RingCentral (NYSE:RNG) Given New $27.00 Price Target at Mizuho

RingCentral (NYSE:RNG) had its price target increased by analysts at Mizuho from $25.00 to $27.00 in a report released on Monday,Benzinga reports. The firm presently has a “neutral” rating on the software maker’s stock. Mizuho’s target price suggests a potential downside of 3.70% from the stock’s current price.

Several other analysts have also recently commented on RNG. Wells Fargo & Company reduced their target price on RingCentral from $30.00 to $22.00 and set an “underweight” rating on the stock in a report on Tuesday, April 22nd. Piper Sandler boosted their target price on shares of RingCentral from $25.00 to $28.00 and gave the company a “neutral” rating in a report on Friday. Needham & Company LLC initiated coverage on RingCentral in a research report on Friday. They issued a “buy” rating and a $36.00 price objective for the company. Morgan Stanley cut their target price on RingCentral from $40.00 to $29.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 16th. Finally, Wedbush lowered their target price on RingCentral from $38.00 to $30.00 and set a “neutral” rating for the company in a report on Friday. One research analyst has rated the stock with a sell rating, seven have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $32.77.

RingCentral Stock Performance

Shares of RNG stock traded up $0.32 on Monday, hitting $28.04. The company’s stock had a trading volume of 343,506 shares, compared to its average volume of 1,446,568. RingCentral has a fifty-two week low of $20.58 and a fifty-two week high of $42.19. The stock’s 50 day moving average is $25.27 and its 200-day moving average is $31.83. The company has a market capitalization of $2.54 billion, a PE ratio of -43.79, a PEG ratio of 1.27 and a beta of 1.33.

RingCentral (NYSE:RNG) last posted its earnings results on Thursday, May 8th. The software maker reported $1.00 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.04. RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. The firm had revenue of $612.06 million during the quarter, compared to analysts’ expectations of $610.53 million. During the same quarter in the prior year, the business earned $0.87 earnings per share. The business’s revenue for the quarter was up 4.8% compared to the same quarter last year. On average, research analysts forecast that RingCentral will post 1.29 earnings per share for the current year.

Insiders Place Their Bets

In other RingCentral news, SVP John H. Marlow sold 35,089 shares of the business’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $28.56, for a total value of $1,002,141.84. Following the transaction, the senior vice president now owns 313,510 shares in the company, valued at approximately $8,953,845.60. The trade was a 10.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Vladimir Shmunis sold 66,112 shares of the firm’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $28.83, for a total value 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 $16,384,089. The trade was a 10.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 247,740 shares of company stock valued at $7,099,279 over the last three months. Insiders own 6.97% of the company’s stock.

Hedge Funds Weigh In On RingCentral

A number of hedge funds and other institutional investors have recently made changes to their positions in RNG. Hennessy Advisors Inc. purchased a new position in shares of RingCentral during the fourth quarter valued at about $59,055,000. Arrowstreet Capital Limited Partnership increased its holdings in shares of RingCentral by 414.3% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,445,245 shares of the software maker’s stock valued at $50,598,000 after acquiring an additional 1,164,241 shares in the last quarter. Valley Wealth Managers Inc. purchased a new position in shares of RingCentral in the 4th quarter worth about $20,792,000. Capital World Investors boosted its stake in RingCentral by 5.9% in the 4th quarter. Capital World Investors now owns 10,663,441 shares of the software maker’s stock worth $373,327,000 after purchasing an additional 591,398 shares in the last quarter. Finally, First Trust Advisors LP grew its position in RingCentral by 35.6% during the 4th quarter. First Trust Advisors LP now owns 2,009,286 shares of the software maker’s stock valued at $70,345,000 after purchasing an additional 527,901 shares during the last quarter. 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.