RingCentral (RNG) Gets a Buy Rating from Needham

By Ryan Adsit

In a report issued on June 21, Ryan Koontz from Needham initiated coverage with a Buy rating on RingCentral (RNGResearch Report) and a price target of $360.00. The company’s shares closed last Wednesday at $297.31.

According to TipRanks.com, Koontz is a 5-star analyst with an average return of 24.5% and a 67.6% success rate. Koontz covers the Technology sector, focusing on stocks such as Zoom Video Communications, CommScope Holding, and KVH Industries.

Currently, the analyst consensus on RingCentral is a Strong Buy with an average price target of $411.15, implying a 38.9% upside from current levels. In a report issued on June 15, Colliers Securities also reiterated a Buy rating on the stock with a $470.00 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 $352 million and GAAP net loss of $186K. In comparison, last year the company earned revenue of $268 million and had a GAAP net loss of $60.72 million.

Based on the recent corporate insider activity of 148 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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Founded in 1999, California-based RingCentral, Inc. provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect in North America. The company’s products include RingCentral Professional, RingCentral Office, RingCentral Glip, and RingCentral Fax.