IsRingCentral (NYSE:RNG) An Attractive Buy? Rosenblatt Initiates Coverage

September 8, 2018 - By Catherine Diaz

RingCentral, Inc. (NYSE:RNG) Logo

Investors sentiment increased to 1.16 in Q1 2018. Its up 0.19, from 0.97 in 2017Q4. It increased, as 11 investors sold RingCentral, Inc. shares while 79 reduced holdings. 58 funds opened positions while 46 raised stakes. 57.87 million shares or 3.07% more from 56.14 million shares in 2017Q4 were reported.

Verition Fund Mgmt owns 3,271 shares or 0.02% of their US portfolio. Shell Asset Mngmt reported 101,566 shares stake. Clearbridge Limited Liability reported 24 shares. Meeder Asset Management reported 2,686 shares. Brinker holds 0.01% or 3,751 shares. Federated Invsts Incorporated Pa has invested 0.04% in RingCentral, Inc. (NYSE:RNG). Credit Suisse Ag holds 74,528 shares or 0% of its portfolio. Citigroup Inc stated it has 0% of its portfolio in RingCentral, Inc. (NYSE:RNG). Proshare Advisors Limited Liability holds 8,318 shares or 0% of its portfolio. Menta Limited Liability accumulated 17,268 shares. Wellington Mgmt Llp holds 213,527 shares. Lpl Fincl invested in 0% or 9,203 shares. Tradewinds Cap Mgmt Ltd reported 0% stake. Deutsche Comml Bank Ag stated it has 0.01% of its portfolio in RingCentral, Inc. (NYSE:RNG). Manufacturers Life The reported 265,273 shares.

Since March 7, 2018, it had 0 insider buys, and 20 insider sales for $25.60 million activity. The insider Shmunis Vladimir sold 24,055 shares worth $1.84M. 3,000 shares valued at $217,350 were sold by Dhruv Mitesh on Monday, May 21. $928,250 worth of RingCentral, Inc. (NYSE:RNG) was sold by Marlow John H. Shah Praful also sold $525,419 worth of RingCentral, Inc. (NYSE:RNG) shares. $501,707 worth of RingCentral, Inc. (NYSE:RNG) was sold by Michelle McKenna on Tuesday, May 29. $150,000 worth of stock was sold by THEIS ROBERT I on Tuesday, May 29.

How Rosenblatt Currently Rates RingCentral (NYSE:RNG)

Rosenblatt has initiated coverage on RingCentral (NYSE:RNG) shares recently in a note released on 7 September. The firm has decided to place a Buy rating on RNG stock.

RingCentral, Inc. (NYSE:RNG) Ratings Coverage

Among 9 analysts covering RingCentral (NYSE:RNG), 6 have Buy rating, 0 Sell and 3 Hold. Therefore 67% are positive. RingCentral has $100 highest and $66 lowest target. $86.33’s average target is -8.06% below currents $93.9 stock price. RingCentral had 10 analyst reports since March 16, 2018 according to SRatingsIntel. As per Thursday, May 10, the company rating was maintained by Craig Hallum. The firm has “Buy” rating given on Friday, March 16 by Jefferies. The rating was maintained by JP Morgan with “Neutral” on Friday, June 15. The stock has “Buy” rating by Bank of America on Tuesday, August 7. The rating was maintained by Oppenheimer with “Outperform” on Tuesday, June 19. The firm has “Equal-Weight” rating by Morgan Stanley given on Friday, April 27. Jefferies maintained RingCentral, Inc. (NYSE:RNG) rating on Friday, June 15. Jefferies has “Buy” rating and $9100 target. Northland Capital maintained RingCentral, Inc. (NYSE:RNG) on Monday, April 23 with “Buy” rating. As per Tuesday, August 7, the company rating was maintained by Robert W. Baird.

The stock increased 0.59% or $0.55 during the last trading session, reaching $93.9. About 663,927 shares traded. RingCentral, Inc. (NYSE:RNG) has risen 114.00% since September 8, 2017 and is uptrending. It has outperformed by 101.43% the S&P500.

Analysts await RingCentral, Inc. (NYSE:RNG) to report earnings on November, 14. They expect $-0.06 earnings per share, up 14.29 % or $0.01 from last year’s $-0.07 per share. After $-0.01 actual earnings per share reported by RingCentral, Inc. for the previous quarter, Wall Street now forecasts 500.00 % negative EPS growth.

RingCentral, Inc. provides software-as-a-service solutions for business communications in the United States and internationally. The company has market cap of $7.48 billion. The companyÂ’s products include RingCentral Office, a multi-tenant, multi-location, enterprise-grade communications solution that enables employees to communicate through voice, text, team messaging and collaboration, and HD video and Web conferencing, including smartphones, tablets, PCs, and desk phones for businesses that require a communications solution; RingCentral Professional, an inbound call routing subscription with text and fax capabilities primarily for smaller businesses; and RingCentral Fax solution that provides Internet fax capabilities, which allow businesses to send and receive fax documents without the need for a fax machine. It currently has negative earnings. The Company’s products also comprise RingCentral Contact Center, which provides a cloud based contact center solution that delivers multi-channel capabilities; and RingCentral Glip, a team messaging and collaboration solution that allows a range of teams to stay connected through various modes of communication through an integration with RingCentral Office.

More recent RingCentral, Inc. (NYSE:RNG) news were published by: Seekingalpha.com which released: “RingCentral: Time To Ring In Some Profits” on August 20, 2018. Also Fool.com published the news titled: “Why Cloud Communications Stocks Soared in August” on September 06, 2018. Foxbusiness.com‘s news article titled: “AT&T and RingCentral Continue to Play Nice” with publication date: September 06, 2018 was also an interesting one.

RingCentral, Inc. (NYSE:RNG) Institutional Positions Chart

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