RingCentral (NYSE:RNG) Price Target Cut to $36.00 by Analysts at Mizuho

RingCentral (NYSE:RNG) had its target price reduced by equities researchers at Mizuho from $42.00 to $36.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the software maker’s stock. Mizuho’s target price indicates a potential upside of 2.51% from the company’s current price.

Several other research analysts have also commented on RNG. Wells Fargo & Company reiterated an “underweight” rating and issued a $30.00 target price (down previously from $38.00) on shares of RingCentral in a research report on Tuesday, January 7th. Raymond James restated an “outperform” rating and issued a $45.00 target price (down from $50.00) on shares of RingCentral in a research note on Friday, January 3rd. Rosenblatt Securities reissued a “buy” rating and issued a $45.00 price target on shares of RingCentral in a report on Friday, November 8th. Robert W. Baird upped their price objective on RingCentral from $36.00 to $38.00 and gave the stock a “neutral” rating in a research note on Monday, November 11th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $42.00 target price on shares of RingCentral in a research note on Monday, November 11th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $40.60.

RingCentral Price Performance

RNG traded up $1.31 during trading on Monday, hitting $35.12. The company had a trading volume of 268,117 shares, compared to its average volume of 1,062,391. The company has a market cap of $3.18 billion, a PE ratio of -33.13, a P/E/G ratio of 1.43 and a beta of 1.01. RingCentral has a 1-year low of $26.98 and a 1-year high of $42.19. The business has a 50-day moving average of $36.17 and a 200-day moving average of $34.35.

RingCentral (NYSE:RNG) last issued its quarterly earnings results on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, topping the consensus estimate of $0.14 by $0.10. The business had revenue of $608.77 million for the quarter, compared to analysts’ expectations of $601.91 million. RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. Research analysts forecast that RingCentral will post 0.84 earnings per share for the current year.

Insider Buying and Selling

In other news, SVP John H. Marlow sold 8,720 shares of the firm’s stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $42.05, for a total transaction of $366,676.00. Following the completion of the sale, the senior vice president now directly owns 334,869 shares of the company’s stock, valued at $14,081,241.45. This trade represents a 2.54 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Ned D. Segal sold 2,914 shares of the company’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $41.60, for a total value of $121,222.40. Following the sale, the director now directly owns 10,633 shares of the company’s stock, valued at approximately $442,332.80. This represents a 21.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 115,188 shares of company stock valued at $4,113,047 over the last three months. Company insiders own 6.97% of the company’s stock.

Institutional Trading of RingCentral

Hedge funds have recently modified their holdings of the business. Venturi Wealth Management LLC raised its position in RingCentral by 150.4% during the third quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock valued at $59,000 after buying an additional 1,119 shares during the period. Quarry LP increased its holdings in shares of RingCentral by 106.7% in the 3rd quarter. Quarry LP now owns 1,902 shares of the software maker’s stock valued at $60,000 after purchasing an additional 982 shares during the period. KBC Group NV lifted its position in shares of RingCentral by 38.9% in the third quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock worth $84,000 after purchasing an additional 744 shares in the last quarter. CWM LLC lifted its position in shares of RingCentral by 595.9% in the third quarter. CWM LLC now owns 4,746 shares of the software maker’s stock worth $150,000 after purchasing an additional 4,064 shares in the last quarter. Finally, Point72 DIFC Ltd grew its position in RingCentral by 301.1% during the third quarter. Point72 DIFC Ltd now owns 5,535 shares of the software maker’s stock valued at $175,000 after purchasing an additional 4,155 shares in the last quarter. Hedge funds and other institutional investors own 98.61% of the company’s stock.

RingCentral Company Profile

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.