RingCentral (NYSE:RNG) Given New $25.00 Price Target at Mizuho

RingCentral (NYSE:RNG) had its target price trimmed by Mizuho from $32.00 to $25.00 in a research note published on Tuesday morning,Benzinga reports. The firm currently has a neutral rating on the software maker’s stock.

Several other equities research analysts also recently issued reports on the stock. Rosenblatt Securities cut their price objective on shares of RingCentral from $45.00 to $40.00 and set a “buy” rating for the company in a research report on Friday, February 21st. StockNews.com downgraded RingCentral from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, April 1st. Raymond James decreased their price objective on RingCentral from $45.00 to $40.00 and set an “outperform” rating on the stock in a report on Friday, February 21st. UBS Group dropped their target price on RingCentral from $40.00 to $38.00 and set a “neutral” rating for the company in a report on Friday, February 21st. Finally, Morgan Stanley upped their price target on shares of RingCentral from $38.00 to $40.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 18th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, RingCentral currently has a consensus rating of “Hold” and an average price target of $36.85.

RingCentral Trading Down 0.3 %

Shares of NYSE RNG opened at $22.56 on Tuesday. RingCentral has a 12 month low of $20.59 and a 12 month high of $42.19. The stock has a 50 day moving average of $27.65 and a 200-day moving average of $32.76. The company has a market capitalization of $2.05 billion, a P/E ratio of -35.24, a P/E/G ratio of 1.27 and a beta of 1.30.

RingCentral (NYSE:RNG) last released its quarterly earnings data on Thursday, February 20th. The software maker reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.73). The company had revenue of $614.51 million for the quarter, compared to the consensus estimate of $612.37 million. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. Analysts predict that RingCentral will post 1.29 EPS for the current fiscal year.

Insider Activity

In other RingCentral news, CEO Vladimir Shmunis sold 66,112 shares of the firm’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $28.83, for a total value of $1,906,008.96. Following the sale, the chief executive officer now owns 568,300 shares of the company’s stock, valued at approximately $16,384,089. This trade represents a 10.42 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP John H. Marlow sold 35,089 shares of the business’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $28.56, for a total value of $1,002,141.84. Following the transaction, the senior vice president now directly owns 313,510 shares of the company’s stock, valued at $8,953,845.60. This trade represents a 10.07 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 247,740 shares of company stock worth $7,099,279. 6.97% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Hennessy Advisors Inc. acquired a new stake in shares of RingCentral in the 4th quarter valued at approximately $59,055,000. Arrowstreet Capital Limited Partnership boosted its position in RingCentral by 414.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,445,245 shares of the software maker’s stock valued at $50,598,000 after buying an additional 1,164,241 shares in the last quarter. Valley Wealth Managers Inc. bought a new stake in shares of RingCentral during the fourth quarter worth $20,792,000. Capital World Investors grew its stake in shares of RingCentral by 5.9% during the fourth quarter. Capital World Investors now owns 10,663,441 shares of the software maker’s stock worth $373,327,000 after buying an additional 591,398 shares during the last quarter. Finally, First Trust Advisors LP increased its holdings in shares of RingCentral by 35.6% during the fourth quarter. First Trust Advisors LP now owns 2,009,286 shares of the software maker’s stock worth $70,345,000 after buying an additional 527,901 shares in the last quarter. 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.