RingCentral (NYSE:RNG) Price Target Cut to $25.00 by Analysts at Mizuho

RingCentral (NYSE:RNG - Free Report) had its price objective trimmed by Mizuho from $32.00 to $25.00 in a report released on Tuesday,Benzinga reports. The firm currently has a neutral rating on the software maker's stock.

RNG has been the topic of a number of other reports. Barclays decreased their price objective on RingCentral from $37.00 to $31.00 and set an "equal weight" rating on the stock in a research note on Friday, February 21st. Rosenblatt Securities decreased their target price on shares of RingCentral from $45.00 to $40.00 and set a "buy" rating on the stock in a report on Friday, February 21st. Piper Sandler reduced their price target on shares of RingCentral from $38.00 to $31.00 and set a "neutral" rating for the company in a research report on Friday, February 21st. UBS Group dropped their price objective on RingCentral from $40.00 to $38.00 and set a "neutral" rating for the company in a research note on Friday, February 21st. Finally, Raymond James lowered their price target on RingCentral from $45.00 to $40.00 and set an "outperform" rating on the stock in a report on Friday, February 21st. One research analyst has rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company's stock. According to MarketBeat.com, RingCentral currently has a consensus rating of "Hold" and a consensus price target of $36.00.

RingCentral Price Performance

Shares of NYSE RNG traded up $0.21 during trading on Tuesday, reaching $22.76. 804,131 shares of the stock traded hands, compared to its average volume of 1,336,941. RingCentral has a 52-week low of $20.59 and a 52-week high of $42.19. The company has a 50-day moving average of $26.95 and a 200-day moving average of $32.58. The stock has a market capitalization of $2.07 billion, a P/E ratio of -35.57, a price-to-earnings-growth ratio of 1.27 and a beta of 1.30.

RingCentral (NYSE:RNG - Get Free Report) last posted its earnings results on Thursday, February 20th. The software maker reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.73). The business had revenue of $614.51 million during the quarter, compared to analysts' expectations of $612.37 million. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. Analysts expect that RingCentral will post 1.29 earnings per share for the current fiscal year.

Insider Activity at RingCentral

In other news, CEO Vladimir Shmunis sold 66,112 shares of the stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $28.83, for a total transaction of $1,906,008.96. Following the completion of the sale, the chief executive officer now directly owns 568,300 shares in the company, valued at approximately $16,384,089. This represents a 10.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP John H. Marlow sold 22,979 shares of the business's stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $28.82, for a total value of $662,254.78. Following the transaction, the senior vice president now owns 348,599 shares in the company, valued at approximately $10,046,623.18. This represents a 6.18 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 247,740 shares of company stock worth $7,099,279 in the last three months. 6.97% of the stock is owned by insiders.

Hedge Funds Weigh In On RingCentral

Several hedge funds and other institutional investors have recently modified their holdings of the stock. New Century Financial Group LLC purchased a new stake in RingCentral in the first quarter worth about $271,000. Fort Washington Investment Advisors Inc. OH boosted its position in shares of RingCentral by 42.4% during the first quarter. Fort Washington Investment Advisors Inc. OH now owns 783,742 shares of the software maker's stock valued at $19,405,000 after purchasing an additional 233,438 shares in the last quarter. SG Americas Securities LLC raised its holdings in RingCentral by 977.7% in the first quarter. SG Americas Securities LLC now owns 101,379 shares of the software maker's stock worth $2,510,000 after purchasing an additional 91,972 shares in the last quarter. Wedge Capital Management L L P NC lifted its position in RingCentral by 19.1% during the first quarter. Wedge Capital Management L L P NC now owns 68,907 shares of the software maker's stock valued at $1,706,000 after buying an additional 11,037 shares during the period. Finally, GAMMA Investing LLC lifted its position in RingCentral by 1,803.3% during the 1st quarter. GAMMA Investing LLC now owns 5,843 shares of the software maker's stock valued at $145,000 after acquiring an additional 5,536 shares during the period. 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.