Raymond James Thinks RingCentral’s Stock is Going to Recover

In a report released today, Brian Peterson from Raymond James maintained a Buy rating on RingCentral (RNG). The company’s shares closed last Tuesday at $253.00, close to its 52-week low of $229.00.

According to TipRanks.com, Peterson is a top 100 analyst with an average return of 30.9% and a 70.1% success rate. Peterson covers the Technology sector, focusing on stocks such as Qualtrics International, Duck Creek Technologies, and ZoomInfo Technologies.

Currently, the analyst consensus on RingCentral is a Strong Buy with an average price target of $421.07, representing a 60.7% upside. In a report issued on May 20, Mizuho Securities also maintained a Buy rating on the stock with a $400.00 price target.

See today’s analyst top recommended stocks >>

RingCentral’s market cap is currently $23.85B and has a P/E ratio of -1041.30. The company has a Price to Book ratio of 571.52.

Based on the recent corporate insider activity of 141 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.

Founded in 1999, California-based RingCentral, Inc. provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect in North America. The company’s products include RingCentral Professional, RingCentral Office, RingCentral Glip, and RingCentral Fax.

Stay Ahead of Everyone Else

Get The Latest Stock News Alerts