Mizuho Cuts RingCentral (NYSE:RNG) Price Target to $36.00

RingCentral (NYSE:RNG) had its price target cut by Mizuho from $42.00 to $36.00 in a research report sent to investors on Monday,Benzinga reports. They currently have a neutral rating on the software maker’s stock.

RNG has been the subject of a number of other reports. Wells Fargo & Company reaffirmed an “underweight” rating and set a $30.00 price target (down from $38.00) on shares of RingCentral in a research note on Tuesday, January 7th. Barclays downgraded shares of RingCentral from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $45.00 to $37.00 in a research note on Monday, January 27th. Needham & Company LLC restated a “buy” rating and set a $42.00 price objective on shares of RingCentral in a research note on Monday, November 11th. Wedbush lifted their price target on shares of RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Finally, StockNews.com raised RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $40.60.

RingCentral Price Performance

Shares of RNG opened at $34.84 on Monday. The business’s 50 day simple moving average is $35.96 and its 200-day simple moving average is $34.35. RingCentral has a 1 year low of $26.98 and a 1 year high of $42.19. The stock has a market capitalization of $3.15 billion, a price-to-earnings ratio of -32.87, a price-to-earnings-growth ratio of 1.43 and a beta of 1.01.

Insiders Place Their Bets

In other news, Director Robert I. Theis sold 1,457 shares of RingCentral stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $37.79, for a total value of $55,060.03. Following the sale, the director now directly owns 28,690 shares of the company’s stock, valued at $1,084,195.10. The trade was a 4.83 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP John H. Marlow sold 23,284 shares of RingCentral stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $34.96, for a total transaction of $814,008.64. Following the sale, the senior vice president now directly owns 357,818 shares in the company, valued at approximately $12,509,317.28. This trade represents a 6.11 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 115,188 shares of company stock worth $4,113,047. Company insiders own 6.97% of the company’s stock.

Hedge Funds Weigh In On RingCentral

Institutional investors and hedge funds have recently bought and sold shares of the business. Venturi Wealth Management LLC raised its stake in RingCentral by 150.4% during the third quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock worth $59,000 after purchasing an additional 1,119 shares during the period. Quarry LP lifted its position in RingCentral by 106.7% in the third quarter. Quarry LP now owns 1,902 shares of the software maker’s stock valued at $60,000 after buying an additional 982 shares during the last quarter. KBC Group NV increased its position in shares of 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 acquiring an additional 744 shares during the last quarter. CWM LLC boosted its position in shares of RingCentral by 595.9% during the 3rd 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 acquired a new stake in RingCentral in the 4th quarter valued at approximately $173,000. 98.61% of the stock is currently owned by institutional investors and hedge funds.

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.