RingCentral (RNG) Issues FY18 Earnings Guidance

RingCentral (NYSE:RNG) updated its FY18 earnings guidance on Monday. The company provided EPS guidance of $0.56-0.60 for the period, compared to the Thomson Reuters consensus EPS estimate of $0.28. The company issued revenue guidance of $629-639 million, compared to the consensus revenue estimate of $613.78 million.RingCentral also updated its Q1 guidance to $0.11-0.13 EPS.

Several research analysts have recently weighed in on the stock. JPMorgan Chase & Co. downgraded shares of RingCentral from an overweight rating to a neutral rating and set a $52.00 target price on the stock. in a research report on Tuesday, December 12th. Oppenheimer boosted their price objective on shares of RingCentral from $50.00 to $56.00 and gave the company an outperform rating in a research report on Wednesday, December 6th. Craig Hallum reaffirmed a buy rating and set a $50.00 price objective (up from $40.00) on shares of RingCentral in a research report on Thursday, November 9th. Northland Securities reaffirmed a buy rating and set a $46.00 price objective on shares of RingCentral in a research report on Friday, November 10th. Finally, Jefferies Group reaffirmed a buy rating and set a $48.00 price objective on shares of RingCentral in a research report on Thursday, October 19th. Four investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. The stock currently has an average rating of Buy and an average price target of $45.14.

Shares of RingCentral (NYSE:RNG) traded up $1.30 on Monday, reaching $53.35. 618,882 shares of the company were exchanged, compared to its average volume of 442,178. RingCentral has a 52-week low of $22.55 and a 52-week high of $56.15. The stock has a market capitalization of $4,026.12, a P/E ratio of -152.43 and a beta of 0.87.

In other RingCentral news, CAO John H. Marlow sold 1,945 shares of RingCentral stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $48.65, for a total value of $94,624.25. Following the completion of the sale, the chief accounting officer now directly owns 120,373 shares in the company, valued at $5,856,146.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Mitesh Dhruv sold 3,000 shares of RingCentral 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 completion of the sale, the chief financial officer now owns 132,087 shares of the company’s stock, valued at $6,731,153.52. The disclosure for this sale can be found here. Insiders have sold 230,934 shares of company stock worth $11,112,262 over the last ninety days. 14.53% of the stock is currently owned by 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.

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