.png "RingCentral (NYSE: RNG)")
In a report released today, Brian Schwartz from Oppenheimer assigned a Buy rating to RingCentral (RNG), with a price target of $330.00. The company’s shares closed last Tuesday at $285.37, close to its 52-week high of $306.46.
According to TipRanks.com, Schwartz is a top 25 analyst with an average return of 29.9% and a 77.5% success rate. Schwartz covers the Technology sector, focusing on stocks such as Bill.com Holdings, MiX Telematics, and Salesforce.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for RingCentral with a $339.05 average price target, representing a 27.0% upside. In a report issued on July 27, Rosenblatt Securities also maintained a Buy rating on the stock with a $320.00 price target.
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Based on RingCentral’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $268 million and GAAP net loss of $60.72 million. In comparison, last year the company earned revenue of $215 million and had a GAAP net loss of $9.24 million.
Based on the recent corporate insider activity of 135 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of RNG in relation to earlier this year.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
RingCentral, Inc. engages in the provision of global enterprise cloud communications and collaboration solutions. The firms 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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