Rosenblatt Securities Believes RingCentral (RNG) Still Has Room to Grow


Rosenblatt Securities analyst Ryan Koontz maintained a Buy rating on RingCentral (RNG) yesterday. The company’s shares closed last Monday at $279.36, close to its 52-week high of $292.48.

According to TipRanks.com, Koontz is a 5-star analyst with an average return of 25.0% and a 70.3% success rate. Koontz covers the Technology sector, focusing on stocks such as Zoom Video Communications, Applied Optoelectronics, and Acacia Communications.

RingCentral has an analyst consensus of Strong Buy, with a price target consensus of $273.65, representing a -0.7% downside. In a report issued on May 22, Goldman Sachs also maintained a Buy rating on the stock with a $275.00 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 $201 million and had a GAAP net loss of $6.36 million.

Based on the recent corporate insider activity of 138 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. 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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