In a report released yesterday, William Power from Robert W. Baird reiterated a Buy rating on RingCentral (RNG). The company’s shares closed last Thursday at $421.00, close to its 52-week high of $449.00.
According to TipRanks.com, Power is a top 100 analyst with an average return of 40.3% and a 73.7% success rate. Power covers the Technology sector, focusing on stocks such as Zoom Video Communications, Slack Technologies, and J2 Global.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for RingCentral with a $488.83 average price target, a 18.6% upside from current levels. In a report issued on February 4, Rosenblatt Securities also maintained a Buy rating on the stock with a $430.00 price target.
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Based on RingCentral’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $304 million and GAAP net loss of $20.96 million. In comparison, last year the company earned revenue of $253 million and had a GAAP net loss of $25.26 million.
Based on the recent corporate insider activity of 149 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of RNG in relation to earlier this year. Last month, John Marlow, the SVP, CAO & General Counsel of RNG bought 4,167 shares for a total of $66,880.
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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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