Analysts expect RingCentral Inc (NYSE:RNG) to report sales of $145.21 million for the current quarter, Zacks Investment Research reports. Eight analysts have issued estimates for RingCentral’s earnings. The highest sales estimate is $145.60 million and the lowest is $144.58 million. RingCentral reported sales of $111.79 million during the same quarter last year, which indicates a positive year-over-year growth rate of 29.9%. The company is scheduled to issue its next quarterly earnings results on Tuesday, April 24th.
On average, analysts expect that RingCentral will report full year sales of $145.21 million for the current year, with estimates ranging from $629.23 million to $634.74 million. For the next fiscal year, analysts expect that the company will report sales of $769.55 million per share, with estimates ranging from $744.38 million to $804.50 million. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that follow RingCentral.
RingCentral (NYSE:RNG) last released its quarterly earnings data on Monday, February 12th. The software maker reported $0.07 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.01. The company had revenue of $140.50 million for the quarter, compared to analyst estimates of $136.34 million. RingCentral had a negative return on equity of 17.15% and a negative net margin of 5.21%. The company’s revenue was up 34.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.03 EPS.
Several research firms have issued reports on RNG. Craig Hallum upped their price objective on RingCentral from $50.00 to $65.00 and gave the stock a “buy” rating in a report on Tuesday, February 13th. TheStreet raised RingCentral from a “d+” rating to a “c-” rating in a report on Monday, February 12th. Morgan Stanley set a $60.00 price objective on RingCentral and gave the stock a “hold” rating in a report on Tuesday, February 13th. JPMorgan Chase & Co. downgraded RingCentral from an “overweight” rating to a “neutral” rating and set a $52.00 price objective on the stock. in a report on Tuesday, December 12th. Finally, Oppenheimer upped their price objective on RingCentral from $60.00 to $66.00 and gave the stock an “outperform” rating in a report on Tuesday, February 13th. Four analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $53.79.
RingCentral (NYSE:RNG) traded up $1.35 during midday trading on Wednesday, reaching $63.10. The company had a trading volume of 1,048,500 shares, compared to its average volume of 535,618. The company has a market cap of $4,880.85, a price-to-earnings ratio of -185.58 and a beta of 0.87. RingCentral has a 1-year low of $24.30 and a 1-year high of $63.60.
In other RingCentral news, CEO Vladimir Shmunis sold 48,666 shares of the stock in a transaction dated Tuesday, December 12th. The stock was sold at an average price of $47.12, for a total transaction of $2,293,141.92. Following the completion of the transaction, the chief executive officer now owns 355,041 shares in the company, valued at approximately $16,729,531.92. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO John H. Marlow sold 1,945 shares of the stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $48.65, for a total value of $94,624.25. Following the transaction, the chief accounting officer now owns 120,373 shares of the company’s stock, valued at approximately $5,856,146.45. The disclosure for this sale can be found here. Insiders have sold a total of 224,934 shares of company stock worth $10,822,882 in the last ninety days. 14.53% of the stock is currently owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in RNG. BlackRock Inc. increased its holdings in RingCentral by 17.2% during the 4th quarter. BlackRock Inc. now owns 5,110,028 shares of the software maker’s stock worth $247,325,000 after purchasing an additional 750,564 shares in the last quarter. Lord Abbett & CO. LLC bought a new position in RingCentral during the 2nd quarter worth about $15,376,000. Renaissance Technologies LLC increased its holdings in RingCentral by 14.8% during the 4th quarter. Renaissance Technologies LLC now owns 1,769,500 shares of the software maker’s stock worth $85,644,000 after purchasing an additional 228,200 shares in the last quarter. Shell Asset Management Co. bought a new position in RingCentral during the 4th quarter worth about $9,281,000. Finally, Vanguard Group Inc. increased its holdings in RingCentral by 2.9% during the 2nd quarter. Vanguard Group Inc. now owns 5,335,616 shares of the software maker’s stock worth $195,017,000 after purchasing an additional 151,567 shares in the last quarter. Hedge funds and other institutional investors own 78.54% of the company’s stock.
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RingCentral Company Profile
RingCentral, Inc is a provider of software-as-a-service (SaaS) solutions for businesses to support modern communications. The Company’s cloud-based 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 high definition (HD) voice, video, short messaging service (SMS), messaging and collaboration, conferencing, online meetings, and fax.
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