RingCentral (RNG) Issues Q4 Earnings Guidance

Share on StockTwits

RingCentral (NYSE:RNG) updated its fourth quarter 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 $175.62 million.RingCentral also updated its FY 2018 guidance to $0.71-0.73 EPS.

A number of equities research analysts recently issued reports on the stock. Jefferies Financial Group reaffirmed a buy rating and set a $97.00 price target on shares of RingCentral in a research note on Tuesday, August 7th. Dougherty & Co upped their price target on shares of RingCentral from $85.00 to $95.00 and gave the company a buy rating in a research note on Tuesday, August 7th. Bank of America upped their price target on shares of RingCentral from $86.00 to $95.00 and gave the company a buy rating in a research note on Tuesday, August 7th. Robert W. Baird upped their price target on shares of RingCentral from $80.00 to $90.00 and gave the company a neutral rating in a research note on Tuesday, August 7th. Finally, Deutsche Bank assumed coverage on shares of RingCentral in a research note on Monday, October 8th. They set a buy rating and a $105.00 price target on the stock. Three research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of Buy and an average price target of $89.47.

Shares of RNG traded down $2.05 during midday trading on Monday, hitting $74.96. The stock had a trading volume of 1,254,329 shares, compared to its average volume of 773,602. RingCentral has a 1 year low of $42.10 and a 1 year high of $98.15. The company 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 current ratio of 4.32, a quick ratio of 4.32 and a debt-to-equity ratio of 1.24.

In other news, CFO Mitesh Dhruv sold 1,264 shares of the company’s stock in a transaction dated Friday, September 7th. The shares were sold at an average price of $94.60, for a total value of $119,574.40. Following the transaction, the chief financial officer now directly owns 159,952 shares in the company, valued at $15,131,459.20. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Vladimir Shmunis sold 50,508 shares of the company’s stock in a transaction dated Monday, August 20th. The stock was sold at an average price of $89.29, for a total transaction of $4,509,859.32. Following the completion of the transaction, the chief executive officer now owns 349,282 shares in the company, valued at $31,187,389.78. The disclosure for this sale can be found here. In the last three months, insiders sold 248,349 shares of company stock worth $22,231,259. Insiders own 11.99% of the company’s stock.

TRADEMARK VIOLATION NOTICE: This news story was originally published by Macon Daily and is the property of of Macon Daily. If you are reading this news story on another domain, it was stolen and republished in violation of US & international trademark and copyright laws. The correct version of this news story can be accessed at https://macondaily.com/2018/11/05/ringcentral-rng-issues-q4-earnings-guidance.html.

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.

Featured Article: Short Selling – Explanation For Shorting Stocks

Earnings History and Estimates for RingCentral (NYSE:RNG)

Receive News & Ratings for RingCentral Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for RingCentral and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply