RingCentral rebounding as Jefferies reiterates Buy

|By:, SA News Editor

RingCentral (NYSE:RNG) is bouncing back, +5%, after a rough post-earnings run.

Shares have fallen 27% since the company reported earnings in early February, and down 17.2% in the past five days since AT&T announced its Collaborate hosted voice solution.

The stock hit a 52-week low yesterday on high volume, the first time it traded more than 3M shares since last July.

Jefferies Group reiterated its Buy rating and had lifted its price target after earnings to $27 -- which implies more than 70% upside from today's price of $15.81.

In a filing amendment yesterday, BlackRock disclosed a 4.99% interest in RingCentral Class A shares

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