RingCentral (NYSE:RNG – Get Rating) had its price target decreased by Piper Sandler from $228.00 to $118.00 in a report released on Tuesday, The Fly reports. Piper Sandler’s price objective points to a potential upside of 72.36% from the stock’s current price.
Other analysts have also recently issued research reports about the company. Mizuho dropped their price objective on RingCentral from $220.00 to $150.00 in a research report on Tuesday. Deutsche Bank Aktiengesellschaft dropped their price objective on RingCentral from $210.00 to $110.00 in a research report on Tuesday. Craig Hallum decreased their price target on RingCentral from $410.00 to $270.00 and set a “buy” rating on the stock in a research note on Wednesday, February 23rd. Raymond James decreased their price target on RingCentral from $300.00 to $135.00 in a research note on Tuesday. Finally, The Goldman Sachs Group decreased their price target on RingCentral from $240.00 to $205.00 and set a “buy” rating on the stock in a research note on Wednesday, February 23rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $192.68.
Shares of RNG stock traded down $0.20 during mid-day trading on Tuesday, reaching $68.46. The stock had a trading volume of 155,149 shares, compared to its average volume of 1,259,416. The company has a market cap of $6.31 billion, a P/E ratio of -17.06 and a beta of 0.93. The business has a 50-day simple moving average of $107.03 and a 200 day simple moving average of $163.13. RingCentral has a 12-month low of $68.38 and a 12-month high of $315.00. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 4.13.
A number of institutional investors have recently added to or reduced their stakes in the stock. Paradigm Financial Advisors LLC lifted its position in RingCentral by 4.8% during the 3rd quarter. Paradigm Financial Advisors LLC now owns 1,040 shares of the software maker’s stock worth $226,000 after acquiring an additional 48 shares in the last quarter. Toronto Dominion Bank lifted its position in RingCentral by 0.5% during the 3rd 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 in the last quarter. FourThought Financial LLC lifted its position in RingCentral by 60.6% during the 3rd quarter. FourThought Financial LLC now owns 159 shares of the software maker’s stock worth $34,000 after acquiring an additional 60 shares in the last quarter. Credit Agricole S A lifted its position in RingCentral by 9.6% during the 4th quarter. Credit Agricole S A now owns 744 shares of the software maker’s stock worth $139,000 after acquiring an additional 65 shares in the last quarter. Finally, IndexIQ Advisors LLC increased its holdings in RingCentral by 5.4% during the 3rd quarter. IndexIQ Advisors LLC now owns 1,378 shares of the software maker’s stock worth $300,000 after purchasing an additional 71 shares during the last quarter. 85.96% of the stock is currently owned by hedge funds and other institutional investors.
About RingCentral (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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