Ringcentral, Inc. (RNG) Expected to Post Quarterly Sales of $137.00 Million
Wall Street analysts forecast that Ringcentral, Inc. (NYSE:RNG) will announce sales of $137.00 million for the current fiscal quarter, according to Zacks Investment Research. Nine analysts have provided estimates for Ringcentral’s earnings. The lowest sales estimate is $136.06 million and the highest is $137.58 million. Ringcentral posted sales of $104.50 million in the same quarter last year, which suggests a positive year-over-year growth rate of 31.1%. The business is scheduled to issue its next earnings report on Monday, February 12th.
On average, analysts expect that Ringcentral will report full year sales of $137.00 million for the current fiscal year, with estimates ranging from $497.05 million to $498.57 million. For the next year, analysts anticipate that the business will report sales of $615.39 million per share, with estimates ranging from $607.73 million to $619.91 million. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that cover Ringcentral.
Ringcentral (NYSE:RNG) last issued its earnings results on Wednesday, November 8th. The software maker reported $0.06 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.04 by $0.02. Ringcentral had a negative net margin of 5.80% and a negative return on equity of 17.97%. The firm had revenue of $129.76 million for the quarter, compared to analysts’ expectations of $126.06 million. During the same quarter last year, the company posted $0.03 earnings per share. Ringcentral’s revenue was up 34.0% on a year-over-year basis.
In other news, CEO Vladimir Shmunis sold 6,000 shares of Ringcentral stock in a transaction that occurred on Monday, September 11th. The stock was sold at an average price of $42.30, for a total transaction of $253,800.00. Following the sale, the chief executive officer now owns 355,041 shares of the company’s stock, valued at $15,018,234.30. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, COO David Sipes sold 15,270 shares of Ringcentral stock in a transaction that occurred on Tuesday, November 28th. The shares were sold at an average price of $49.06, for a total value of $749,146.20. Following the sale, the chief operating officer now directly owns 280,781 shares in the company, valued at approximately $13,775,115.86. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 361,576 shares of company stock worth $16,249,722. Corporate insiders own 14.53% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Capital World Investors raised its holdings in shares of 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 during the last quarter. Vanguard Group Inc. raised its holdings in shares of 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 during the last quarter. BlackRock Inc. increased its stake in shares of 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 acquiring an additional 445,306 shares during the period. FMR LLC increased its stake in shares of 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 acquiring an additional 832,314 shares during the period. Finally, Hunt Lane Capital LP increased its stake in shares of Ringcentral by 14.3% during the second quarter. Hunt Lane Capital LP now owns 1,600,000 shares of the software maker’s stock valued at $58,480,000 after acquiring an additional 200,000 shares during the period. 76.43% of the stock is currently owned by institutional investors.
Ringcentral (NYSE RNG) opened at $48.20 on Friday. Ringcentral has a twelve month low of $20.55 and a twelve month 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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