RingCentral (RNG) Issues Earnings Results

RingCentral (NYSE:RNG) issued its quarterly earnings data on Monday. The software maker reported $0.07 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.06 by $0.01, Bloomberg Earnings reports. RingCentral had a negative net margin of 5.80% and a negative return on equity of 17.97%. The business had revenue of $140.50 million during the quarter, compared to the consensus estimate of $136.34 million. During the same period in the prior year, the firm posted $0.03 EPS. The firm’s quarterly revenue was up 34.4% compared to the same quarter last year. RingCentral updated its Q1 guidance to $0.11-0.13 EPS and its FY18 guidance to $0.56-0.60 EPS.

Shares of RingCentral (NYSE RNG) traded up $1.30 during mid-day trading on Monday, hitting $53.35. 628,034 shares of the company were exchanged, compared to its average volume of 442,277. The stock has a market cap of $4,026.12, a PE ratio of -152.43 and a beta of 0.87. RingCentral has a 12 month low of $22.55 and a 12 month high of $56.15.

A number of research analysts have recently weighed in on RNG shares. Zacks Investment Research downgraded shares of RingCentral from a “buy” rating to a “hold” rating in a research report on Wednesday, October 18th. Jefferies Group reissued a “buy” rating and set a $48.00 target price on shares of RingCentral in a research report on Thursday, October 19th. Bank of America increased their target price on shares of RingCentral from $45.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, October 25th. Oppenheimer increased their target price on shares of RingCentral from $45.00 to $50.00 and gave the company an “outperform” rating in a research report on Thursday, November 9th. Finally, Craig Hallum reissued a “buy” rating and set a $50.00 target price (up from $40.00) on shares of RingCentral in a research report on Thursday, November 9th. Four equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. RingCentral currently has an average rating of “Buy” and a consensus target price of $45.14.

In related news, COO David Sipes sold 15,270 shares of the company’s stock in a transaction that occurred on Tuesday, November 28th. The shares were sold at an average price of $49.06, for a total transaction 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Mitesh Dhruv sold 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 17th. The shares were sold at an average price of $50.96, for a total transaction of $152,880.00. Following the sale, the chief financial officer now owns 132,087 shares in the company, valued at $6,731,153.52. The disclosure for this sale can be found here. Insiders have sold a total of 230,934 shares of company stock worth $11,112,262 over the last 90 days. 14.53% of the stock is currently owned by corporate insiders.

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About RingCentral

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.

Earnings History for RingCentral (NYSE:RNG)

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