Equities analysts expect that RingCentral Inc (NYSE:RNG) will report earnings of $0.19 per share for the current fiscal quarter, according to Zacks Investment Research. Ten analysts have made estimates for RingCentral’s earnings, with estimates ranging from $0.18 to $0.21. RingCentral also reported earnings per share of $0.19 during the same quarter last year. The business is scheduled to announce its next earnings results after the market closes on Monday, November 4th.
According to Zacks, analysts expect that RingCentral will report full year earnings of $0.78 per share for the current year, with EPS estimates ranging from $0.76 to $0.81. For the next fiscal year, analysts forecast that the company will report earnings of $0.94 per share, with EPS estimates ranging from $0.90 to $1.01. Zacks’ EPS averages are a mean average based on a survey of sell-side research analysts that that provide coverage for RingCentral.
RingCentral (NYSE:RNG) last announced its quarterly earnings results on Monday, July 29th. The software maker reported ($0.03) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.16) by $0.13. RingCentral had a negative net margin of 3.95% and a negative return on equity of 1.13%. The firm had revenue of $215.20 million for the quarter, compared to the consensus estimate of $204.70 million. During the same period in the prior year, the firm posted $0.19 earnings per share. The firm’s quarterly revenue was up 33.8% compared to the same quarter last year.
Several research firms have issued reports on RNG. Raymond James increased their price objective on shares of RingCentral from $140.00 to $175.00 and gave the company a “strong-buy” rating in a report on Tuesday, July 30th. Oppenheimer increased their price objective on shares of RingCentral from $130.00 to $155.00 and gave the company an “outperform” rating in a report on Tuesday, July 30th. Jefferies Financial Group increased their price objective on shares of RingCentral from $140.00 to $152.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. Craig Hallum increased their price objective on shares of RingCentral from $140.00 to $150.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. Finally, Zacks Investment Research raised shares of RingCentral from a “hold” rating to a “buy” rating and set a $136.00 price objective on the stock in a report on Friday, October 4th. Three equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $149.35.
In other news, CAO John H. Marlow sold 27,000 shares of the stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $143.06, for a total value of $3,862,620.00. Following the completion of the sale, the chief accounting officer now directly owns 175,408 shares in the company, valued at $25,093,868.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Vladimir Shmunis sold 25,000 shares of the stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $168.45, for a total transaction of $4,211,250.00. Following the completion of the sale, the chief executive officer now owns 265,833 shares of the company’s stock, valued at $44,779,568.85. The disclosure for this sale can be found here. Insiders sold 423,884 shares of company stock valued at $61,280,885 over the last quarter. Company insiders own 11.03% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. KAMES CAPITAL plc raised its position in shares of RingCentral by 9.4% in the third quarter. KAMES CAPITAL plc now owns 67,814 shares of the software maker’s stock valued at $8,523,000 after buying an additional 5,842 shares during the last quarter. Strs Ohio increased its position in RingCentral by 6.5% during the third quarter. Strs Ohio now owns 2,167 shares of the software maker’s stock worth $272,000 after purchasing an additional 133 shares during the last quarter. Stephens Investment Management Group LLC increased its position in RingCentral by 2.8% during the third quarter. Stephens Investment Management Group LLC now owns 213,795 shares of the software maker’s stock worth $26,865,000 after purchasing an additional 5,921 shares during the last quarter. Tuttle Tactical Management acquired a new stake in RingCentral during the third quarter worth about $2,118,000. Finally, Alpha Cubed Investments LLC acquired a new stake in RingCentral during the third quarter worth about $214,000. Institutional investors and hedge funds own 82.29% of the company’s stock.
RNG traded down $1.17 during midday trading on Monday, hitting $160.50. 917,094 shares of the company traded hands, compared to its average volume of 878,731. The company has a current ratio of 2.99, a quick ratio of 2.99 and a debt-to-equity ratio of 1.13. The company has a market capitalization of $13.39 billion, a price-to-earnings ratio of -4,012.50 and a beta of 0.83. RingCentral has a 52-week low of $64.41 and a 52-week high of $177.99. The business has a 50 day simple moving average of $144.31 and a two-hundred day simple moving average of $127.66.
RingCentral Company Profile
RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect primarily in North America. The company's products include RingCentral Office, provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax through smartphones, tablets, PCs, and desk phones; RingCentral Professional, a cloud based virtual telephone service for professionals, as well as provides inbound call answering and management services, and includes inbound local, long-distance, and toll-free minutes; and RingCentral Fax that provides online fax capabilities that allow businesses to send and receive fax documents without a fax machine.
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