Raymond James analyst Brian Peterson assigned a Buy rating to RingCentral (RNG) yesterday and set a price target of $410.00. The company’s shares closed last Tuesday at $296.67.
According to TipRanks.com, Peterson is a top 100 analyst with an average return of 32.1% and a 70.0% success rate. Peterson covers the Technology sector, focusing on stocks such as Duck Creek Technologies, Qualtrics International, and ZoomInfo Technologies.
RingCentral has an analyst consensus of Strong Buy, with a price target consensus of $466.53, which is a 51.7% upside from current levels. In a report issued on April 20, Merrill Lynch also initiated coverage with a Buy rating on the stock with a $450.00 price target.
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Based on RingCentral’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $335 million and GAAP net loss of $1.83 million. In comparison, last year the company earned revenue of $253 million and had a GAAP net loss of $25.26 million.
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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.