Analysts Anticipate RingCentral Inc (RNG) Will Announce Quarterly Sales of $141.42 Million

Brokerages expect RingCentral Inc (NYSE:RNG) to post $141.42 million in sales for the current quarter, Zacks Investment Research reports. Seven analysts have provided estimates for RingCentral’s earnings. The highest sales estimate is $143.10 million and the lowest is $138.95 million. RingCentral reported sales of $111.79 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 26.5%. The firm is scheduled to announce its next earnings results on Tuesday, April 24th.

On average, analysts expect that RingCentral will report full year sales of $141.42 million for the current year, with estimates ranging from $607.73 million to $619.91 million. For the next year, analysts expect that the firm will report sales of $749.48 million per share, with estimates ranging from $733.09 million to $774.66 million. Zacks’ sales averages are an average based on a survey of sell-side research firms that that provide coverage for RingCentral.

RingCentral (NYSE:RNG) last released its quarterly earnings data on Monday, February 12th. The software maker reported $0.07 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.01. RingCentral had a negative return on equity of 17.97% and a negative net margin of 5.80%. The firm had revenue of $140.50 million during the quarter, compared to the consensus estimate of $136.34 million. During the same period last year, the business posted $0.03 EPS. RingCentral’s quarterly revenue was up 34.4% on a year-over-year basis.

Several equities analysts recently weighed in on RNG shares. Bank of America raised their price objective on RingCentral from $57.00 to $67.00 and gave the company a “buy” rating in a research note on Tuesday. Zacks Investment Research raised RingCentral from a “hold” rating to a “buy” rating and set a $52.00 price target for the company in a research report on Tuesday, November 14th. Northland Securities reissued a “buy” rating and set a $46.00 price target on shares of RingCentral in a research report on Friday, November 10th. Craig Hallum reissued a “buy” rating and set a $50.00 price target (up previously from $40.00) on shares of RingCentral in a research report on Thursday, November 9th. Finally, Jefferies Group reissued a “buy” rating and set a $48.00 price target 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 stock. RingCentral presently has a consensus rating of “Buy” and a consensus target price of $53.79.

In other news, 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 sale, the chief accounting officer now owns 120,373 shares in the company, valued at $5,856,146.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Mitesh Dhruv sold 3,000 shares of the firm’s stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $50.96, for a total value of $152,880.00. Following the sale, the chief financial officer now owns 132,087 shares in the company, valued at approximately $6,731,153.52. The disclosure for this sale can be found here. Insiders have sold 230,934 shares of company stock valued at $11,112,262 in the last three months. 14.53% of the stock is currently owned by company insiders.

Several hedge funds have recently bought and sold shares of the company. Renaissance Technologies LLC boosted its holdings in shares of RingCentral by 14.8% during the fourth quarter. Renaissance Technologies LLC now owns 1,769,500 shares of the software maker’s stock worth $85,644,000 after purchasing an additional 228,200 shares during the last quarter. Invictus RG acquired a new stake in shares of RingCentral during the fourth quarter worth $269,000. Geode Capital Management LLC boosted its holdings in shares of RingCentral by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 530,786 shares of the software maker’s stock worth $25,689,000 after purchasing an additional 6,043 shares during the last quarter. Amalgamated Bank boosted its holdings in shares of RingCentral by 11.2% during the fourth quarter. Amalgamated Bank now owns 8,851 shares of the software maker’s stock worth $428,000 after purchasing an additional 894 shares during the last quarter. Finally, OppenheimerFunds Inc. boosted its holdings in shares of RingCentral by 3.6% during the fourth quarter. OppenheimerFunds Inc. now owns 640,825 shares of the software maker’s stock worth $31,015,000 after purchasing an additional 22,530 shares during the last quarter. Institutional investors and hedge funds own 75.37% of the company’s stock.

RingCentral (RNG) opened at $57.15 on Wednesday. RingCentral has a one year low of $22.55 and a one year high of $58.70. The firm has a market capitalization of $4,420.00, a P/E ratio of -158.75 and a beta of 0.87.

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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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