RingCentral (NYSE:RNG) Price Target Cut to $36.00 by Analysts at Mizuho

RingCentral (NYSE:RNG) had its price target lowered by analysts at Mizuho from $42.00 to $36.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the software maker’s stock. Mizuho’s price objective points to a potential upside of 4.83% from the company’s previous close.

Several other research analysts have also recently issued reports on the company. Piper Sandler increased their price objective on RingCentral from $31.00 to $38.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. StockNews.com upgraded RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Monday, November 11th. Wedbush increased their price objective on shares of RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Wells Fargo & Company restated an “underweight” rating and set a $30.00 target price (down previously from $38.00) on shares of RingCentral in a research report on Tuesday, January 7th. Finally, Morgan Stanley lifted their price objective on RingCentral from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 18th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, RingCentral has an average rating of “Hold” and a consensus price target of $40.60.

RingCentral Stock Performance

RNG stock opened at $34.34 on Monday. RingCentral has a one year low of $26.98 and a one year high of $42.19. The company has a fifty day moving average of $36.06 and a 200-day moving average of $34.35. The stock has a market capitalization of $3.11 billion, a PE ratio of -32.40, a price-to-earnings-growth ratio of 1.43 and a beta of 1.01.

Insider Activity

In other RingCentral news, CEO Vladimir Shmunis sold 66,451 shares of the company’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $34.96, for a total value of $2,323,126.96. Following the completion of the transaction, the chief executive officer now directly owns 479,468 shares of the company’s stock, valued at $16,762,201.28. This represents a 12.17 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Ned D. Segal sold 2,914 shares of RingCentral stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $41.60, for a total value of $121,222.40. Following the sale, the director now directly owns 10,633 shares in the company, valued at approximately $442,332.80. The trade was a 21.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 115,188 shares of company stock valued at $4,113,047. Company insiders own 6.97% of the company’s stock.

Hedge Funds Weigh In On RingCentral

A number of hedge funds have recently bought and sold shares of RNG. Venturi Wealth Management LLC lifted its holdings in RingCentral by 150.4% during the 3rd quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock worth $59,000 after buying an additional 1,119 shares during the last quarter. Quarry LP boosted its holdings in RingCentral by 106.7% in the third quarter. Quarry LP now owns 1,902 shares of the software maker’s stock worth $60,000 after purchasing an additional 982 shares during the period. KBC Group NV increased its stake in RingCentral by 38.9% during the third quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock valued at $84,000 after purchasing an additional 744 shares during the last quarter. CWM LLC raised its holdings in shares of RingCentral by 595.9% during the third quarter. CWM LLC now owns 4,746 shares of the software maker’s stock worth $150,000 after purchasing an additional 4,064 shares during the period. Finally, Harvest Fund Management Co. Ltd bought a new position in shares of RingCentral in the 4th quarter worth about $173,000. 98.61% of the stock is currently owned by institutional investors and hedge funds.

RingCentral Company Profile

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.