21st. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $35.00 price target on shares of RingCentral in a research note on Wednesday, May 1st. Finally, Wells Fargo & Company increased their price objective on RingCentral from $31.00 to $33.00 and gave the company an “equal weight” rating in a research note on Wednesday. Ten investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $39.44.

RingCentral Stock Up 14.6 %

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

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

Insider Transactions at RingCentral

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

Institutional Inflows and Outflows

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

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.