Mizuho has decided to maintain its Buy rating of RingCentral RNG and lower its price target from $150.00 to $80.00.
Shares of RingCentral are trading up 6.76% over the last 24 hours, at $53.06 per share.
A move to $80.00 would account for a 50.77% increase from the current share price.
RingCentral is a unified communications as a service, or UCaaS, provider. RingCentral's unified communications platform foremost replaces on-premises private branch exchange (PBX) phone systems, which support voice-only desktop phones, with its cloud phone system. Beyond its flagship voice product, the company's platform enables cloud-based integrated omnichannel communications, including voice, messaging, SMS, video meetings, conferencing, and contact center software solutions, among others. The software allows businesses to communicate and collaborate all on one platform across various device-types.
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