RingCentral Inc to Post FY2019 Earnings of ($0.15) Per Share, William Blair Forecasts (RNG)

RingCentral Inc (NYSE:RNG) – Stock analysts at William Blair issued their FY2019 earnings per share (EPS) estimates for shares of RingCentral in a report issued on Monday. William Blair analyst B. Suri forecasts that the software maker will earn ($0.15) per share for the year.

RingCentral (NYSE:RNG) last announced its quarterly earnings data on Wednesday, November 8th. The software maker reported $0.06 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.02. The business had revenue of $129.76 million during the quarter, compared to the consensus estimate of $126.06 million. RingCentral had a negative return on equity of 17.97% and a negative net margin of 5.80%. RingCentral’s revenue for the quarter was up 34.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.03 EPS.

Other analysts also recently issued reports about the company. JPMorgan Chase & Co. downgraded RingCentral from an “overweight” rating to a “neutral” rating and set a $52.00 target price for the company. in a research report on Tuesday, December 12th. Zacks Investment Research downgraded RingCentral from a “buy” rating to a “hold” rating in a research report on Wednesday, November 15th. Craig Hallum reissued a “buy” rating and issued a $50.00 target price (up from $40.00) on shares of RingCentral in a research report on Thursday, November 9th. Northland Securities reissued a “buy” rating and issued a $46.00 target price on shares of RingCentral in a research report on Friday, November 10th. Finally, Oppenheimer raised their target price on RingCentral from $50.00 to $56.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 6th. Four investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $45.14.

Shares of RingCentral (NYSE RNG) traded up $1.40 during trading on Wednesday, reaching $53.10. The company had a trading volume of 418,417 shares, compared to its average volume of 408,341. The company has a market capitalization of $3,925.56, a price-to-earnings ratio of -147.71 and a beta of 0.87. RingCentral has a 1-year low of $21.90 and a 1-year high of $56.15.

In related news, CFO Mitesh Dhruv sold 3,000 shares of the business’s stock in a transaction dated Wednesday, January 17th. The stock was sold at an average price of $50.96, for a total transaction of $152,880.00. Following the transaction, the chief financial officer now owns 132,087 shares in the company, valued at approximately $6,731,153.52. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Vladimir Shmunis sold 6,000 shares of the company’s stock in a transaction that occurred on Monday, November 20th. The stock was sold at an average price of $48.23, for a total value of $289,380.00. Following the transaction, the chief executive officer now owns 355,041 shares in the company, valued at approximately $17,123,627.43. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 230,934 shares of company stock worth $11,112,262. 14.53% of the stock is owned by company insiders.

Hedge funds have recently bought and sold shares of the business. Swiss National Bank increased its stake in shares of RingCentral by 4.4% during the fourth quarter. Swiss National Bank now owns 97,900 shares of the software maker’s stock worth $4,738,000 after purchasing an additional 4,100 shares in the last quarter. California Public Employees Retirement System lifted its holdings in shares of RingCentral by 5.9% in the 4th quarter. California Public Employees Retirement System now owns 208,551 shares of the software maker’s stock worth $10,094,000 after acquiring an additional 11,595 shares during the last quarter. Teacher Retirement System of Texas acquired a new position in shares of RingCentral in the 4th quarter worth approximately $960,000. Public Employees Retirement Association of Colorado acquired a new position in shares of RingCentral in the 4th quarter worth approximately $174,000. Finally, CIBC World Markets Inc. acquired a new position in shares of RingCentral in the 4th quarter worth approximately $215,000. Hedge funds and other institutional investors own 76.11% of the company’s stock.

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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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