Ringcentral (RNG) : Analyst Rating Update

Ringcentral (RNG) : 7 brokerage houses believe that Ringcentral (RNG) is a Strong Buy at current levels. 1 analysts believe that the current prices are in a balance with the stocks fundamentals, hence they propose Hold on Ringcentral (RNG). Zacks Investment Research suggests a Hold with a rank of 3.The median of all the 8 Wall Street Analysts endorse the stock as a Strong Buy with a rating of 1.25.

Ringcentral (RNG) : 7 Wall Street analysts covering Ringcentral (RNG) believe that the average level the stock could reach for the short term is $27.14. The maximum price target given is $30 and the minimum target for short term is around $25, hence the standard deviation is calculated at $1.46.

Ringcentral (NYSE:RNG): During Wednesdays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $19.20 and $19.18 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $19.59. The buying momentum continued till the end and the stock did not give up its gains. It closed at $19.50, notching a gain of 0.67% for the day. The total traded volume was 243,437 . The stock had closed at $19.37 on the previous day.

Also, Summit Redstone Partners initiates coverage on Ringcentral (NYSE:RNG). The shares have now been rated Buy by the stock experts at the ratings house. The rating by the firm was issued on June 28, 2016. The company shares have rallied 15.85% from its 1 Year high price. On Dec 16, 2015, the shares registered one year high at $25.67 and the one year low was seen on Mar 28, 2016. The 50-Day Moving Average price is $19.87 and the 200 Day Moving Average price is recorded at $19.14.

RingCentral, Inc. is a provider of software-as-a-service (SaaS) solutions for business communications. The Companys products are RingCentral Office, RingCentral Professional and RingCentral Fax, which it sells as monthly subscriptions to its customers. The Companys flagship product RingCentral Office is a multi-location, multi-user, enterprise-grade communications solution that enables employees to communicate through different channels and on multiple devices. RingCentral Professional is an inbound call routing subscription with additional text and fax capabilities targeting smaller deployments. RingCentral Fax is an Internet fax subscription that permits sending and receiving faxes over the Internet.

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