Rosenblatt Securities Maintains a Buy Rating on RingCentral (RNG)

By Carrie Williams

Rosenblatt Securities analyst Ryan Koontz maintained a Buy rating on RingCentral (RNGResearch Report) yesterday and set a price target of $245.00. The company’s shares closed last Monday at $217.80.

According to TipRanks.com, Koontz is a 5-star analyst with an average return of 16.1% and a 49.1% success rate. Koontz covers the Consumer Goods sector, focusing on stocks such as Applied Optoelectronics, CommScope Holding, and Lumentum Holdings.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for RingCentral with a $237.29 average price target, a 22.0% upside from current levels. In a report issued on March 17, Oppenheimer also maintained a Buy rating on the stock with a $203.00 price target.

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Based on RingCentral’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $253 million and GAAP net loss of $25.26 million. In comparison, last year the company earned revenue of $189 million and had a GAAP net loss of $5.68 million.

Based on the recent corporate insider activity of 134 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.

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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.