RingCentral (RNG) Received its Third Buy in a Row


After Oppenheimer and Merrill Lynch gave RingCentral (NYSE: RNG) a Buy rating last month, the company received another Buy, this time from Jefferies. Analyst Samad Samana reiterated a Buy rating on RingCentral yesterday and set a price target of $121. The company’s shares closed yesterday at $104.09, close to its 52-week high of $109.84.

According to TipRanks.com, Samana is a 5-star analyst with an average return of 20.9% and a 74.6% success rate. Samana covers the Technology sector, focusing on stocks such as Verint Systems Inc, Ultimate Software, and Benefitfocus.

Currently, the analyst consensus on RingCentral is a Strong Buy with an average price target of $112.18, which is a 7.8% upside from current levels. In a report issued on February 7, Merrill Lynch also maintained a Buy rating on the stock with a $110 price target.

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The company has a one-year high of $109.84 and a one-year low of $60.85. Currently, RingCentral has an average volume of 877.9K.

Based on the recent corporate insider activity of 98 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.

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