Piper Sandler Reiterates Neutral Rating on RingCentral (RNG)

Piper Sandler analyst James Fish reiterated a Neutral rating and $31.00 price target on RingCentral (NYSE: RNG).

The analyst commented, "After market close, RingCentral (and subsequently Asana [cov'd by B. Bracelin]) announced the resignation of CFO Sonalee Parekh effective September 10th. Asana announced that Sonalee would join as the CFO effective September 11th. This represents another C-suite departure from RingCentral just 9 months after the departure of Tarek Robbiati from the CEO position. While RingCentral notes the departure was not due to any disagreement between Sonalee and the company, investors will likely point to the management carousel and further concerns around the competitiveness of the UCC space. Positively, the company did reaffirm its outlook previously issued on its Q2 earnings. We continue to have concerns around the company's strategy, competitive positioning, and fundamentals, and believe this latest news flow limits the possibility of any near-term major strategic change."

For an analyst ratings summary and ratings history on RingCentral click here. For more ratings news on RingCentral click here.

Shares of RingCentral closed at $32.85 yesterday.

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