Mizuho Cuts RingCentral (NYSE:RNG) Price Target to $36.00

RingCentral (NYSE:RNG) had its price target lowered by Mizuho from $42.00 to $36.00 in a research note issued on Monday,Benzinga reports. The firm currently has a “neutral” rating on the software maker’s stock. Mizuho’s price objective would indicate a potential upside of 2.51% from the company’s current price.

Other equities analysts have also recently issued reports about the stock. Barclays cut shares of RingCentral from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $45.00 to $37.00 in a research report on Monday, January 27th. Raymond James reaffirmed an “outperform” rating and issued a $45.00 price target (down from $50.00) on shares of RingCentral in a research note on Friday, January 3rd. StockNews.com upgraded RingCentral from a “buy” rating to a “strong-buy” rating in a report on Monday, November 11th. Needham & Company LLC reissued a “buy” rating and set a $42.00 target price on shares of RingCentral in a report on Monday, November 11th. Finally, Wells Fargo & Company reaffirmed an “underweight” rating and issued a $30.00 price target (down from $38.00) on shares of RingCentral in a research note on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, RingCentral presently has a consensus rating of “Hold” and a consensus target price of $40.60.

RingCentral Trading Up 3.9 %

RNG traded up $1.31 on Monday, reaching $35.12. The stock had a trading volume of 268,117 shares, compared to its average volume of 1,062,391. RingCentral has a 12-month low of $26.98 and a 12-month high of $42.19. The company has a market cap of $3.18 billion, a P/E ratio of -33.13, a price-to-earnings-growth ratio of 1.43 and a beta of 1.01. The business’s 50-day moving average price is $36.17 and its two-hundred day moving average price is $34.35.

RingCentral (NYSE:RNG) last issued its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, beating 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%. As a group, analysts predict that RingCentral will post 0.84 earnings per share for the current year.

Insider Activity at RingCentral

In related news, SVP John H. Marlow sold 23,284 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 value of $814,008.64. Following the completion of the sale, the senior vice president now owns 357,818 shares in the company, valued at $12,509,317.28. This trade represents a 6.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Vladimir Shmunis sold 66,451 shares of the company’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $34.96, for a total transaction of $2,323,126.96. Following the transaction, the chief executive officer now owns 479,468 shares in the company, valued at $16,762,201.28. The trade was a 12.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 115,188 shares of company stock worth $4,113,047 in the last 90 days. 6.97% of the stock is owned by insiders.

Institutional Investors Weigh In On RingCentral

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

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.