RingCentral (NYSE:RNG) PT Lowered to $150.00

RingCentral (NYSE:RNGGet Rating) had its target price reduced by analysts at Mizuho from $220.00 to $150.00 in a research note issued to investors on Tuesday, The Fly reports. Mizuho’s price objective would suggest a potential upside of 119.11% from the stock’s current price.

RNG has been the topic of a number of other reports. The Goldman Sachs Group decreased their target price on RingCentral from $240.00 to $205.00 and set a “buy” rating on the stock in a research report on Wednesday, February 23rd. Craig Hallum cut their target price on shares of RingCentral from $410.00 to $270.00 and set a “buy” rating for the company in a research note on Wednesday, February 23rd. JPMorgan Chase & Co. cut their target price on shares of RingCentral from $460.00 to $225.00 and set an “overweight” rating for the company in a research note on Wednesday, February 23rd. Robert W. Baird cut their target price on shares of RingCentral from $130.00 to $95.00 in a research note on Tuesday. Finally, Northland Securities cut their target price on shares of RingCentral from $410.00 to $275.00 and set an “outperform” rating for the company in a research note on Wednesday, February 23rd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, RingCentral presently has a consensus rating of “Buy” and an average price target of $192.68.

Shares of NYSE:RNG traded down $0.20 during midday trading on Tuesday, hitting $68.46. 155,149 shares of the stock were exchanged, compared to its average volume of 1,259,416. The company has a debt-to-equity ratio of 4.13, a quick ratio of 1.24 and a current ratio of 1.24. RingCentral has a 52-week low of $68.38 and a 52-week high of $315.00. The business’s fifty day simple moving average is $107.03 and its two-hundred day simple moving average is $163.13. The company has a market capitalization of $6.31 billion, a PE ratio of -17.06 and a beta of 0.93.

RingCentral (NYSE:RNGGet Rating) last announced its quarterly earnings data on Tuesday, February 22nd. The software maker reported ($0.51) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.56) by $0.05. RingCentral had a negative return on equity of 126.80% and a negative net margin of 23.59%. The business had revenue of $448.00 million during the quarter, compared to analyst estimates of $434.83 million. During the same period last year, the company earned ($0.16) earnings per share. RingCentral’s quarterly revenue was up 33.9% compared to the same quarter last year. As a group, equities analysts anticipate that RingCentral will post -1.99 EPS for the current year.

A number of hedge funds have recently made changes to their positions in RNG. Mackenzie Financial Corp raised its holdings in RingCentral by 17.8% in the third quarter. Mackenzie Financial Corp now owns 8,296 shares of the software maker’s stock worth $1,804,000 after purchasing an additional 1,255 shares in the last quarter. Toronto Dominion Bank grew its stake in shares of RingCentral by 0.5% in the third quarter. Toronto Dominion Bank now owns 10,841 shares of the software maker’s stock worth $2,358,000 after acquiring an additional 52 shares during the last quarter. TD Asset Management Inc. grew its stake in shares of RingCentral by 0.8% in the third quarter. TD Asset Management Inc. now owns 19,110 shares of the software maker’s stock worth $4,156,000 after acquiring an additional 160 shares during the last quarter. First Horizon Advisors Inc. grew its stake in shares of RingCentral by 440.9% in the third quarter. First Horizon Advisors Inc. now owns 714 shares of the software maker’s stock worth $38,000 after acquiring an additional 582 shares during the last quarter. Finally, Keebeck Alpha LP purchased a new stake in shares of RingCentral in the third quarter worth $245,000. Hedge funds and other institutional investors own 85.96% of the company’s stock.

RingCentral Company Profile (Get Rating)

RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect in North America. The company offers business cloud communications and contact center solutions based on its Message Video Phone? platform. Its products include RingCentral Office that provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers omni-channel; and RingCentral Engage Digital, a digital customer engagement platform that allows enterprises to interact with their customers.

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