Summit Redstone Partners Initiates Coverage on RingCentral Inc to Buy

Summit Redstone Partners Initiates Coverage on RingCentral Inc(NYSE:RNG). The shares have been rated Buy. The rating by Summit Redstone Partners was issued on Jun 28, 2016.

RingCentral Inc (RNG) shares turned negative on Fridays trading session with the shares closing down -0.05 points or -0.25% at a volume of 5,97,972. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $19.82. The peak price level was also seen at $19.82 while the days lowest was $19.48. Finally the shares closed at $19.67. The 52-week high of the shares is $25.67 while the 52-week low is $13.88. According to the latest information available, the market cap of the company is $1,422 M.

RingCentral Inc(RNG) last announced its earnings results on Apr 27, 2016 for Fiscal Year 2016 and Q1.Company reported revenue of $86.54M. Analysts had an estimated revenue of $81.19M. Earnings per share were $0.01.

Several Insider Transactions has been reported to the SEC. On Jun 15, 2016, Kira Makagon (EVP, Innovation) sold 10,000 shares at $20.43 per share price.Also, On Jun 13, 2016, David Sipes (EVP and Chief Revenue Officer) sold 15,025 shares at $20.78 per share price.On Jun 10, 2016, John H Marlow (SVP & General Counsel) sold 2,000 shares at $20.68 per share price, according to the Form-4 filing with the securities and exchange commission.

RingCentral Inc. is a provider of software-as-a-service (SaaS) solutions for business communications. The Company’s products are RingCentral Office RingCentral Professional and RingCentral Fax which it sells as monthly subscriptions to its customers. The Company’s 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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