Mizuho Reiterates Neutral Rating for RingCentral (NYSE:RNG)

RingCentral (NYSE:RNG)‘s stock had its “neutral” rating reaffirmed by analysts at Mizuho in a research report issued on Friday, Marketbeat.com reports. They presently have a $42.00 target price on the software maker’s stock. Mizuho’s price objective would suggest a potential upside of 7.55% from the stock’s previous close.

A number of other equities analysts also recently commented on RNG. Robert W. Baird raised their price objective on shares of RingCentral from $36.00 to $38.00 and gave the stock a “neutral” rating in a report on Monday, November 11th. Raymond James cut their price target on shares of RingCentral from $52.00 to $50.00 and set a “strong-buy” rating for the company in a research note on Friday, November 8th. Piper Sandler upped their price objective on RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Needham & Company LLC restated a “buy” rating and set a $42.00 target price on shares of RingCentral in a research report on Monday, November 11th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $45.00 price target on shares of RingCentral in a research note on Friday, November 8th. Eight investment analysts have rated the stock with a hold rating, five have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, RingCentral has a consensus rating of “Moderate Buy” and a consensus target price of $41.43.

RingCentral Stock Down 5.6 %

RNG stock opened at $39.05 on Friday. The business’s 50-day simple moving average is $36.07 and its 200 day simple moving average is $33.02. The company has a market cap of $3.53 billion, a PE ratio of -36.84, a price-to-earnings-growth ratio of 2.65 and a beta of 0.99. RingCentral has a twelve month low of $26.98 and a twelve month high of $42.19.

RingCentral (NYSE:RNG) last announced its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.10. The company had revenue of $608.77 million for the quarter, compared to analyst estimates of $601.91 million. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. On average, equities research analysts anticipate that RingCentral will post 0.84 EPS for the current year.

Insider Transactions at RingCentral

In other RingCentral news, CFO Vaibhav Agarwal sold 1,985 shares of the stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $31.40, for a total transaction of $62,329.00. Following the sale, the chief financial officer now owns 135,560 shares of the company’s stock, valued at $4,256,584. This represents a 1.44 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Vladimir Shmunis sold 66,451 shares of the firm’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $34.96, for a total transaction of $2,323,126.96. Following the completion of the sale, the chief executive officer now owns 479,468 shares of the company’s stock, valued at $16,762,201.28. The trade was a 12.17 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 117,173 shares of company stock worth $4,175,376. Insiders own 6.76% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Pacer Advisors Inc. increased its position in RingCentral by 45.3% in the third quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker’s stock worth $83,483,000 after purchasing an additional 822,892 shares during the period. Foundry Partners LLC acquired a new position in RingCentral during the 3rd quarter valued at about $8,886,000. Cubist Systematic Strategies LLC boosted its stake in shares of RingCentral by 130.1% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 414,347 shares of the software maker’s stock valued at $11,685,000 after purchasing an additional 234,238 shares during the last quarter. Jupiter Asset Management Ltd. grew its position in shares of RingCentral by 404.2% during the 2nd quarter. Jupiter Asset Management Ltd. now owns 219,187 shares of the software maker’s stock worth $6,181,000 after buying an additional 175,715 shares during the period. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in shares of RingCentral during the 2nd quarter worth approximately $4,801,000. Institutional investors and hedge funds 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.