In a report released today, Brian Schwartz from Oppenheimer reiterated a Buy rating on RingCentral (RNG), with a price target of $250.00. The company’s shares closed last Monday at $212.61, close to its 52-week high of $213.55.
According to TipRanks.com, Schwartz is a top 25 analyst with an average return of 29.4% and a 78.3% success rate. Schwartz covers the Technology sector, focusing on stocks such as MiX Telematics, SPS Commerce, and Salesforce.
RingCentral has an analyst consensus of Strong Buy, with a price target consensus of $220.86, implying a 6.5% upside from current levels. In a report issued on February 5, Merrill Lynch also maintained a Buy rating on the stock with a $237.00 price target.
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Based on RingCentral’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $12.75 million. In comparison, last year the company had a GAAP net loss of $5.68 million.
Based on the recent corporate insider activity of 129 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.
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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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