$118.05 Million in Sales Expected for Ringcentral, Inc. (NYSE:RNG) This Quarter
Equities analysts expect Ringcentral, Inc. (NYSE:RNG) to announce sales of $118.05 million for the current quarter, according to Zacks Investment Research. Ten analysts have issued estimates for Ringcentral’s earnings, with the lowest sales estimate coming in at $117.70 million and the highest estimate coming in at $118.25 million. Ringcentral posted sales of $91.84 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 28.5%. The business is expected to announce its next earnings report on Wednesday, August 2nd.
According to Zacks, analysts expect that Ringcentral will report full-year sales of $118.05 million for the current fiscal year, with estimates ranging from $487.23 million to $491.77 million. For the next fiscal year, analysts anticipate that the business will report sales of $606.55 million per share, with estimates ranging from $591.15 million to $624.00 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that follow Ringcentral.
Ringcentral (NYSE:RNG) last issued its quarterly earnings results on Tuesday, April 25th. The software maker reported ($0.09) earnings per share for the quarter, meeting the consensus estimate of ($0.09). The company had revenue of $111.80 million during the quarter, compared to analysts’ expectations of $110.35 million. Ringcentral had a negative return on equity of 20.12% and a negative net margin of 7.41%. The business’s quarterly revenue was up 29.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.01 earnings per share.
RNG has been the topic of a number of research analyst reports. Stephens restated an “overweight” rating and set a $44.00 price target on shares of Ringcentral in a report on Sunday, June 25th. Jefferies Group LLC reiterated a “buy” rating and set a $38.00 target price on shares of Ringcentral in a report on Sunday. Oppenheimer Holdings, Inc. reiterated an “outperform” rating and set a $33.00 target price (up previously from $32.00) on shares of Ringcentral in a report on Monday, May 1st. William Blair reiterated an “outperform” rating on shares of Ringcentral in a report on Monday, April 3rd. Finally, Dougherty & Co assumed coverage on Ringcentral in a report on Wednesday, April 26th. They set a “buy” rating and a $36.00 target price on the stock. One investment analyst has rated the stock with a sell rating, one has given a hold rating and eleven have assigned a buy rating to the company’s stock. Ringcentral has an average rating of “Buy” and a consensus target price of $34.64.
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In related news, insider Praful Shah sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 14th. The stock was sold at an average price of $36.07, for a total value of $360,700.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO John H. Marlow sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 18th. The shares were sold at an average price of $28.70, for a total value of $86,100.00. Following the completion of the transaction, the chief accounting officer now directly owns 139,007 shares in the company, valued at $3,989,500.90. The disclosure for this sale can be found here. Insiders sold a total of 478,251 shares of company stock worth $16,054,685 over the last ninety days. 14.53% of the stock is currently owned by insiders.
A number of large investors have recently made changes to their positions in the stock. State Board of Administration of Florida Retirement System raised its stake in shares of Ringcentral by 0.7% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 20,258 shares of the software maker’s stock worth $417,000 after buying an additional 140 shares in the last quarter. Engineers Gate Manager LP raised its stake in shares of Ringcentral by 2.3% in the first quarter. Engineers Gate Manager LP now owns 67,382 shares of the software maker’s stock worth $1,907,000 after buying an additional 1,525 shares in the last quarter. American International Group Inc. raised its stake in shares of Ringcentral by 7.0% in the first quarter. American International Group Inc. now owns 36,077 shares of the software maker’s stock worth $1,021,000 after buying an additional 2,367 shares in the last quarter. Coe Capital Management LLC raised its stake in shares of Ringcentral by 7.9% in the first quarter. Coe Capital Management LLC now owns 37,705 shares of the software maker’s stock worth $1,067,000 after buying an additional 2,745 shares in the last quarter. Finally, Macquarie Group Ltd. raised its stake in shares of Ringcentral by 2.2% in the fourth quarter. Macquarie Group Ltd. now owns 151,000 shares of the software maker’s stock worth $3,111,000 after buying an additional 3,200 shares in the last quarter. Institutional investors and hedge funds own 72.03% of the company’s stock.
Shares of Ringcentral (NYSE:RNG) traded down 1.38% during midday trading on Thursday, hitting $35.75. The stock had a trading volume of 154,150 shares. The firm’s 50-day moving average price is $35.28 and its 200-day moving average price is $28.12. Ringcentral has a 1-year low of $19.15 and a 1-year high of $39.00. The stock’s market cap is $2.69 billion.
Ringcentral Company Profile
RingCentral, Inc is a provider of software-as-a-service (SaaS) solutions for businesses to support modern communications. The Company’s cloud-based business communications solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, personal computers (PCs) and desk phones, and allow for communication across multiple channels, including high definition (HD) voice, video, short messaging service (SMS), messaging and collaboration, conferencing, online meetings, and fax.
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