RingCentral (RNG) Issues Q1 Earnings Guidance

RingCentral (NYSE:RNG) updated its first quarter earnings guidance on Monday. The company provided EPS guidance of $0.11-0.13 for the period, compared to the Thomson Reuters consensus EPS estimate of $0.05. The company issued revenue guidance of $144.5-146.5 million, compared to the consensus revenue estimate of $140.46 million.RingCentral also updated its FY18 guidance to $0.56-0.60 EPS.

A number of equities research analysts recently weighed in on the stock. JPMorgan Chase & Co. lowered shares of RingCentral from an overweight rating to a neutral rating and set a $52.00 price target for the company. in a report on Tuesday, December 12th. Oppenheimer raised their price target on shares of RingCentral from $50.00 to $56.00 and gave the company an outperform rating in a report on Wednesday, December 6th. Craig Hallum reaffirmed a buy rating and set a $50.00 price target (up from $40.00) on shares of RingCentral in a report on Thursday, November 9th. Northland Securities reaffirmed a buy rating and set a $46.00 price target on shares of RingCentral in a report on Friday, November 10th. Finally, Jefferies Group reaffirmed a buy rating and set a $48.00 price target on shares of RingCentral in a 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’s stock. RingCentral presently has a consensus rating of Buy and an average price target of $45.14.

Shares of RingCentral (NYSE RNG) traded up $1.30 during mid-day trading on Monday, reaching $53.35. 618,882 shares of the company’s stock traded hands, compared to its average volume of 442,178. The firm has a market cap of $4,026.12, a price-to-earnings ratio of -152.43 and a beta of 0.87. RingCentral has a 52 week low of $22.55 and a 52 week high of $56.15.

In other RingCentral news, CEO Vladimir Shmunis sold 101,453 shares of the firm’s stock in a transaction on Wednesday, November 22nd. The shares were sold at an average price of $48.34, for a total transaction of $4,904,238.02. Following the completion of the transaction, the chief executive officer now directly owns 355,041 shares of the company’s stock, valued at approximately $17,162,681.94. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO John H. Marlow sold 1,945 shares of the firm’s stock in a transaction on Wednesday, November 22nd. The stock was sold at an average price of $48.65, for a total transaction of $94,624.25. Following the transaction, the chief accounting officer now directly owns 120,373 shares of the company’s stock, valued at $5,856,146.45. The disclosure for this sale can be found here. Over the last three months, insiders have sold 230,934 shares of company stock valued at $11,112,262. 14.53% of the stock is owned by company insiders.

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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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