New Buy Rating for RingCentral (RNG), the Technology Giant

By Jason Carr

In a report released yesterday, Brian Peterson from Raymond James maintained a Buy rating on RingCentral (RNGResearch Report). The company’s shares closed last Tuesday at $270.76.

According to TipRanks.com, Peterson is a top 25 analyst with an average return of 34.7% and a 75.1% success rate. Peterson covers the Technology sector, focusing on stocks such as Duck Creek Technologies, Inc., BigCommerce Holdings, and Upland Software.

Currently, the analyst consensus on RingCentral is a Strong Buy with an average price target of $339.13, which is a 25.3% upside from current levels. In a report issued on September 18, J.P. Morgan also maintained a Buy rating on the stock.

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Based on RingCentral’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $278 million and net profit of $509K. In comparison, last year the company earned revenue of $215 million and had a GAAP net loss of $9.24 million.

Based on the recent corporate insider activity of 145 insiders, corporate insider sentiment is neutral on the stock. Earlier this month, John Marlow, the SVP, CAO & General Counsel of RNG bought 4,847 shares for a total of $101,205.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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.