Brokerages expect RingCentral Inc (NYSE:RNG) to announce earnings of $0.18 per share for the current fiscal quarter, Zacks reports. Eleven analysts have made estimates for RingCentral’s earnings. The highest EPS estimate is $0.19 and the lowest is $0.17. RingCentral reported earnings of $0.07 per share in the same quarter last year, which would suggest a positive year over year growth rate of 157.1%. The firm is expected to announce its next quarterly earnings report on Monday, February 11th.
According to Zacks, analysts expect that RingCentral will report full-year earnings of $0.71 per share for the current fiscal year, with EPS estimates ranging from $0.69 to $0.72. For the next fiscal year, analysts forecast that the company will report earnings of $0.68 per share, with EPS estimates ranging from $0.59 to $0.92. Zacks Investment Research’s EPS averages are a mean average based on a survey of sell-side research firms that follow RingCentral.
RingCentral (NYSE:RNG) last issued its earnings results on Monday, November 5th. The software maker reported $0.19 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 quarterly revenue was up 33.4% compared to the same quarter last year. During the same period last year, the business earned $0.06 earnings per share.
RNG has been the subject of a number of analyst reports. Rosenblatt Securities initiated coverage on RingCentral in a report on Friday, September 7th. They set a “buy” rating and a $105.00 price objective for the company. TheStreet cut RingCentral from a “c” rating to a “d+” rating in a report on Tuesday. Craig Hallum lifted their price objective on RingCentral from $84.00 to $95.00 and gave the company a “buy” rating in a report on Tuesday, August 7th. JPMorgan Chase & Co. lifted their price objective on RingCentral to $90.00 and gave the company a “neutral” rating in a report on Tuesday, August 7th. They noted that the move was a valuation call. Finally, Bank of America cut their price objective on RingCentral from $100.00 to $93.00 and set a “buy” rating for the company in a report on Tuesday. Three analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. RingCentral has an average rating of “Buy” and an average target price of $89.80.
RNG stock traded down $4.02 during midday trading on Friday, hitting $82.20. The stock had a trading volume of 52,743 shares, compared to its average volume of 1,127,956. The stock has a market cap of $6.04 billion, a P/E ratio of -234.86 and a beta of 1.02. RingCentral has a 52 week low of $43.85 and a 52 week high of $98.15. The company has a debt-to-equity ratio of 1.24, a current ratio of 4.32 and a quick ratio of 4.32.
In related news, Director Mckenna Michelle sold 2,500 shares of RingCentral stock in a transaction dated Thursday, November 8th. The stock was sold at an average price of $84.53, for a total value of $211,325.00. Following the completion of the transaction, the director now directly owns 11,162 shares of the company’s stock, valued at $943,523.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 $31,519,207.68. The disclosure for this sale can be found here. Insiders sold 250,849 shares of company stock valued at $22,442,584 over the last ninety days. 11.99% of the stock is currently owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the stock. NumerixS Investment Technologies Inc acquired a new stake in RingCentral in the second quarter worth about $198,000. Sei Investments Co. increased its position in RingCentral by 81.4% in the second quarter. Sei Investments Co. now owns 36,051 shares of the software maker’s stock worth $2,536,000 after purchasing an additional 16,174 shares during the period. OppenheimerFunds Inc. increased its position in RingCentral by 22.4% in the second quarter. OppenheimerFunds Inc. now owns 792,971 shares of the software maker’s stock worth $55,786,000 after purchasing an additional 145,343 shares during the period. Bank of Montreal Can increased its position in RingCentral by 34,571.9% in the second quarter. Bank of Montreal Can now owns 179,947 shares of the software maker’s stock worth $12,660,000 after purchasing an additional 179,428 shares during the period. Finally, Nomura Holdings Inc. increased its position in RingCentral by 604.0% in the second quarter. Nomura Holdings Inc. now owns 376,132 shares of the software maker’s stock worth $26,461,000 after purchasing an additional 322,707 shares during the period. 78.47% of the stock is owned by institutional investors and hedge funds.
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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