Analysts Expect Ringcentral, Inc. (RNG) Will Post Earnings of $0.06 Per Share
Equities analysts expect Ringcentral, Inc. (NYSE:RNG) to announce earnings of $0.06 per share for the current quarter, Zacks reports. Nine analysts have provided estimates for Ringcentral’s earnings. The highest EPS estimate is $0.07 and the lowest is $0.06. Ringcentral posted earnings of $0.03 per share in the same quarter last year, which indicates a positive year-over-year growth rate of 100%. The business is scheduled to announce its next quarterly earnings report on Monday, February 12th.
On average, analysts expect that Ringcentral will report full-year earnings of $0.19 per share for the current fiscal year, with EPS estimates ranging from $0.17 to $0.20. For the next fiscal year, analysts forecast that the business will report earnings of $0.28 per share, with EPS estimates ranging from $0.24 to $0.36. Zacks’ earnings per share calculations are a mean average based on a survey of research analysts that cover Ringcentral.
Ringcentral (NYSE:RNG) last released its earnings results on Wednesday, November 8th. The software maker reported $0.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.02. Ringcentral had a negative return on equity of 17.97% and a negative net margin of 5.80%. The business had revenue of $129.76 million for the quarter, compared to the consensus estimate of $126.06 million. During the same quarter in the previous year, the business earned $0.03 earnings per share. Ringcentral’s quarterly revenue was up 34.0% on a year-over-year basis.
In other Ringcentral news, COO David Sipes sold 7,800 shares of the stock in a transaction dated Wednesday, September 13th. The shares were sold at an average price of $42.11, for a total value of $328,458.00. Following the completion of the sale, the chief operating officer now owns 293,380 shares in the company, valued at approximately $12,354,231.80. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CAO John H. Marlow sold 1,945 shares of the stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $48.65, for a total transaction of $94,624.25. Following the completion of the sale, the chief accounting officer now owns 120,373 shares of the company’s stock, valued at approximately $5,856,146.45. The disclosure for this sale can be found here. Insiders have sold 361,576 shares of company stock worth $16,249,722 in the last ninety days. Insiders own 14.53% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. Capital World Investors boosted its holdings in Ringcentral by 23.9% in the 2nd quarter. Capital World Investors now owns 6,599,000 shares of the software maker’s stock worth $241,193,000 after buying an additional 1,275,000 shares during the period. Whale Rock Capital Management LLC bought a new position in Ringcentral in the 2nd quarter worth approximately $39,450,000. FMR LLC boosted its holdings in Ringcentral by 40.1% in the 2nd quarter. FMR LLC now owns 2,905,422 shares of the software maker’s stock worth $106,193,000 after buying an additional 832,314 shares during the period. Southpoint Capital Advisors LP bought a new position in Ringcentral in the 2nd quarter worth approximately $18,275,000. Finally, BlackRock Inc. boosted its holdings in 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 during the period. Institutional investors own 76.43% of the company’s stock.
Ringcentral (NYSE RNG) remained flat at $$44.00 during trading on Wednesday. The stock had a trading volume of 555,700 shares, compared to its average volume of 663,242. Ringcentral has a 1-year low of $20.55 and a 1-year high of $49.95.
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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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