RingCentral (NYSE:RNG) PT Raised to $38.00 at Mizuho

RingCentral (NYSE:RNG) had its price target raised by equities researchers at Mizuho from $36.00 to $38.00 in a report issued on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the software maker’s stock. Mizuho’s price objective would indicate a potential upside of 26.67% from the stock’s previous close.

Several other equities analysts have also commented on the company. Morgan Stanley reduced their price objective on RingCentral from $35.00 to $32.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 17th. Rosenblatt Securities reissued a “neutral” rating and set a $35.00 price target on shares of RingCentral in a research note on Wednesday, May 1st. Needham & Company LLC cut their price objective on shares of RingCentral from $46.00 to $42.00 and set a “buy” rating for the company in a research note on Wednesday, February 21st. KeyCorp decreased their target price on shares of RingCentral from $50.00 to $48.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 21st. Finally, Wedbush restated a “neutral” rating and set a $40.00 price target on shares of RingCentral in a research report on Friday, February 16th. Eight research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, RingCentral has a consensus rating of “Moderate Buy” and a consensus target price of $38.67.

RingCentral Trading Down 1.0 %

Shares of NYSE RNG opened at $30.00 on Wednesday. The business has a 50-day moving average of $32.80 and a 200-day moving average of $31.90. The firm has a market capitalization of $2.77 billion, a price-to-earnings ratio of -17.14, a PEG ratio of 3.24 and a beta of 0.94. RingCentral has a 12 month low of $25.08 and a 12 month high of $43.28.

RingCentral (NYSE:RNG) last issued its quarterly earnings results on Tuesday, February 20th. The software maker reported ($0.33) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.31). The firm had revenue of $571.27 million for the quarter, compared to analysts’ expectations of $569.65 million. On average, analysts predict that RingCentral will post 0.45 earnings per share for the current year.

Insider Activity at RingCentral

In other RingCentral news, CFO Vaibhav Agarwal sold 6,224 shares of the company’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $31.55, for a total value of $196,367.20. Following the sale, the chief financial officer now owns 130,753 shares in the company, valued at $4,125,257.15. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, Director Kenneth A. Goldman sold 1,287 shares of the company’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $34.47, for a total transaction of $44,362.89. Following the transaction, the director now directly owns 23,688 shares of the company’s stock, valued at $816,525.36. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Vaibhav Agarwal sold 6,224 shares of RingCentral stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $31.55, for a total value of $196,367.20. Following the completion of the sale, the chief financial officer now owns 130,753 shares of the company’s stock, valued at $4,125,257.15. The disclosure for this sale can be found here. Insiders have sold 23,608 shares of company stock worth $800,974 over the last ninety days. 6.76% of the stock is owned by corporate insiders.

Institutional Trading of RingCentral

A number of large investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its position in RingCentral by 3.8% in the 4th quarter. Vanguard Group Inc. now owns 10,371,224 shares of the software maker’s stock worth $352,103,000 after purchasing an additional 382,343 shares during the period. Sylebra Capital LLC bought a new stake in RingCentral during the third quarter valued at approximately $242,462,000. Ameriprise Financial Inc. boosted its stake in shares of RingCentral by 515.7% during the 3rd quarter. Ameriprise Financial Inc. now owns 2,716,470 shares of the software maker’s stock worth $80,489,000 after acquiring an additional 2,275,245 shares during the last quarter. First Trust Advisors LP grew its holdings in RingCentral by 15.9% during the fourth quarter. First Trust Advisors LP now owns 1,991,917 shares of the software maker’s stock valued at $67,626,000 after purchasing an additional 273,109 shares during the period. Finally, Norges Bank purchased a new stake in RingCentral in the fourth quarter worth about $30,471,000. 98.61% of the stock is currently owned by institutional investors.

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.