Ringcentral, Inc. (NYSE:RNG) Lowered to “Neutral” at Robert W. Baird
Ringcentral, Inc. (NYSE:RNG) was downgraded by investment analysts at Robert W. Baird from an “outperform” rating to a “neutral” rating in a note issued to investors on Thursday. They presently have a $41.00 target price on the software maker’s stock. Robert W. Baird’s target price would suggest a potential upside of 5.67% from the stock’s current price.
A number of other brokerages also recently commented on RNG. Stephens restated an “overweight” rating and issued a $44.00 target price on shares of Ringcentral in a research note on Sunday, June 25th. BidaskClub downgraded Ringcentral from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Jefferies Group LLC restated a “buy” rating and issued a $38.00 target price on shares of Ringcentral in a research note on Sunday, July 2nd. Craig Hallum restated a “buy” rating and issued a $40.00 target price (up previously from $35.00) on shares of Ringcentral in a research note on Thursday, August 3rd. Finally, Oppenheimer Holdings, Inc. restated an “outperform” rating and issued a $33.00 target price (up previously from $32.00) on shares of Ringcentral in a research note on Monday, May 1st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have given a buy rating to the company. Ringcentral currently has a consensus rating of “Buy” and a consensus price target of $39.17.
Ringcentral (NYSE RNG) opened at 38.80 on Thursday. Ringcentral has a 12-month low of $19.35 and a 12-month high of $43.05. The stock has a 50 day moving average price of $36.17 and a 200-day moving average price of $30.93. The stock’s market capitalization is $2.94 billion.
Ringcentral (NYSE:RNG) last issued its earnings results on Wednesday, August 2nd. The software maker reported $0.04 EPS for the quarter, beating analysts’ consensus estimates of $0.03 by $0.01. Ringcentral had a negative return on equity of 19.59% and a negative net margin of 6.77%. The firm had revenue of $119.40 million for the quarter, compared to the consensus estimate of $118.19 million. During the same quarter in the previous year, the company posted $0.02 earnings per share. The business’s quarterly revenue was up 30.1% compared to the same quarter last year. Equities research analysts expect that Ringcentral will post $0.17 EPS for the current year.
In related news, CEO Vladimir Shmunis sold 88,454 shares of the business’s stock in a transaction dated Wednesday, May 24th. The stock was sold at an average price of $34.17, for a total transaction of $3,022,473.18. Following the completion of the transaction, the chief executive officer now owns 386,279 shares of the company’s stock, valued at approximately $13,199,153.43. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO John H. Marlow sold 6,286 shares of the business’s stock in a transaction dated Tuesday, May 30th. The stock was sold at an average price of $34.34, for a total value of $215,861.24. Following the transaction, the chief accounting officer now directly owns 140,116 shares of the company’s stock, valued at approximately $4,811,583.44. The disclosure for this sale can be found here. In the last quarter, insiders have sold 358,251 shares of company stock valued at $12,643,495. 14.53% of the stock is currently owned by corporate insiders.
Institutional investors have recently bought and sold shares of the company. BlackRock Inc. boosted its position in Ringcentral by 64,315.0% in the first quarter. BlackRock Inc. now owns 3,827,538 shares of the software maker’s stock valued at $108,320,000 after buying an additional 3,821,596 shares in the last quarter. FMR LLC boosted its position in Ringcentral by 399.9% in the first quarter. FMR LLC now owns 2,073,108 shares of the software maker’s stock valued at $58,668,000 after buying an additional 1,658,408 shares in the last quarter. Massachusetts Financial Services Co. MA acquired a new position in Ringcentral during the first quarter valued at $15,197,000. Vanguard Group Inc. boosted its position in Ringcentral by 9.4% in the first quarter. Vanguard Group Inc. now owns 5,184,049 shares of the software maker’s stock valued at $146,709,000 after buying an additional 446,995 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its position in Ringcentral by 403.7% in the second quarter. Russell Investments Group Ltd. now owns 453,773 shares of the software maker’s stock valued at $16,585,000 after buying an additional 363,686 shares in the last quarter. 71.20% of the stock is owned by institutional investors and hedge funds.
RingCentral, Inc is a provider of software-as-a-service (SaaS) solutions for businesses to support modern communications. The Company’s cloud-based business communications solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, personal computers (PCs) and desk phones, and allow for communication across multiple channels, including high definition (HD) voice, video, short messaging service (SMS), messaging and collaboration, conferencing, online meetings, and fax.
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