Mizuho Cuts RingCentral (NYSE:RNG) Price Target to $150.00

RingCentral (NYSE:RNG – Get Rating) had its price target decreased by Mizuho from $220.00 to $150.00 in a research note issued to investors on Tuesday, The Fly reports.

A number of other research analysts have also recently commented on RNG. Truist Financial lowered their target price on RingCentral from $450.00 to $295.00 and set a buy rating for the company in a research note on Wednesday, February 23rd. Robert W. Baird lowered their price objective on RingCentral from $130.00 to $95.00 in a research note on Tuesday. Craig Hallum lowered their price objective on RingCentral from $410.00 to $270.00 and set a buy rating for the company in a research note on Wednesday, February 23rd. Needham & Company LLC lowered their price objective on RingCentral from $400.00 to $225.00 and set a buy rating for the company in a research note on Wednesday, February 23rd. Finally, KeyCorp lowered their price objective on RingCentral from $295.00 to $252.00 and set an overweight rating for the company in a research note on Wednesday, February 23rd. Four investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of Buy and an average target price of $192.68.

RNG opened at $69.30 on Tuesday. The stock has a market cap of $6.39 billion, a PE ratio of -12.18 and a beta of 0.93. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 4.13. The business has a 50 day moving average of $102.80 and a 200-day moving average of $159.30. RingCentral has a 52 week low of $59.04 and a 52 week high of $315.00.

RingCentral (NYSE:RNG – Get Rating) last released its earnings results on Monday, May 9th. The software maker reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.05. The company had revenue of $467.66 million during the quarter, compared to analysts’ expectations of $458.36 million. RingCentral had a negative return on equity of 151.72% and a negative net margin of 30.82%. The firm’s revenue for the quarter was up 32.7% compared to the same quarter last year. During the same quarter last year, the business posted ($0.41) EPS. Equities analysts anticipate that RingCentral will post -1.99 EPS for the current year.

In other news, CFO Vaibhav Agarwal sold 10,443 shares of the firm’s stock in a transaction dated Wednesday, May 11th. The stock was sold at an average price of $67.59, for a total value of $705,842.37. Following the transaction, the chief financial officer now owns 85,357 shares of the company’s stock, valued at $5,769,279.63. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Mohammed Katibeh sold 1,846 shares of the business’s stock in a transaction that occurred on Wednesday, May 11th. The shares were sold at an average price of $67.60, for a total value of $124,789.60. Following the transaction, the chief operating officer now owns 110,098 shares of the company’s stock, valued at $7,442,624.80. The disclosure for this sale can be found here. Insiders own 7.35% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the stock. Capital World Investors increased its holdings in RingCentral by 13.0% in the 4th quarter. Capital World Investors now owns 11,188,825 shares of the software maker’s stock worth $2,096,226,000 after acquiring an additional 1,283,945 shares in the last quarter. Capital International Investors increased its holdings in RingCentral by 37.5% in the 4th quarter. Capital International Investors now owns 8,901,739 shares of the software maker’s stock worth $1,667,741,000 after acquiring an additional 2,427,359 shares in the last quarter. Vanguard Group Inc. increased its holdings in RingCentral by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 7,584,298 shares of the software maker’s stock worth $888,955,000 after acquiring an additional 144,060 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in RingCentral by 53.0% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,381,592 shares of the software maker’s stock worth $446,191,000 after acquiring an additional 825,356 shares in the last quarter. Finally, Sustainable Growth Advisers LP increased its holdings in RingCentral by 25.4% in the 3rd quarter. Sustainable Growth Advisers LP now owns 1,333,792 shares of the software maker’s stock worth $290,100,000 after acquiring an additional 270,275 shares in the last quarter. 85.96% of the stock is owned by institutional investors.

RingCentral Company Profile (Get Rating)

RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect in North America. The company offers business cloud communications and contact center solutions based on its Message Video Phone? platform. Its products include RingCentral Office that provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers omni-channel; and RingCentral Engage Digital, a digital customer engagement platform that allows enterprises to interact with their customers.

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