In a report released on April 26, Michael Turrin from Wells Fargo maintained a Hold rating on RingCentral (RNG – Research Report), with a price target of $31.00. The company’s shares closed last Friday at $30.64.
Turrin covers the Technology sector, focusing on stocks such as HubSpot, Microsoft, and Adobe. According to TipRanks, Turrin has an average return of -3.9% and a 46.94% success rate on recommended stocks.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for RingCentral with a $37.21 average price target, implying a 21.44% upside from current levels. In a report released on April 17, Morgan Stanley also maintained a Hold rating on the stock with a $32.00 price target.
Based on RingCentral’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $558.16 million and a GAAP net loss of $42.12 million. In comparison, last year the company earned a revenue of $509.03 million and had a GAAP net loss of $284.62 million
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RingCentral (RNG) Company Description:
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.
