RingCentral (RNG) Issues Q4 2018 Earnings Guidance

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RingCentral (NYSE:RNG) updated its fourth quarter 2018 earnings guidance on Monday. The company provided EPS guidance of $0.17-0.19 for the period, compared to the Thomson Reuters consensus EPS estimate of $0.17. The company issued revenue guidance of $179-182 million, compared to the consensus revenue estimate of $175.61 million.RingCentral also updated its FY 2018 guidance to $0.71-0.73 EPS.

A number of research firms recently weighed in on RNG. Craig Hallum raised their price target on shares of RingCentral from $84.00 to $95.00 and gave the company a buy rating in a report on Tuesday, August 7th. Zacks Investment Research raised shares of RingCentral from a hold rating to a buy rating and set a $83.00 price objective for the company in a report on Wednesday, July 11th. Stifel Nicolaus started coverage on shares of RingCentral in a report on Wednesday, July 11th. They set a buy rating and a $100.00 price objective for the company. Dougherty & Co raised their price objective on shares of RingCentral from $85.00 to $95.00 and gave the stock a buy rating in a report on Tuesday, August 7th. Finally, Robert W. Baird raised their price objective on shares of RingCentral from $80.00 to $90.00 and gave the stock a neutral rating in a report on Tuesday, August 7th. Three investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of Buy and an average target price of $89.47.

RNG stock traded down $2.05 during mid-day trading on Monday, hitting $74.96. 1,254,329 shares of the company were exchanged, compared to its average volume of 773,602. The firm has a market cap of $6.13 billion, a P/E ratio of -214.17 and a beta of 1.02. The company has a debt-to-equity ratio of 1.24, a current ratio of 4.32 and a quick ratio of 4.32. RingCentral has a twelve month low of $42.10 and a twelve month high of $98.15.

In other news, CEO Vladimir Shmunis sold 16,901 shares of RingCentral stock in a transaction dated Wednesday, August 22nd. The shares were sold at an average price of $90.24, for a total value of $1,525,146.24. Following the completion of the transaction, the chief executive officer now directly owns 349,282 shares of the company’s stock, valued at approximately $31,519,207.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO John H. Marlow sold 14,500 shares of RingCentral stock in a transaction dated Monday, August 27th. The shares were sold at an average price of $93.45, for a total transaction of $1,355,025.00. Following the completion of the transaction, the chief accounting officer now directly owns 153,218 shares of the company’s stock, valued at $14,318,222.10. The disclosure for this sale can be found here. Over the last three months, insiders have sold 248,349 shares of company stock valued at $22,231,259. 11.99% of the stock is owned by company insiders.

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RingCentral Company Profile

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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Earnings History and Estimates for RingCentral (NYSE:RNG)

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