Ringcentral (RNG) has risen sharply, recording gains of 1.67% in the past 4 weeks. However, the stock has corrected -0.47% in the past 1 week, providing a good buying opportunity on dips. On a relative basis, the stock has outperformed the S&P 500 by 1.28% in the past 4 weeks, but has underperformed the S&P 500 in the past 1 week.
RingCentral, Inc. is up 21.91% in the last 3-month period. Year-to-Date the stock performance stands at -2.08%. The stock has recorded a 20-day Moving Average of 0.35% and the 50-Day Moving Average is 6.2%.
Ringcentral (NYSE:RNG): During Fridays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $22.94 and $22.60 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $23.32. The buying momentum continued till the end and the stock did not give up its gains. It closed at $23.09, notching a gain of 0.57% for the day. The total traded volume was 330,045 . The stock had closed at $22.96 on the previous day.
Also, Jefferies maintains its view on Ringcentral (NYSE:RNG) according to the research report released by the firm to its investors. The shares have now been rated Buy by the stock experts at the ratings house. Jefferies raises the price target from $27 per share to $29 per share on Ringcentral . The rating by the firm was issued on August 4, 2016.
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.