In a report released today, Ryan Koontz from Rosenblatt Securities maintained a Buy rating on RingCentral (RNG), with a price target of $345.00. The company’s shares closed last Tuesday at $278.00, close to its 52-week high of $306.46.
According to TipRanks.com, Koontz is a 5-star analyst with an average return of 24.2% and a 69.7% success rate. Koontz covers the Technology sector, focusing on stocks such as Zoom Video Communications, Applied Optoelectronics, and CommScope Holding.
Currently, the analyst consensus on RingCentral is a Strong Buy with an average price target of $339.05, a 27.0% upside from current levels. In a report issued on July 27, Robert W. Baird also maintained a Buy rating on the stock with a $305.00 price target.
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The company has a one-year high of $306.46 and a one-year low of $120.03. Currently, RingCentral has an average volume of 1.15M.
Based on the recent corporate insider activity of 135 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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