$125.95 Million in Sales Expected for Ringcentral, Inc. (RNG) This Quarter
Equities research analysts expect Ringcentral, Inc. (NYSE:RNG) to report $125.95 million in sales for the current quarter, Zacks reports. Ten analysts have provided estimates for Ringcentral’s earnings. The lowest sales estimate is $125.19 million and the highest is $126.40 million. Ringcentral posted sales of $96.84 million during the same quarter last year, which suggests a positive year over year growth rate of 30.1%. The firm is expected to report its next earnings results on Tuesday, October 24th.
On average, analysts expect that Ringcentral will report full-year sales of $125.95 million for the current fiscal year, with estimates ranging from $489.16 million to $493.20 million. For the next fiscal year, analysts forecast that the company will report sales of $609.06 million per share, with estimates ranging from $599.22 million to $619.30 million. Zacks’ sales averages are a mean average based on a survey of research firms that that provide coverage for Ringcentral.
Ringcentral (NYSE:RNG) last posted its quarterly earnings results on Wednesday, August 2nd. The software maker reported $0.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.01. Ringcentral had a negative return on equity of 19.59% and a negative net margin of 6.77%. The business had revenue of $119.40 million for the quarter, compared to analyst estimates of $118.19 million. During the same period last year, the company earned $0.02 EPS. Ringcentral’s revenue for the quarter was up 30.1% compared to the same quarter last year.
RNG has been the subject of a number of research reports. Dougherty & Co started coverage on shares of Ringcentral in a research report on Wednesday, April 26th. They issued a “buy” rating and a $36.00 price target for the company. Jefferies Group LLC upped their target price on shares of Ringcentral from $32.00 to $38.00 and gave the company a “buy” rating in a report on Friday, April 28th. Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and issued a $33.00 target price (up from $32.00) on shares of Ringcentral in a report on Monday, May 1st. CIBC upped their target price on shares of Ringcentral from $32.00 to $33.00 and gave the company an “outperform” rating in a report on Tuesday, May 2nd. Finally, William Blair reaffirmed an “outperform” rating on shares of Ringcentral in a report on Monday, May 22nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eleven have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $39.17.
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Ringcentral (NYSE RNG) traded down 0.63% during trading on Thursday, reaching $39.15. The company had a trading volume of 52,790 shares. The firm’s 50 day moving average is $36.35 and its 200 day moving average is $31.48. Ringcentral has a one year low of $19.35 and a one year high of $43.05. The company’s market capitalization is $3.00 billion.
In related news, EVP Kira Makagon sold 10,000 shares of the stock in a transaction dated Friday, May 19th. The shares were sold at an average price of $33.66, for a total transaction of $336,600.00. Following the completion of the transaction, the executive vice president now directly owns 180,938 shares of the company’s stock, valued at $6,090,373.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director R Neil Williams sold 22,000 shares of the stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $39.50, for a total transaction of $869,000.00. Following the transaction, the director now directly owns 6,921 shares of the company’s stock, valued at $273,379.50. The disclosure for this sale can be found here. Insiders have sold 380,251 shares of company stock valued at $13,512,495 over the last three months. 14.53% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Ameritas Investment Partners Inc. purchased a new position in Ringcentral during the first quarter valued at about $143,000. Fortaleza Asset Management Inc. purchased a new position in Ringcentral during the first quarter valued at about $157,000. Invictus RG purchased a new position in Ringcentral during the first quarter valued at about $162,000. ProShare Advisors LLC purchased a new position in Ringcentral during the second quarter valued at about $202,000. Finally, Amalgamated Bank purchased a new position in Ringcentral during the first quarter valued at about $203,000. 69.73% of the stock is owned by hedge funds and other institutional investors.
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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