Northland Securities analyst Michael Latimore maintained a Buy rating on RingCentral (RNG) today and set a price target of $148. The company’s shares closed yesterday at $121.06, close to its 52-week high of $121.28.
According to TipRanks.com, Latimore is a 5-star analyst with an average return of 16.5% and a 61.3% success rate. Latimore covers the Technology sector, focusing on stocks such as Super League Gaming Inc, Brightcove Inc, and Everbridge Inc.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for RingCentral with a $122.08 average price target, a 0.8% upside from current levels. In a report issued on May 2, Merrill Lynch also maintained a Buy rating on the stock with a $135 price target.
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Based on RingCentral’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $6.36 million. In comparison, last year the company had a GAAP net loss of $2.72 million.
Based on the recent corporate insider activity of 110 insiders, corporate insider sentiment is negative on the stock.
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RingCentral, Inc. engages in the provision of global enterprise cloud communications and collaboration solutions. Its solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, PCs and desk phones; and allow for communication across multiple modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings and fax. It sells its products under the RingCentral Professional, RingCentral Glip, and RingCentral Fax brands. The company was founded by Vlad Vendrow and Vladimir Shmunis in 1999 and is headquartered in Belmont, CA.
