Needham Issues a Buy Rating on RingCentral (RNG)

In a report released today, Richard Valera from Needham assigned a Buy rating to RingCentral (RNGResearch Report), with a price target of $340.00. The company’s shares closed last Wednesday at $324.20.

According to TipRanks.com, Valera is a 5-star analyst with an average return of 17.5% and a 65.9% success rate. Valera covers the Technology sector, focusing on stocks such as Zoom Video Communications, Trimble Navigation, and Altair Engineering.

Currently, the analyst consensus on RingCentral is a Strong Buy with an average price target of $338.50, implying a 9.2% upside from current levels. In a report released today, Rosenblatt Securities also maintained a Buy rating on the stock with a $345.00 price target.

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RingCentral’s market cap is currently $25.88B and has a P/E ratio of -241.50. The company has a Price to Book ratio of 190.69.

Based on the recent corporate insider activity of 146 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. Most recently, in September 2020, John Marlow, the SVP, CAO & General Counsel of RNG bought 4,847 shares for a total of $101,205.

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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.