Robert W. Baird Trims RingCentral (NYSE:RNG) Target Price to $95.00

RingCentral (NYSE:RNGGet Rating) had its target price lowered by Robert W. Baird from $130.00 to $95.00 in a research report report published on Tuesday, The Fly reports.

A number of other brokerages also recently commented on RNG. The Goldman Sachs Group reduced their price objective on RingCentral from $240.00 to $205.00 and set a buy rating for the company in a research report on Wednesday, February 23rd. Craig Hallum dropped their target price on RingCentral from $410.00 to $270.00 and set a buy rating for the company in a report on Wednesday, February 23rd. Wells Fargo & Company dropped their target price on RingCentral from $250.00 to $185.00 and set an overweight rating for the company in a report on Tuesday, March 15th. Piper Sandler dropped their target price on RingCentral from $352.00 to $228.00 in a report on Wednesday, February 23rd. Finally, Needham & Company LLC dropped their target price on RingCentral from $400.00 to $225.00 and set a buy rating for the company in a report on Wednesday, February 23rd. Four equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of Buy and an average price target of $192.68.

Shares of RNG stock opened at $69.30 on Tuesday. The stock has a 50 day moving average of $102.80 and a two-hundred day moving average of $159.30. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 4.13. RingCentral has a 12 month low of $59.04 and a 12 month high of $315.00. The company has a market capitalization of $6.39 billion, a P/E ratio of -12.18 and a beta of 0.93.

RingCentral (NYSE:RNGGet Rating) last announced its quarterly earnings data on Monday, May 9th. The software maker reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.34 by $0.05. RingCentral had a negative return on equity of 151.72% and a negative net margin of 30.82%. The company had revenue of $467.66 million during the quarter, compared to the consensus estimate of $458.36 million. During the same quarter last year, the company earned ($0.41) EPS. The company’s quarterly revenue was up 32.7% on a year-over-year basis. Sell-side analysts predict that RingCentral will post -1.99 earnings per share for the current fiscal year.

In other news, CFO Vaibhav Agarwal sold 10,443 shares of the firm’s stock in a transaction on Wednesday, May 11th. The stock was sold at an average price of $67.59, for a total value of $705,842.37. Following the transaction, the chief financial officer now directly owns 85,357 shares in the company, valued at approximately $5,769,279.63. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Mohammed Katibeh sold 1,846 shares of the firm’s stock in a transaction on Wednesday, May 11th. The stock was sold at an average price of $67.60, for a total value of $124,789.60. Following the completion of the transaction, the chief operating officer now owns 110,098 shares in the company, valued at $7,442,624.80. The disclosure for this sale can be found here. 7.35% of the stock is currently owned by company insiders.

Several large investors have recently bought and sold shares of the company. Renaissance Technologies LLC bought a new position in shares of RingCentral in the 1st quarter worth $83,500,000. Northern Trust Corp boosted its position in shares of RingCentral by 1.4% in the 1st quarter. Northern Trust Corp now owns 533,316 shares of the software maker’s stock worth $62,509,000 after purchasing an additional 7,127 shares during the last quarter. Industrial Alliance Investment Management Inc. bought a new position in shares of RingCentral in the 1st quarter worth $3,122,000. ING Groep NV boosted its position in shares of RingCentral by 42.5% in the 1st quarter. ING Groep NV now owns 32,500 shares of the software maker’s stock worth $3,809,000 after purchasing an additional 9,700 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of RingCentral by 8.0% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 269,355 shares of the software maker’s stock worth $31,572,000 after purchasing an additional 19,937 shares during the last quarter. Institutional investors and hedge funds own 85.96% of the company’s stock.

About RingCentral (Get Rating)

RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect in North America. The company offers business cloud communications and contact center solutions based on its Message Video Phone? platform. Its products include RingCentral Office that provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers omni-channel; and RingCentral Engage Digital, a digital customer engagement platform that allows enterprises to interact with their customers.

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