RingCentral (RNG) Updates FY 2019 Earnings Guidance

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RingCentral (NYSE:RNG) issued an update on its FY 2019 earnings guidance on Monday morning. The company provided earnings per share guidance of $0.69-0.73 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.71. The company issued revenue guidance of $847-859 million, compared to the consensus revenue estimate of $823.04 million.RingCentral also updated its Q1 2019 guidance to $0.14-0.16 EPS.

Shares of RNG stock traded down $1.03 during midday trading on Monday, reaching $99.87. 1,802,581 shares of the company were exchanged, compared to its average volume of 752,299. RingCentral has a 12 month low of $51.95 and a 12 month high of $103.49. The company has a market capitalization of $8.11 billion, a price-to-earnings ratio of -285.34 and a beta of 0.99. The company has a current ratio of 4.07, a quick ratio of 4.07 and a debt-to-equity ratio of 1.22.

A number of analysts have commented on RNG shares. Zacks Investment Research upgraded shares of RingCentral from a hold rating to a buy rating and set a $95.00 price target on the stock in a research report on Wednesday, January 16th. TheStreet cut shares of RingCentral from a c rating to a d+ rating in a research note on Tuesday, November 6th. Stephens began coverage on shares of RingCentral in a research note on Thursday, January 3rd. They issued an equal weight rating on the stock. Bank of America reaffirmed a buy rating and issued a $110.00 price objective (up previously from $93.00) on shares of RingCentral in a research note on Thursday. Finally, Morgan Stanley lifted their price objective on shares of RingCentral from $84.00 to $93.00 and gave the stock an equal weight rating in a research note on Monday, January 7th. Four investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of Buy and an average price target of $94.27.

In other news, insider Praful Shah sold 1,250 shares of RingCentral stock in a transaction that occurred on Monday, December 3rd. The shares were sold at an average price of $86.40, for a total value of $108,000.00. Following the transaction, the insider now directly owns 286,974 shares of the company’s stock, valued at $24,794,553.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Mckenna Michelle sold 2,500 shares of RingCentral stock in a transaction that occurred on Wednesday, December 12th. The stock was sold at an average price of $88.00, for a total transaction of $220,000.00. Following the completion of the transaction, the director now directly owns 8,662 shares in the company, valued at $762,256. The disclosure for this sale can be found here. Over the last three months, insiders sold 243,484 shares of company stock worth $19,716,779. 11.99% of the stock is currently owned by 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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