Mizuho Forecasts Strong Price Appreciation for RingCentral (NYSE:RNG) Stock

RingCentral (NYSE:RNG - Get Free Report) had its price objective upped by equities researchers at Mizuho from $25.00 to $27.00 in a research report issued on Monday,Benzinga reports. The firm presently has a "neutral" rating on the software maker's stock. Mizuho's price objective points to a potential downside of 3.70% from the stock's previous close.

Other analysts have also recently issued reports about the stock. UBS Group dropped their target price on shares of RingCentral from $38.00 to $33.00 and set a "neutral" rating on the stock in a report on Friday. Rosenblatt Securities lowered their price target on shares of RingCentral from $40.00 to $28.00 and set a "buy" rating for the company in a research report on Thursday, April 24th. StockNews.com raised shares of RingCentral from a "buy" rating to a "strong-buy" rating in a research note on Monday, May 5th. Piper Sandler raised their price target on shares of RingCentral from $25.00 to $28.00 and gave the company a "neutral" rating in a research note on Friday. Finally, Needham & Company LLC began coverage on RingCentral in a report on Friday. They issued a "buy" rating and a $36.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $32.77.

RingCentral Stock Performance

Shares of NYSE:RNG traded up $0.32 during midday trading on Monday, hitting $28.04. 343,506 shares of the company's stock traded hands, compared to its average volume of 1,446,568. The firm's fifty day moving average price is $25.27 and its two-hundred day moving average price is $31.83. RingCentral has a twelve month low of $20.58 and a twelve month high of $42.19. The company has a market cap of $2.54 billion, a PE ratio of -43.79, a P/E/G ratio of 1.27 and a beta of 1.33.

RingCentral (NYSE:RNG - Get Free Report) last issued its quarterly earnings data 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 return on equity of 12.34% and a negative net margin of 2.43%. The company had revenue of $612.06 million for the quarter, compared to analysts' expectations of $610.53 million. During the same quarter in the previous year, the firm posted $0.87 earnings per share. The firm's quarterly revenue was up 4.8% on a year-over-year basis. As a group, equities research analysts anticipate that RingCentral will post 1.29 EPS for the current fiscal year.

Insider Transactions at RingCentral

In other RingCentral news, CEO Vladimir Shmunis sold 66,112 shares of the stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $28.83, for a total transaction of $1,906,008.96. Following the transaction, the chief executive officer now owns 568,300 shares in the company, valued at $16,384,089. This trade represents a 10.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP John H. Marlow sold 22,979 shares of the firm's stock in a transaction on Friday, February 21st. The shares were sold at an average price of $28.82, for a total transaction of $662,254.78. Following the completion of the transaction, the senior vice president now owns 348,599 shares in the company, valued at $10,046,623.18. The trade was a 6.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 247,740 shares of company stock valued at $7,099,279 over the last ninety days. Corporate insiders own 6.97% of the company's stock.

Hedge Funds Weigh In On RingCentral

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Fort Washington Investment Advisors Inc. OH grew its holdings in shares of RingCentral by 32.5% during the fourth quarter. Fort Washington Investment Advisors Inc. OH now owns 550,304 shares of the software maker's stock worth $19,266,000 after purchasing an additional 134,928 shares during the last quarter. Hennessy Advisors Inc. acquired a new position in RingCentral in the fourth quarter valued at about $59,055,000. Beaumont Financial Advisors LLC bought a new stake in shares of RingCentral in the fourth quarter worth about $262,000. Harel Insurance Investments & Financial Services Ltd. raised its position in shares of RingCentral by 106.9% during the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 185,205 shares of the software maker's stock worth $6,484,000 after purchasing an additional 95,684 shares during the period. Finally, Private Advisor Group LLC grew its position in shares of RingCentral by 9.6% in the 4th quarter. Private Advisor Group LLC now owns 8,896 shares of the software maker's stock valued at $311,000 after purchasing an additional 777 shares during the period. 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.

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