Mizuho Issues Pessimistic Forecast for RingCentral (NYSE:RNG) Stock Price

RingCentral (NYSE:RNG) had its target price cut by equities research analysts at Mizuho from $32.00 to $25.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the software maker’s stock. Mizuho’s price objective points to a potential upside of 10.82% from the company’s previous close.

Other equities analysts have also issued research reports about the company. Piper Sandler dropped their price objective on RingCentral from $38.00 to $31.00 and set a “neutral” rating for the company in a research note on Friday, February 21st. Barclays reduced their price objective on shares of RingCentral from $37.00 to $31.00 and set an “equal weight” rating on the stock in a research report on Friday, February 21st. Raymond James dropped their target price on shares of RingCentral from $45.00 to $40.00 and set an “outperform” rating for the company in a research report on Friday, February 21st. Robert W. Baird reduced their price target on shares of RingCentral from $38.00 to $32.00 and set a “neutral” rating on the stock in a report on Tuesday, February 25th. Finally, Needham & Company LLC dropped their price objective on shares of RingCentral from $42.00 to $36.00 and set a “buy” rating for the company in a report on Friday, February 21st. 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 company’s stock. Based on data from MarketBeat.com, RingCentral presently has a consensus rating of “Hold” and a consensus target price of $36.85.

RingCentral Stock Down 1.5 %

RNG stock opened at $22.56 on Tuesday. The business’s 50-day moving average price is $27.89 and its 200-day moving average price is $32.83. The stock has a market cap of $2.05 billion, a P/E ratio of -35.25, a PEG ratio of 1.27 and a beta of 1.30. RingCentral has a twelve month low of $20.59 and a twelve month high of $42.19.

RingCentral (NYSE:RNG) last issued its quarterly 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 firm had revenue of $614.51 million for the quarter, compared to analysts’ expectations of $612.37 million. RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. On average, equities research analysts expect that RingCentral will post 1.29 earnings per share for the current fiscal year.

Insider Transactions at RingCentral

In other RingCentral news, SVP John H. Marlow sold 35,089 shares of the 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 sale, the senior vice president now owns 313,510 shares in the company, valued at $8,953,845.60. This trade represents a 10.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Vladimir Shmunis sold 66,112 shares of the business’s stock in a transaction on 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 sale, the chief executive officer now directly owns 568,300 shares of the company’s stock, valued at $16,384,089. This represents a 10.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 247,740 shares of company stock worth $7,099,279. 6.97% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On RingCentral

Several hedge funds have recently modified their holdings of RNG. Hennessy Advisors Inc. bought a new stake in RingCentral during the fourth quarter valued at about $59,055,000. Arrowstreet Capital Limited Partnership boosted its position in shares of RingCentral by 414.3% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,445,245 shares of the software maker’s stock worth $50,598,000 after purchasing an additional 1,164,241 shares in the last quarter. Valley Wealth Managers Inc. acquired a new stake in RingCentral in the fourth quarter worth about $20,792,000. Capital World Investors increased its holdings 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 valued at $373,327,000 after acquiring an additional 591,398 shares in the last quarter. Finally, First Trust Advisors LP raised its holdings in shares of RingCentral by 35.6% in 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 during the last quarter. 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.