Price Action To Observe: RingCentral Inc’s Trend Up, Especially After Today’s Strong Session

Price Action To Observe: RingCentral Inc's Trend Up, Especially After Today's Strong Session

The stock of RingCentral Inc (NYSE:RNG) is a huge mover today! About 218,220 shares traded hands. RingCentral Inc (NYSE:RNG) has risen 30.83% since April 14, 2016 and is uptrending. It has outperformed by 26.14% the S&P500.
The move comes after 5 months positive chart setup for the $1.80B company. It was reported on Nov, 16 by Barchart.com. We have $36.81 PT which if reached, will make NYSE:RNG worth $972.00 million more.

RingCentral Inc (NYSE:RNG) Ratings Coverage

Out of 10 analysts covering RingCentral (NYSE:RNG), 8 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 80% are positive. RingCentral has been the topic of 18 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The stock of RingCentral Inc (NYSE:RNG) earned “Buy” rating by Summit Redstone Partners on Tuesday, June 28. The firm has “Overweight” rating given on Thursday, July 23 by JP Morgan. As per Friday, August 26, the company rating was initiated by Robert W. Baird. RBC Capital Markets maintained the stock with “Outperform” rating in Wednesday, December 2 report. The stock has “Outperform” rating given by Oppenheimer on Friday, July 31. The firm has “Outperform” rating given on Tuesday, October 6 by RBC Capital Markets. On Thursday, December 17 the stock rating was downgraded by Morgan Stanley to “Equal-Weight”. The rating was maintained by Jefferies on Thursday, August 4 with “Buy”. On Monday, August 10 the stock rating was initiated by Canaccord Genuity with “Buy”. The stock has “Outperform” rating given by RBC Capital Markets on Wednesday, December 9.

According to Zacks Investment Research, “RingCentral, Inc. provides solutions for business communications primarily in the United States. The Company’s products include RingCentral Office, RingCentral Mobile and RingCentral Fax. It provides solutions such as auto-receptionist, flexible extension structure, multiple voicemail boxes, smart call routing, business answering rules, extension dialing, call transfers and elegant integration with Smartphones. RingCentral, Inc. is headquartered in San Mateo, California.”

Insitutional Activity: The institutional sentiment increased to 1.51 in 2016 Q2. Its up 0.56, from 0.95 in 2016Q1. The ratio improved, as 19 funds sold all RingCentral Inc shares owned while 40 reduced positions. 29 funds bought stakes while 60 increased positions. They now own 46.80 million shares or 2.34% less from 47.92 million shares in 2016Q1.
Rs Management Co Limited Liability Company owns 3.32 million shares or 0.67% of their US portfolio. Parametric Portfolio Associates Limited Liability Corp owns 219,343 shares or 0.01% of their US portfolio. Checchi Capital Advisers Ltd Liability last reported 271 shares in the company. Renaissance Ltd Limited Liability Company holds 0.03% or 869,400 shares in its portfolio. Los Angeles Cap Mngmt & Equity last reported 0% of its portfolio in the stock. Products Ptnrs Ltd Llc last reported 0.03% of its portfolio in the stock. The Maryland-based Columbia Ptnrs L L C Invest Mgmt has invested 0.59% in RingCentral Inc (NYSE:RNG). Jpmorgan Chase And last reported 1.38M shares in the company. Nomura Inc reported 89,032 shares or 0.01% of all its holdings. Hatteras Funds Ltd Limited Liability Company holds 1.44% of its portfolio in RingCentral Inc (NYSE:RNG) for 13,102 shares. State Street Corp last reported 1.07 million shares in the company. Moreover, D E Shaw And has 0% invested in RingCentral Inc (NYSE:RNG) for 81,737 shares. The Massachusetts-based Century Mngmt Ltd Liability Com has invested 0.94% in RingCentral Inc (NYSE:RNG). Bogle Inv Management Limited Partnership De last reported 0.1% of its portfolio in the stock. Moreover, Citigroup has 0% invested in RingCentral Inc (NYSE:RNG) for 10,519 shares.

Insider Transactions: Since May 20, 2016, the stock had 0 insider buys, and 28 insider sales for $9.39 million net activity. Marlow John H sold $355,560 worth of stock or 16,000 shares. Shares for $47,431 were sold by Shah Praful. 16,472 shares were sold by Shmunis Vladimir, worth $376,669 on Monday, August 22. Shares for $69,531 were sold by Makagon Kira on Tuesday, August 23. $44,012 worth of RingCentral Inc (NYSE:RNG) shares were sold by HOSEIN CLYDE. Sipes David also sold $312,220 worth of RingCentral Inc (NYSE:RNG) shares.

Another recent and important RingCentral Inc (NYSE:RNG) news was published by Businesswire.com which published an article titled: “Sungevity Replaces Legacy On-Premise System with RingCentral Cloud Solution to …” on November 15, 2016.

RNG Company Profile

RingCentral, Inc., incorporated on August 29, 2013, is a well-known provider of software-as-a-service (SaaS) solutions for business communications. The Company’s cloud business communications solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, personal computers (PCs) and desk phones, and allow for communication across multiple channels, including voice, text, team messaging collaboration, high definition (HD) video for Web conferencing and fax. The Company’s products include RingCentral Office, RingCentral Professional, RingCentral Fax, RingCentral Contact Center and Glip by RingCentral. RingCentral Office is a multi-user, enterprise-grade communications solution. RingCentral Professional is an inbound call routing subscription with additional text and fax capabilities targeting smaller deployments, and RingCentral Fax is an Internet fax subscription that permits sending and receiving faxes over the Internet.

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