Mizuho Reiterates Neutral Rating for RingCentral (NYSE:RNG)

Mizuho reaffirmed their neutral rating on shares of RingCentral (NYSE:RNG) in a research report report published on Friday morning, MarketBeat Ratings reports. They currently have a $42.00 target price on the software maker’s stock.

Other equities research analysts also recently issued research reports about the stock. Rosenblatt Securities reaffirmed a “buy” rating and issued a $45.00 target price on shares of RingCentral in a research note on Friday, November 8th. Piper Sandler boosted their price objective on shares of RingCentral from $31.00 to $38.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. StockNews.com raised RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Monday, November 11th. Needham & Company LLC reaffirmed a “buy” rating and issued a $42.00 target price on shares of RingCentral in a report on Monday, November 11th. Finally, Raymond James cut their price target on RingCentral from $52.00 to $50.00 and set a “strong-buy” rating for the company in a report on Friday, November 8th. Eight investment analysts have rated the stock with a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, RingCentral presently has an average rating of “Moderate Buy” and an average target price of $41.43.

RingCentral Stock Performance

Shares of RNG opened at $39.05 on Friday. RingCentral has a 52 week low of $26.98 and a 52 week high of $42.19. The firm has a market capitalization of $3.53 billion, a P/E ratio of -36.84, a P/E/G ratio of 2.48 and a beta of 0.99. The company has a 50-day simple moving average of $36.07 and a 200-day simple moving average of $33.01.

RingCentral (NYSE:RNG) last announced its quarterly earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.10. RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. The firm had revenue of $608.77 million during the quarter, compared to the consensus estimate of $601.91 million. As a group, equities analysts forecast that RingCentral will post 0.84 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Ned D. Segal sold 2,914 shares of the stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $41.60, for a total transaction of $121,222.40. Following the completion of the transaction, the director now owns 10,633 shares in the company, valued at approximately $442,332.80. This represents a 21.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robert I. Theis sold 1,457 shares of RingCentral stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $37.79, for a total transaction of $55,060.03. Following the completion of the sale, the director now directly owns 28,690 shares in the company, valued at approximately $1,084,195.10. This represents a 4.83 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 117,173 shares of company stock valued at $4,175,376. Corporate insiders own 6.76% of the company’s stock.

Institutional Investors Weigh In On RingCentral

Large investors have recently modified their holdings of the stock. Pacer Advisors Inc. lifted its stake in RingCentral by 45.3% in the third quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker’s stock valued at $83,483,000 after purchasing an additional 822,892 shares during the last quarter. Renaissance Technologies LLC raised its stake in shares of RingCentral by 3.5% in the second quarter. Renaissance Technologies LLC now owns 1,606,700 shares of the software maker’s stock valued at $45,309,000 after buying an additional 54,500 shares during the period. AQR Capital Management LLC raised its stake in shares of RingCentral by 2.4% in the second quarter. AQR Capital Management LLC now owns 881,109 shares of the software maker’s stock valued at $24,706,000 after buying an additional 20,666 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of RingCentral by 7.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 822,087 shares of the software maker’s stock valued at $26,003,000 after buying an additional 59,570 shares during the last quarter. Finally, Cubist Systematic Strategies LLC grew its stake in shares of RingCentral by 130.1% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 414,347 shares of the software maker’s stock worth $11,685,000 after acquiring an additional 234,238 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.