RingCentral (NYSE:RNG) Price Target Cut to $80.00 by Analysts at Mizuho

RingCentral (NYSE:RNGGet Rating) had its target price cut by Mizuho from $150.00 to $80.00 in a research report sent to investors on Wednesday morning, Benzinga reports. They currently have a buy rating on the software maker’s stock.

Several other equities research analysts have also recently weighed in on RNG. Morgan Stanley reduced their price target on shares of RingCentral from $105.00 to $75.00 and set an equal weight rating on the stock in a research report on Thursday, July 14th. Northland Securities reduced their price target on shares of RingCentral from $275.00 to $175.00 in a research report on Tuesday, May 10th. Barclays reduced their price target on shares of RingCentral from $140.00 to $90.00 and set an overweight rating on the stock in a research report on Monday, July 25th. StockNews.com upgraded shares of RingCentral from a sell rating to a hold rating in a research report on Wednesday, May 11th. Finally, Raymond James cut their price objective on shares of RingCentral from $300.00 to $135.00 in a research report on Tuesday, May 10th. Five analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, RingCentral has an average rating of Moderate Buy and a consensus target price of $140.73.

RingCentral Price Performance

RNG stock opened at $47.75 on Wednesday. RingCentral has a one year low of $47.28 and a one year high of $315.00. The company’s fifty day moving average price is $55.05 and its 200-day moving average price is $95.31. The company has a debt-to-equity ratio of 33.52, a quick ratio of 1.25 and a current ratio of 1.25. The company has a market capitalization of $4.40 billion, a PE ratio of -7.76 and a beta of 0.94.

RingCentral (NYSE:RNGGet Rating) last released its earnings results on Monday, May 9th. The software maker reported ($0.63) EPS for the quarter, missing the consensus estimate of ($0.54) by ($0.09). RingCentral had a negative return on equity of 160.19% and a negative net margin of 31.67%. The company had revenue of $467.66 million during the quarter, compared to analysts’ expectations of $458.36 million. During the same period last year, the firm posted ($0.41) EPS. RingCentral’s quarterly revenue was up 32.7% compared to the same quarter last year. On average, equities analysts anticipate that RingCentral will post -1.66 EPS for the current fiscal year.

Insider Buying and Selling

In other RingCentral news, CEO Vladimir Shmunis acquired 20,000 shares of the stock in a transaction that occurred on Tuesday, May 24th. The stock was bought at an average cost of $59.52 per share, with a total value of $1,190,400.00. Following the completion of the purchase, the chief executive officer now directly owns 289,379 shares in the company, valued at $17,223,838.08. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other RingCentral news, CEO Vladimir Shmunis acquired 20,000 shares of the stock in a transaction that occurred on Tuesday, May 24th. The stock was bought at an average cost of $59.52 per share, with a total value of $1,190,400.00. Following the completion of the purchase, the chief executive officer now directly owns 289,379 shares in the company, valued at $17,223,838.08. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Mohammed Katibeh sold 1,846 shares of the stock in a transaction dated Wednesday, May 11th. The shares were sold at an average price of $67.60, for a total transaction of $124,789.60. Following the sale, the chief operating officer now directly owns 110,098 shares of the company’s stock, valued at $7,442,624.80. The disclosure for this sale can be found here. Insiders sold a total of 44,029 shares of company stock valued at $2,841,132 over the last three months. 7.35% of the stock is owned by company insiders.

Institutional Trading of RingCentral

Several hedge funds have recently modified their holdings of RNG. Capital International Investors lifted its position in shares of RingCentral by 37.5% during the fourth quarter. Capital International Investors now owns 8,901,739 shares of the software maker’s stock valued at $1,667,741,000 after buying an additional 2,427,359 shares during the last quarter. Capital World Investors lifted its position in shares of RingCentral by 13.0% during the fourth quarter. Capital World Investors now owns 11,188,825 shares of the software maker’s stock valued at $2,096,226,000 after buying an additional 1,283,945 shares during the last quarter. Aaron Wealth Advisors LLC purchased a new stake in shares of RingCentral during the first quarter valued at about $8,170,000. Goldman Sachs Group Inc. lifted its position in shares of RingCentral by 53.0% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,381,592 shares of the software maker’s stock valued at $446,191,000 after buying an additional 825,356 shares during the last quarter. Finally, Renaissance Technologies LLC purchased a new stake in shares of RingCentral during the first quarter valued at about $83,500,000. 85.96% of the stock is owned by hedge funds and other institutional investors.

About RingCentral

(Get Rating)

RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect in North America. The company offers business cloud communications and contact center solutions based on its Message Video Phone? platform. Its products include RingCentral Office that provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers omni-channel; and RingCentral Engage Digital, a digital customer engagement platform that allows enterprises to interact with their customers.

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