RingCentral (NYSE:RNG) Given New $38.00 Price Target at Mizuho

RingCentral (NYSE:RNG) had its target price upped by Mizuho from $36.00 to $38.00 in a research note released on Wednesday morning, Benzinga reports. Mizuho currently has a buy rating on the software maker’s stock.

Other equities research analysts also recently issued reports about the stock. Morgan Stanley lowered their price target on shares of RingCentral from $35.00 to $32.00 and set an equal weight rating on the stock in a report on Wednesday, April 17th. Piper Sandler reduced their price target on shares of RingCentral from $34.00 to $31.00 and set a neutral rating on the stock in a research report on Wednesday, February 21st. Wedbush restated a neutral rating and issued a $40.00 target price on shares of RingCentral in a report on Friday, February 16th. KeyCorp cut their price target on shares of RingCentral from $50.00 to $48.00 and set an overweight rating on the stock in a report on Wednesday, February 21st. Finally, Wells Fargo & Company lowered their price objective on RingCentral from $36.00 to $31.00 and set an equal weight rating for the company in a research report on Wednesday, February 21st. Nine analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus target price of $39.28.

RingCentral Stock Performance

Shares of NYSE RNG opened at $34.38 on Wednesday. The company has a market capitalization of $3.17 billion, a P/E ratio of -19.65, a price-to-earnings-growth ratio of 3.24 and a beta of 0.94. RingCentral has a 52-week low of $25.08 and a 52-week high of $43.28. The company’s 50 day moving average price is $32.83 and its 200-day moving average price is $31.92.

RingCentral (NYSE:RNG) last released its quarterly earnings data on Tuesday, February 20th. The software maker reported ($0.33) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.31). The business had revenue of $571.27 million for the quarter, compared to analysts’ expectations of $569.65 million. Analysts forecast that RingCentral will post 0.45 earnings per share for the current year.

Insider Buying and Selling at RingCentral

In other RingCentral news, CFO Vaibhav Agarwal sold 6,224 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $31.55, for a total value of $196,367.20. Following the completion of the transaction, the chief financial officer now owns 130,753 shares of the company’s stock, valued at approximately $4,125,257.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other RingCentral news, Director Kenneth A. Goldman sold 1,287 shares of RingCentral stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $34.47, for a total value of $44,362.89. Following the transaction, the director now directly owns 23,688 shares in the company, valued at $816,525.36. The transaction was disclosed in a document filed 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 shares were sold at an average price of $31.55, for a total transaction of $196,367.20. Following the completion of the sale, the chief financial officer now directly owns 130,753 shares in the company, valued at approximately $4,125,257.15. The disclosure for this sale can be found here. Insiders sold 23,608 shares of company stock valued at $800,974 in the last 90 days. Company insiders own 6.76% of the company’s stock.

Institutional Trading of RingCentral

Institutional investors have recently added to or reduced their stakes in the stock. Intellectus Partners LLC raised its stake in RingCentral by 4.3% during the fourth quarter. Intellectus Partners LLC now owns 8,550 shares of the software maker’s stock worth $290,000 after acquiring an additional 350 shares during the period. Treasurer of the State of North Carolina boosted its position in RingCentral by 1.0% during the 4th quarter. Treasurer of the State of North Carolina now owns 37,832 shares of the software maker’s stock valued at $1,284,000 after purchasing an additional 360 shares during the period. 1492 Capital Management LLC increased its position in RingCentral by 1.0% in the fourth quarter. 1492 Capital Management LLC now owns 36,751 shares of the software maker’s stock worth $1,248,000 after buying an additional 363 shares during the period. Hexagon Capital Partners LLC lifted its stake in RingCentral by 44.1% in the first quarter. Hexagon Capital Partners LLC now owns 1,340 shares of the software maker’s stock valued at $47,000 after buying an additional 410 shares during the last quarter. Finally, Simplicity Solutions LLC boosted its holdings in shares of RingCentral by 4.5% during the fourth quarter. Simplicity Solutions LLC now owns 10,761 shares of the software maker’s stock valued at $365,000 after acquiring an additional 467 shares during the period. 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.