Analysts predict that RingCentral Inc (NYSE:RNG) will report $0.16 earnings per share (EPS) for the current quarter, according to Zacks Investment Research. Ten analysts have made estimates for RingCentral’s earnings, with estimates ranging from $0.16 to $0.17. RingCentral posted earnings of $0.06 per share in the same quarter last year, which suggests a positive year-over-year growth rate of 166.7%. The business is scheduled to issue its next quarterly earnings results on Wednesday, November 14th.
According to Zacks, analysts expect that RingCentral will report full year earnings of $0.67 per share for the current year, with EPS estimates ranging from $0.66 to $0.69. For the next financial year, analysts expect that the firm will post earnings of $0.83 per share, with EPS estimates ranging from $0.75 to $0.96. Zacks’ earnings per share calculations are an average based on a survey of research firms that follow RingCentral.
RingCentral (NYSE:RNG) last announced its earnings results on Monday, August 6th. The software maker reported $0.19 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.15 by $0.04. The business had revenue of $160.83 million during the quarter, compared to the consensus estimate of $155.71 million. RingCentral had a negative return on equity of 5.93% and a negative net margin of 3.92%. The business’s quarterly revenue was up 34.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.04 EPS.
Several research analysts recently commented on RNG shares. Craig Hallum increased their price objective on RingCentral from $84.00 to $95.00 and gave the company a “buy” rating in a research note on Tuesday, August 7th. Jefferies Financial Group reissued a “buy” rating and issued a $97.00 price objective on shares of RingCentral in a research note on Tuesday, August 7th. Stifel Nicolaus started coverage on RingCentral in a research note on Wednesday, July 11th. They issued a “buy” rating and a $100.00 price objective for the company. Zacks Investment Research raised RingCentral from a “hold” rating to a “buy” rating and set a $83.00 price objective for the company in a research note on Wednesday, July 11th. Finally, SunTrust Banks increased their price objective on RingCentral to $80.00 and gave the company a “buy” rating in a research note on Thursday, May 10th. Three analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $87.08.
NYSE RNG opened at $93.35 on Friday. RingCentral has a one year low of $38.45 and a one year high of $95.60. The company has a debt-to-equity ratio of 1.24, a current ratio of 4.32 and a quick ratio of 4.32. The firm has a market capitalization of $7.42 billion, a P/E ratio of -266.71 and a beta of 0.81.
In other RingCentral news, CEO Vladimir Shmunis sold 24,055 shares of the company’s stock in a transaction on Wednesday, June 13th. The stock was sold at an average price of $76.34, for a total value of $1,836,358.70. Following the completion of the sale, the chief executive officer now directly owns 341,816 shares in the company, valued at approximately $26,094,233.44. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, COO David Sipes sold 9,300 shares of the company’s stock in a transaction on Wednesday, June 13th. The shares were sold at an average price of $77.71, for a total value of $722,703.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 151,227 shares of company stock valued at $13,039,250. 11.99% of the stock is owned by company insiders.
A number of large investors have recently modified their holdings of the business. Renaissance Technologies LLC grew its holdings in RingCentral by 3.4% in the 2nd quarter. Renaissance Technologies LLC now owns 1,944,403 shares of the software maker’s stock valued at $136,789,000 after buying an additional 63,903 shares in the last quarter. Whale Rock Capital Management LLC grew its holdings in RingCentral by 92.2% in the 1st quarter. Whale Rock Capital Management LLC now owns 1,429,436 shares of the software maker’s stock valued at $90,769,000 after buying an additional 685,868 shares in the last quarter. Millennium Management LLC grew its holdings in RingCentral by 129.5% in the 2nd quarter. Millennium Management LLC now owns 1,105,389 shares of the software maker’s stock valued at $77,764,000 after buying an additional 623,790 shares in the last quarter. Alkeon Capital Management LLC purchased a new stake in RingCentral in the 1st quarter valued at $61,201,000. Finally, JPMorgan Chase & Co. grew its holdings in RingCentral by 7.1% in the 1st quarter. JPMorgan Chase & Co. now owns 807,774 shares of the software maker’s stock valued at $51,294,000 after buying an additional 53,889 shares in the last quarter. Institutional investors own 77.29% of the company’s stock.
RingCentral, Inc provides software-as-a-service solutions for business communications and collaboration primarily in the United States. The company's products include RingCentral Office, a multi-tenant, multi-location, and enterprise-grade communications and collaboration solution that enables employees to communicate through voice, text, team messaging and collaboration, and HD video and Web conferencing through smartphones, tablets, PCs, and desk phones for businesses, which require a communications solution; RingCentral Professional, an inbound call routing subscription with additional text and fax capabilities primarily for smaller businesses; and RingCentral Fax solution that offers Internet fax capabilities, which allow businesses to send and receive fax documents without the need for a fax machine.
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