Oppenheimer analyst Brian Schwartz reiterated a Buy rating on RingCentral (NYSE: RNG) today and set a price target of $92. The company’s shares closed yesterday at $80.35, close to its 52-week high of $81.20.
Schwartz wrote:
“We reiterate our Outperform rating on RNG shares and raise our PT to $92 (from $79) after attending RingCentral’s investors day last Thursday in NYC. We left the investors meeting feeling more comfortable in our RNG estimates and our large TAM and open-ended growth with improving operating profitability thesis. Management’s overall tone was confident, and we think the company did a very good job in laying out the long-term growth strategy while providing enhanced transparency to the near- and medium-term financials. Specifically, the company displayed metrics indicating strong traction in enterprise, driven by an increasing number of reference customers and resellers and product maturity, and that the operating profile of the business at $1B+ in revenue will be better than previously expected, which are bullish.”
According to TipRanks.com, Schwartz is a top 25 analyst with an average return of 29.3% and a 80.4% success rate. Schwartz covers the Technology sector, focusing on stocks such as Ultimate Software, Salesforce.com, and MiX Telematics.
Currently, the analyst consensus on RingCentral is Moderate Buy and the average price target is $81.71, representing a 1.7% upside.
In a report issued on June 15, Jefferies also reiterated a Buy rating on the stock with a $91 price target.
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The company has a one-year high of $81.20 and a one-year low of $34.10. Currently, RingCentral has an average volume of 577.9K.
Based on the recent corporate insider activity of 86 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.
