Ringcentral, Inc. Forecasted to Earn Q1 2018 Earnings of ($0.11) Per Share (RNG)
Ringcentral, Inc. (NYSE:RNG) – Stock analysts at SunTrust Banks issued their Q1 2018 EPS estimates for Ringcentral in a report released on Wednesday. SunTrust Banks analyst T. Tillman expects that the software maker will post earnings per share of ($0.11) for the quarter. SunTrust Banks also issued estimates for Ringcentral’s Q4 2018 earnings at ($0.09) EPS.
Ringcentral (NYSE:RNG) last released its quarterly earnings data on Wednesday, August 2nd. The software maker reported $0.04 EPS for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $118.19 million. During the same quarter in the prior year, the business posted $0.02 EPS. The business’s revenue for the quarter was up 30.1% on a year-over-year basis.
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Several other research analysts have also recently commented on RNG. Jefferies Group LLC reiterated a “buy” rating and issued a $38.00 price target on shares of Ringcentral in a research note on Sunday, July 2nd. Oppenheimer Holdings, Inc. boosted their price target on Ringcentral from $33.00 to $45.00 in a research note on Thursday, July 13th. BidaskClub cut Ringcentral from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 19th. Morgan Stanley cut Ringcentral from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $37.00 to $33.00 in a research note on Thursday, July 20th. They noted that the move was a valuation call. Finally, Northland Securities set a $43.00 price target on Ringcentral and gave the stock a “buy” rating in a research note on Thursday, August 3rd. Three research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $42.77.
Ringcentral (RNG) traded up 2.53% on Friday, hitting $42.50. The stock had a trading volume of 261,331 shares. The firm’s market cap is $3.26 billion. Ringcentral has a 12-month low of $19.35 and a 12-month high of $44.95. The company’s 50 day moving average is $42.05 and its 200 day moving average is $36.95.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Capital World Investors raised its stake in Ringcentral by 23.9% during the second quarter. Capital World Investors now owns 6,599,000 shares of the software maker’s stock valued at $241,193,000 after buying an additional 1,275,000 shares in the last quarter. Vanguard Group Inc. raised its stake in Ringcentral by 2.9% during the second quarter. Vanguard Group Inc. now owns 5,335,616 shares of the software maker’s stock valued at $195,017,000 after buying an additional 151,567 shares in the last quarter. BlackRock Inc. raised its stake in Ringcentral by 11.6% during the second quarter. BlackRock Inc. now owns 4,272,844 shares of the software maker’s stock valued at $156,173,000 after buying an additional 445,306 shares in the last quarter. Gilder Gagnon Howe & Co. LLC raised its stake in Ringcentral by 0.5% during the second quarter. Gilder Gagnon Howe & Co. LLC now owns 3,457,172 shares of the software maker’s stock valued at $126,360,000 after buying an additional 18,631 shares in the last quarter. Finally, FMR LLC raised its stake in Ringcentral by 40.1% during the second quarter. FMR LLC now owns 2,905,422 shares of the software maker’s stock valued at $106,193,000 after buying an additional 832,314 shares in the last quarter. Hedge funds and other institutional investors own 75.26% of the company’s stock.
In other Ringcentral news, COO David Sipes sold 1,500 shares of the company’s stock in a transaction that occurred on Monday, October 16th. The stock was sold at an average price of $44.00, for a total transaction of $66,000.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director R Neil Williams sold 22,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 16th. The shares were sold at an average price of $39.50, for a total value of $869,000.00. Following the sale, the director now owns 6,921 shares in the company, valued at approximately $273,379.50. The disclosure for this sale can be found here. Insiders have sold 382,106 shares of company stock worth $15,665,035 in the last 90 days. 14.53% of the stock is currently owned by insiders.
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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