$126.00 Million in Sales Expected for Ringcentral, Inc. (RNG) This Quarter
Wall Street brokerages forecast that Ringcentral, Inc. (NYSE:RNG) will announce $126.00 million in sales for the current fiscal quarter, according to Zacks Investment Research. Nine analysts have issued estimates for Ringcentral’s earnings. The highest sales estimate is $126.40 million and the lowest is $125.19 million. Ringcentral reported sales of $96.84 million in the same quarter last year, which would suggest a positive year over year growth rate of 30.1%. The firm is scheduled to report its next earnings report after the market closes on Wednesday, November 8th.
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 anticipate that the business will report sales of $608.79 million per share, with estimates ranging from $599.22 million to $619.30 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that cover Ringcentral.
Ringcentral (NYSE:RNG) last released its earnings results on Wednesday, August 2nd. The software maker reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.01. The firm had revenue of $119.40 million during the quarter, compared to the consensus estimate of $118.19 million. Ringcentral had a negative return on equity of 19.59% and a negative net margin of 6.77%. The company’s revenue was up 30.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.02 EPS.
Several equities analysts recently commented on the company. BidaskClub cut Ringcentral from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 19th. Zacks Investment Research upgraded Ringcentral from a “hold” rating to a “buy” rating and set a $49.00 target price for the company in a research report on Wednesday, October 4th. Dougherty & Co restated a “buy” rating and set a $40.00 target price (up from $36.00) on shares of Ringcentral in a research report on Wednesday, August 9th. Oppenheimer Holdings, Inc. boosted their target price on Ringcentral from $33.00 to $45.00 in a research report on Thursday, July 13th. Finally, Jefferies Group LLC restated a “buy” rating and set a $48.00 target price on shares of Ringcentral in a research report on Thursday, October 19th. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Ringcentral presently has an average rating of “Buy” and an average target price of $42.77.
Shares of Ringcentral (RNG) opened at 41.55 on Tuesday. The stock’s 50 day moving average price is $42.01 and its 200-day moving average price is $37.30. The company’s market capitalization is $3.18 billion. Ringcentral has a 52-week low of $19.35 and a 52-week high of $44.95.
In other Ringcentral news, Director R Neil Williams sold 22,000 shares of Ringcentral 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 completion of the sale, the director now owns 6,921 shares of the company’s stock, valued at $273,379.50. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO David Sipes sold 13,800 shares of Ringcentral stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $38.64, for a total value of $533,232.00. Following the sale, the chief operating officer now directly owns 291,580 shares of the company’s stock, valued at approximately $11,266,651.20. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 382,106 shares of company stock valued at $15,665,035. Corporate insiders own 14.53% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sei Investments Co. lifted its stake in shares of Ringcentral by 66.1% in the 2nd quarter. Sei Investments Co. now owns 31,255 shares of the software maker’s stock valued at $1,142,000 after acquiring an additional 12,442 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Ringcentral by 9.4% in the 1st quarter. Vanguard Group Inc. now owns 5,184,049 shares of the software maker’s stock valued at $146,709,000 after acquiring an additional 446,995 shares during the last quarter. SG Americas Securities LLC bought a new stake in shares of Ringcentral in the 2nd quarter valued at about $1,173,000. Federated Investors Inc. PA lifted its stake in shares of Ringcentral by 58.3% in the 2nd quarter. Federated Investors Inc. PA now owns 164,268 shares of the software maker’s stock valued at $6,004,000 after acquiring an additional 60,468 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in shares of Ringcentral by 2.4% in the 1st quarter. Bank of New York Mellon Corp now owns 242,343 shares of the software maker’s stock valued at $6,858,000 after acquiring an additional 5,627 shares during the last quarter. 75.04% of the stock is owned by institutional investors.
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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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