RingCentral (NYSE:RNG) Price Target Cut to $32.00

RingCentral (NYSE:RNG – Get Rating) had its price objective lowered by Robert W. Baird from $45.00 to $32.00 in a report released on Friday, The Fly reports. Robert W. Baird’s target price points to a potential upside of 16.79% from the company’s current price.

A number of other equities analysts have also recently commented on the company. Deutsche Bank Aktiengesellschaft reduced their target price on RingCentral from $50.00 to $44.00 in a report on Friday, February 17th. Jefferies Financial Group cut their price target on RingCentral from $50.00 to $45.00 in a report on Friday, February 24th. MKM Partners cut RingCentral from a “buy” rating to a “neutral” rating and set a $40.00 price target for the company. in a report on Monday, January 23rd. UBS Group increased their price target on RingCentral from $30.00 to $32.00 in a report on Wednesday. Finally, The Goldman Sachs Group cut RingCentral from a “buy” rating to a “neutral” rating and cut their price target for the company from $52.00 to $37.00 in a report on Thursday. Ten equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $47.39.

RingCentral Trading Down 4.7 %

Shares of RNG stock opened at $27.40 on Friday. The company has a market capitalization of $2.62 billion, a P/E ratio of -2.97 and a beta of 0.94. The business’s 50 day moving average is $29.29 and its two-hundred day moving average is $34.19. RingCentral has a 12-month low of $25.32 and a 12-month high of $69.79.

RingCentral (NYSE:RNG – Get Rating) last issued its quarterly earnings results on Wednesday, February 15th. The software maker reported ($0.32) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.13). The business had revenue of $524.75 million for the quarter, compared to analysts’ expectations of $528.41 million. RingCentral had a negative return on equity of 765.97% and a negative net margin of 44.22%. On average, research analysts predict that RingCentral will post -0.12 earnings per share for the current fiscal year.

Insider Activity at RingCentral

In related news, CAO Vaibhav Agarwal sold 2,614 shares of RingCentral stock in a transaction on Thursday, February 16th. The stock was sold at an average price of $39.36, for a total value of $102,887.04. Following the completion of the transaction, the chief accounting officer now directly owns 99,065 shares in the company, valued at $3,899,198.40. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other RingCentral news, CAO Vaibhav Agarwal sold 2,614 shares of RingCentral stock in a transaction dated Thursday, February 16th. The stock was sold at an average price of $39.36, for a total transaction of $102,887.04. Following the completion of the sale, the chief accounting officer now directly owns 99,065 shares of the company’s stock, valued at approximately $3,899,198.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Sonalee Elizabeth Parekh sold 4,944 shares of RingCentral stock in a transaction dated Friday, February 17th. The stock was sold at an average price of $36.90, for a total value of $182,433.60. Following the sale, the chief financial officer now owns 129,005 shares in the company, valued at approximately $4,760,284.50. The disclosure for this sale can be found here. Over the last three months, insiders sold 12,305 shares of company stock worth $458,254. Company insiders own 6.49% of the company’s stock.

Hedge Funds Weigh In On RingCentral

Institutional investors have recently added to or reduced their stakes in the stock. MetLife Investment Management LLC purchased a new stake in RingCentral in the 1st quarter valued at approximately $620,000. Panagora Asset Management Inc. increased its holdings in RingCentral by 52.6% in the 1st quarter. Panagora Asset Management Inc. now owns 4,837 shares of the software maker’s stock valued at $567,000 after purchasing an additional 1,667 shares in the last quarter. Vontobel Holding Ltd. boosted its position in RingCentral by 30.6% in the 1st quarter. Vontobel Holding Ltd. now owns 16,763 shares of the software maker’s stock valued at $2,040,000 after buying an additional 3,924 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of RingCentral by 1.9% during the first quarter. Vanguard Group Inc. now owns 7,584,298 shares of the software maker’s stock worth $888,955,000 after purchasing an additional 144,060 shares during the last quarter. Finally, Ergoteles LLC raised its stake in RingCentral by 96.1% during the first quarter. Ergoteles LLC now owns 49,718 shares of the software maker’s stock worth $5,827,000 after acquiring an additional 24,371 shares during the period. Institutional investors and hedge funds own 88.09% of the company’s stock.

About RingCentral

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RingCentral, Inc engages in the provision of global enterprise cloud communications and collaboration solutions. The firm’s solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, PCs and desk phones, and allows for communication across multiple modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings and fax.