RingCentral (NYSE:RNG) Price Target Increased to $36.00 by Analysts at Robert W. Baird

RingCentral (NYSE:RNG) had its target price increased by Robert W. Baird from $35.00 to $36.00 in a report published on Monday morning, Benzinga reports. They currently have a neutral rating on the software maker’s stock.

Several other analysts have also issued reports on RNG. Deutsche Bank Aktiengesellschaft upped their price target on shares of RingCentral from $38.00 to $42.00 and gave the stock a buy rating in a research report on Thursday, May 9th. Northland Securities lifted their price target on RingCentral from $43.00 to $50.00 and gave the stock an outperform rating in a report on Friday, August 2nd. Wells Fargo & Company upped their price objective on RingCentral from $28.00 to $35.00 and gave the company an equal weight rating in a research note on Friday, August 2nd. Mizuho lifted their target price on RingCentral from $36.00 to $38.00 and gave the stock a buy rating in a research note on Wednesday, May 8th. Finally, StockNews.com cut RingCentral from a strong-buy rating to a buy rating in a research note on Thursday, July 25th. Eight equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, RingCentral has an average rating of Moderate Buy and a consensus target price of $40.07.

RingCentral Price Performance

Shares of NYSE RNG opened at $33.76 on Monday. The business has a 50-day moving average of $31.25 and a 200-day moving average of $32.67. The stock has a market capitalization of $3.11 billion, a price-to-earnings ratio of -22.66, a PEG ratio of 3.02 and a beta of 1.03. RingCentral has a fifty-two week low of $25.08 and a fifty-two week high of $38.35.

RingCentral (NYSE:RNG) last posted its quarterly earnings results on Thursday, August 1st. The software maker reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. The company had revenue of $592.91 million during the quarter, compared to the consensus estimate of $586.39 million. The firm’s revenue for the quarter was up 9.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.03) earnings per share. On average, sell-side analysts expect that RingCentral will post 0.54 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Sonalee Elizabeth Parekh sold 8,478 shares of the company’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $34.85, for a total transaction of $295,458.30. Following the completion of the sale, the chief financial officer now directly owns 388,919 shares in the company, valued at approximately $13,553,827.15. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CFO Sonalee Elizabeth Parekh sold 8,478 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $34.85, for a total value of $295,458.30. Following the completion of the transaction, the chief financial officer now directly owns 388,919 shares in the company, valued at approximately $13,553,827.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Vaibhav Agarwal sold 11,406 shares of the stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $36.01, for a total transaction of $410,730.06. Following the sale, the chief financial officer now owns 158,784 shares in the company, valued at approximately $5,717,811.84. The disclosure for this sale can be found here. Insiders have sold a total of 21,869 shares of company stock worth $762,165 in the last 90 days. Company insiders own 6.76% of the company’s stock.

Institutional Trading of RingCentral

Institutional investors and hedge funds have recently modified their holdings of the business. Janney Montgomery Scott LLC acquired a new position in RingCentral during the fourth quarter worth about $938,000. Panagora Asset Management Inc. lifted its stake in RingCentral by 24.0% in the 4th quarter. Panagora Asset Management Inc. now owns 119,844 shares of the software maker’s stock valued at $4,069,000 after purchasing an additional 23,184 shares during the last quarter. Monaco Asset Management SAM acquired a new stake in RingCentral in the fourth quarter valued at approximately $1,358,000. Natixis bought a new stake in shares of RingCentral during the first quarter worth $837,000. Finally, Readystate Asset Management LP increased its holdings in shares of RingCentral by 68.9% during the fourth quarter. Readystate Asset Management LP now owns 228,810 shares of the software maker’s stock worth $7,768,000 after buying an additional 93,361 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.