Wall Street brokerages forecast that RingCentral, Inc. (NYSE:RNG) will announce sales of $339.02 million for the current fiscal quarter, Zacks reports. Ten analysts have provided estimates for RingCentral’s earnings. The highest sales estimate is $342.63 million and the lowest is $337.20 million. RingCentral reported sales of $267.51 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 26.7%. The business is expected to issue its next quarterly earnings report after the market closes on Tuesday, May 4th.
On average, analysts expect that RingCentral will report full year sales of $1.48 billion for the current fiscal year, with estimates ranging from $1.47 billion to $1.51 billion. For the next year, analysts expect that the company will report sales of $1.83 billion, with estimates ranging from $1.74 billion to $1.90 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that follow RingCentral.
RingCentral (NYSE:RNG) last released its quarterly earnings results on Tuesday, February 16th. The software maker reported $0.29 earnings per share for the quarter, beating the consensus estimate of ($0.18) by $0.47. The business had revenue of $334.54 million for the quarter, compared to analysts’ expectations of $316.92 million. RingCentral had a negative net margin of 9.66% and a negative return on equity of 12.62%.
A number of brokerages have recently commented on RNG. Deutsche Bank Aktiengesellschaft boosted their target price on shares of RingCentral from $410.00 to $450.00 and gave the company a “buy” rating in a report on Wednesday, February 17th. Evercore ISI upped their price target on shares of RingCentral from $360.00 to $535.00 in a research note on Wednesday, February 17th. Rosenblatt Securities upped their price target on shares of RingCentral from $345.00 to $430.00 and gave the stock a “buy” rating in a research note on Thursday, February 4th. Oppenheimer cut shares of RingCentral from an “outperform” rating to a “market perform” rating in a research note on Friday. Finally, KeyCorp upped their price target on shares of RingCentral from $410.00 to $490.00 in a research note on Wednesday, February 17th. Two analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company’s stock. RingCentral currently has an average rating of “Buy” and an average target price of $435.17.
In related news, Director R Neil Williams sold 2,388 shares of the stock in a transaction that occurred on Thursday, February 4th. The shares were sold at an average price of $395.52, for a total value of $944,501.76. Following the completion of the sale, the director now directly owns 15,466 shares of the company’s stock, valued at approximately $6,117,112.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Vaibhav Agarwal sold 435 shares of the stock in a transaction that occurred on Monday, March 22nd. The stock was sold at an average price of $317.19, for a total transaction of $137,977.65. Following the completion of the sale, the chief accounting officer now directly owns 13,486 shares of the company’s stock, valued at $4,277,624.34. The disclosure for this sale can be found here. Insiders have sold a total of 52,759 shares of company stock valued at $19,901,042 in the last ninety days. Insiders own 11.03% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Safeguard Investment Advisory Group LLC purchased a new stake in RingCentral in the 4th quarter worth approximately $35,000. MPS Loria Financial Planners LLC purchased a new stake in RingCentral in the 4th quarter worth approximately $38,000. Paces Ferry Wealth Advisors LLC purchased a new stake in RingCentral in the 3rd quarter worth approximately $29,000. DB Wealth Management Group LLC bought a new position in RingCentral in the 4th quarter worth approximately $43,000. Finally, IFP Advisors Inc grew its holdings in RingCentral by 400.0% during the 4th quarter. IFP Advisors Inc now owns 125 shares of the software maker’s stock valued at $47,000 after buying an additional 100 shares in the last quarter. 86.30% of the stock is owned by institutional investors.
Shares of RNG stock traded down $5.18 during mid-day trading on Tuesday, reaching $323.20. 25,947 shares of the company’s stock traded hands, compared to its average volume of 896,988. RingCentral has a 12 month low of $215.05 and a 12 month high of $449.00. The company has a market cap of $29.25 billion, a P/E ratio of -261.49 and a beta of 0.70. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 4.65. The company’s 50-day moving average price is $317.86 and its 200-day moving average price is $339.30.
RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect in North America. Its products include RingCentral Office that provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers omni-channel; and RingCentral Engage Digital, a digital customer engagement platform that allows enterprises to interact with their customers.
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