Stock Groups

RingCentral Stock Slides as COO Steps Down, Analysts Cut Price Targets -Breaking

by Mike Robinson

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© Reuters

By Sam Boughedda

Investing.com — Ringcentral Inc (NYSE:) introduced Wednesday that Anand Eswaran is stepping down from his function as president and chief working officer, sending its shares down 15%.

The cloud-based communications firm mentioned Chief Accounting Officer Vaibhav Agarwal shall be appointed interim COO beginning January 1. 

The information provides to the current govt departures on the firm, which incorporates CFO Mitesh Dhruv who introduced in November that he’s to step down on the finish of the 12 months.

Analysts have bargain targets in response to the newest departure. 

Deutsche Financial institution analyst Matthew Niknam sliced his worth goal by $100 to $300, saying one other govt leaving the corporate is a near-term destructive for RingCentral’s share worth. Niknam saved a purchase ranking on the shares.

Siti Panigrahi at Mizuho additionally minimize the value goal on the inventory to $300 from $400 and maintained a purchase ranking. Nonetheless, the analyst is worried by the newest departure, saying it may imply near-term disruption and it’ll gasoline the continued bearish narrative.” As well as, Panigrahi advised buyers the corporate is not a high choose. 

BTIG analyst Matt Vanliet lowered his worth goal on RingCentral to $350 from $400, additionally retaining a purchase ranking. The analyst cited the current management modifications as a part of the explanation for the PT minimize however did state the corporate is well-positioned for robust progress.

RingCentral shares traded round $181.17 within the early afternoon.

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