RingCentral (RNG) shares plummeted 6.42% during Friday's intraday trading session, following a wave of price target cuts by Wall Street analysts after the company reported its fourth-quarter earnings.

Several analysts lowered their price targets on RingCentral, indicating growing concerns about the company's prospects. Raymond James cut its target to $40 from $45, while maintaining an Outperform rating. Piper Sandler lowered its target to $31 from $38 but kept a Neutral stance. Barclays also trimmed its target to $31 from $37, retaining an Equal Weight rating.

The price target reductions suggest that analysts have become more cautious or pessimistic about RingCentral's growth outlook, profitability, or competitive position in the market. While the specific reasons behind the analysts' actions were not disclosed, the moves likely reflect concerns or disappointment with the company's Q4 performance or guidance.