RingCentral (NYSE:RNG) Receives "Neutral" Rating from Mizuho

Mizuho reaffirmed their neutral rating on shares of RingCentral (NYSE:RNG - Free Report) in a research report released on Friday morning, MarketBeat reports. The brokerage currently has a $42.00 target price on the software maker's stock.

RNG has been the topic of several other research reports. StockNews.com upgraded shares of RingCentral from a "buy" rating to a "strong-buy" rating in a research report on Monday, November 11th. Piper Sandler lifted their price target on shares of RingCentral from $31.00 to $38.00 and gave the company a "neutral" rating in a report on Friday, November 8th. Wedbush increased their price objective on shares of RingCentral from $36.00 to $41.00 and gave the company a "neutral" rating in a report on Friday, November 8th. Raymond James reduced their target price on RingCentral from $52.00 to $50.00 and set a "strong-buy" rating on the stock in a report on Friday, November 8th. Finally, Robert W. Baird increased their price target on RingCentral from $36.00 to $38.00 and gave the company a "neutral" rating in a research note on Monday, November 11th. Eight equities research analysts have rated the stock with a hold rating, five have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $41.43.

RingCentral Trading Down 5.6 %

RingCentral stock traded down $2.30 during mid-day trading on Friday, hitting $39.05. The stock had a trading volume of 1,694,575 shares, compared to its average volume of 1,237,813. RingCentral has a one year low of $26.98 and a one year high of $42.19. The firm has a market capitalization of $3.53 billion, a P/E ratio of -36.72, a P/E/G ratio of 2.65 and a beta of 0.99. The firm's 50 day moving average is $35.91 and its 200 day moving average is $33.00.

RingCentral (NYSE:RNG - Get Free Report) last released its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 earnings per share for the quarter, topping analysts' consensus estimates of $0.14 by $0.10. The firm had revenue of $608.77 million during 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, equities research analysts forecast that RingCentral will post 0.84 earnings per share for the current year.

Insiders Place Their Bets

In related news, SVP John H. Marlow sold 23,284 shares of the 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 sale, the senior vice president now directly owns 357,818 shares of the company's stock, valued at $12,509,317.28. This represents a 6.11 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Vaibhav Agarwal sold 1,985 shares of the firm's stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $31.40, for a total transaction of $62,329.00. Following the completion of the sale, the chief financial officer now directly owns 135,560 shares of the company's stock, valued at approximately $4,256,584. The trade was a 1.44 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 117,173 shares of company stock valued at $4,175,376 over the last three months. 6.76% of the stock is owned by company insiders.

Institutional Trading of RingCentral

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