RingCentral Inc (NYSE:RNG) – Investment analysts at William Blair lifted their FY2018 earnings per share (EPS) estimates for RingCentral in a research note issued on Tuesday, November 6th. William Blair analyst B. Suri now forecasts that the software maker will post earnings per share of ($0.13) for the year, up from their prior forecast of ($0.15). William Blair also issued estimates for RingCentral’s Q4 2018 earnings at ($0.08) EPS, Q1 2019 earnings at ($0.11) EPS, Q2 2019 earnings at ($0.10) EPS, Q3 2019 earnings at ($0.10) EPS, Q4 2019 earnings at ($0.08) EPS and FY2019 earnings at ($0.39) EPS.
Several other brokerages have also recently issued reports on RNG. Zacks Investment Research cut RingCentral from a “strong-buy” rating to a “hold” rating in a report on Wednesday. Rosenblatt Securities reaffirmed a “buy” rating and set a $100.00 price objective on shares of RingCentral in a report on Wednesday. JPMorgan Chase & Co. lifted their price objective on RingCentral to $90.00 and gave the stock a “neutral” rating in a report on Tuesday, August 7th. They noted that the move was a valuation call. Jefferies Financial Group reissued a “buy” rating and issued a $97.00 price target on shares of RingCentral in a report on Tuesday, August 7th. Finally, Dougherty & Co boosted their price target on RingCentral from $85.00 to $95.00 and gave the stock a “buy” rating in a report on Tuesday, August 7th. Three equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $89.80.
Shares of RNG stock opened at $86.22 on Friday. The firm has a market cap of $6.04 billion, a P/E ratio of -246.34 and a beta of 1.02. RingCentral has a 1 year low of $43.85 and a 1 year high of $98.15. The company has a quick ratio of 4.32, a current ratio of 4.32 and a debt-to-equity ratio of 1.24.
RingCentral (NYSE:RNG) last issued its quarterly earnings data on Monday, November 5th. The software maker reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.03. The firm had revenue of $173.83 million during the quarter, compared to analysts’ expectations of $166.70 million. RingCentral had a negative return on equity of 3.84% and a negative net margin of 4.25%. RingCentral’s revenue was up 33.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.06 earnings per share.
In related news, CEO Vladimir Shmunis sold 16,901 shares of the stock in a transaction on Wednesday, August 22nd. The stock was sold at an average price of $90.24, for a total transaction of $1,525,146.24. Following the completion of the sale, the chief executive officer now directly owns 349,282 shares in the company, valued at $31,519,207.68. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Mckenna Michelle sold 2,500 shares of the stock in a transaction on Thursday, November 8th. The stock was sold at an average price of $84.53, for a total transaction of $211,325.00. Following the transaction, the director now directly owns 11,162 shares in the company, valued at $943,523.86. The disclosure for this sale can be found here. Insiders sold 250,849 shares of company stock valued at $22,442,584 in the last 90 days. Corporate insiders own 11.99% of the company’s stock.
A number of institutional investors have recently bought and sold shares of RNG. Dimensional Fund Advisors LP acquired a new position in RingCentral during the first quarter worth $4,677,000. Principal Financial Group Inc. grew its position in shares of RingCentral by 17.3% in the first quarter. Principal Financial Group Inc. now owns 50,191 shares of the software maker’s stock valued at $3,187,000 after purchasing an additional 7,420 shares during the last quarter. Allianz Asset Management GmbH acquired a new stake in shares of RingCentral in the first quarter valued at about $41,563,000. State of Alaska Department of Revenue acquired a new stake in shares of RingCentral in the second quarter valued at about $567,000. Finally, Xact Kapitalforvaltning AB grew its position in shares of RingCentral by 20.7% in the second quarter. Xact Kapitalforvaltning AB now owns 9,909 shares of the software maker’s stock valued at $697,000 after purchasing an additional 1,700 shares during the last quarter. 78.47% of the stock is currently owned by hedge funds and other institutional investors.
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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