$126.00 Million in Sales Expected for Ringcentral, Inc. (RNG) This Quarter
Wall Street brokerages expect Ringcentral, Inc. (NYSE:RNG) to post sales of $126.00 million for the current quarter, according to Zacks Investment Research. Nine analysts have issued estimates for Ringcentral’s earnings, with the lowest sales estimate coming in at $125.19 million and the highest estimate coming in at $126.40 million. Ringcentral reported sales of $96.84 million during the same quarter last year, which indicates a positive year-over-year growth rate of 30.1%. The company is scheduled to report its next quarterly earnings report on Tuesday, October 24th.
On average, analysts expect that Ringcentral will report full-year sales of $126.00 million for the current financial year, with estimates ranging from $489.16 million to $493.20 million. For the next fiscal year, analysts forecast that the company will post sales of $608.79 million per share, with estimates ranging from $599.22 million to $619.30 million. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that cover Ringcentral.
Ringcentral (NYSE:RNG) last issued its quarterly earnings results on Wednesday, August 2nd. The software maker reported $0.04 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.03 by $0.01. The business had revenue of $119.40 million for the quarter, compared to analysts’ expectations of $118.19 million. Ringcentral had a negative net margin of 6.77% and a negative return on equity of 19.59%. The business’s quarterly revenue was up 30.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.02 earnings per share.
A number of brokerages have recently issued reports on RNG. Northland Securities reiterated an “outperform” rating and set a $46.00 target price (up previously from $43.00) on shares of Ringcentral in a report on Tuesday, October 3rd. Dougherty & Co reiterated a “buy” rating and set a $40.00 target price (up previously from $36.00) on shares of Ringcentral in a report on Wednesday, August 9th. Robert W. Baird cut Ringcentral from an “outperform” rating to a “neutral” rating and boosted their target price for the stock from $38.80 to $41.00 in a report on Thursday, August 10th. BidaskClub upgraded Ringcentral from a “hold” rating to a “buy” rating in a report on Wednesday, August 16th. Finally, Jefferies Group LLC reiterated a “buy” rating and set a $38.00 target price on shares of Ringcentral in a report on Thursday, August 3rd. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $40.15.
Shares of Ringcentral (NYSE RNG) traded up 0.242% during mid-day trading on Thursday, hitting $43.505. 27,338 shares of the stock traded hands. The stock has a 50 day moving average price of $41.54 and a 200-day moving average price of $35.89. The company’s market cap is $3.33 billion. Ringcentral has a one year low of $19.35 and a one year high of $44.95.
In related news, CAO John H. Marlow sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 18th. The stock was sold at an average price of $35.80, for a total transaction of $179,000.00. Following the transaction, the chief accounting officer now directly owns 138,830 shares of the company’s stock, valued at approximately $4,970,114. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Praful Shah sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, October 5th. The stock was sold at an average price of $43.32, for a total value of $433,200.00. The disclosure for this sale can be found here. Insiders have sold a total of 301,998 shares of company stock worth $12,062,870 over the last three months. 14.53% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in the stock. Capital World Investors raised its position in shares of Ringcentral by 23.9% in the 2nd quarter. Capital World Investors now owns 6,599,000 shares of the software maker’s stock valued at $241,193,000 after purchasing an additional 1,275,000 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Ringcentral by 2.9% in the 2nd quarter. Vanguard Group Inc. now owns 5,335,616 shares of the software maker’s stock valued at $195,017,000 after purchasing an additional 151,567 shares in the last quarter. BlackRock Inc. raised its position in shares of Ringcentral by 11.6% in the 2nd quarter. BlackRock Inc. now owns 4,272,844 shares of the software maker’s stock valued at $156,173,000 after purchasing an additional 445,306 shares in the last quarter. Gilder Gagnon Howe & Co. LLC raised its position in shares of Ringcentral by 0.5% in the 2nd quarter. Gilder Gagnon Howe & Co. LLC now owns 3,457,172 shares of the software maker’s stock valued at $126,360,000 after purchasing an additional 18,631 shares in the last quarter. Finally, FMR LLC raised its position in shares of Ringcentral by 40.1% in the 2nd quarter. FMR LLC now owns 2,905,422 shares of the software maker’s stock valued at $106,193,000 after purchasing an additional 832,314 shares in the last quarter. 75.22% of the stock is currently 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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