Oppenheimer Initiates Coverage on RingCentral (RNG)
Investment analysts at Oppenheimer initiated coverage on shares of RingCentral (NYSE:RNG) in a note issued to investors on Wednesday. The firm set an “outperform” rating and a $20.00 price target on the stock. Oppenheimer’s target price would suggest a potential upside of 36.43% from the company’s current price.
In other RingCentral news, Director David Weiden sold 40,000 shares of RingCentral stock on the open market in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $14.02, for a total transaction of $560,800.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
Separately, analysts at Goldman Sachs cut their price target on shares of RingCentral from $26.00 to $20.00 in a research note on Thursday, May 22nd. Eight research analysts have rated the stock with a buy rating, RingCentral has an average rating of “Buy” and a consensus price target of $20.78.
RingCentral (NYSE:RNG) opened at 14.66 on Wednesday. RingCentral has a 52 week low of $11.33 and a 52 week high of $23.65. The stock’s 50-day moving average is $14.4 and its 200-day moving average is $16.61. The company’s market cap is $986.5 million.
RingCentral (NYSE:RNG) last posted its quarterly earnings results on Tuesday, July 29th. The company reported ($0.14) EPS for the quarter, beating the Thomson Reuters consensus estimate of ($0.15) by $0.01. The company had revenue of $52.80 million for the quarter, compared to the consensus estimate of $51.10 million. The company’s quarterly revenue was up 40.1% on a year-over-year basis. Analysts expect that RingCentral will post $-0.52 EPS for the current fiscal year.
RingCentral, Inc is a provider of software-as-a-service (NYSE:RNG) solutions for business communications.
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