RingCentral Inc (NYSE:RNG) – Research analysts at Dougherty & Co issued their Q1 2018 earnings per share estimates for RingCentral in a research report issued on Tuesday. Dougherty & Co analyst C. Trebnick expects that the software maker will post earnings of ($0.05) per share for the quarter. Dougherty & Co also issued estimates for RingCentral’s FY2018 earnings at ($0.23) EPS.
Other research analysts also recently issued research reports about the stock. Zacks Investment Research upgraded shares of 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 restated a “buy” rating and set a $46.00 price target on shares of RingCentral in a research report on Friday, November 10th. Craig Hallum restated 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. Bank of America increased their price objective on shares of RingCentral from $45.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, October 25th. Finally, Jefferies Group reiterated a “buy” rating and issued a $48.00 price objective on shares of RingCentral in a report on Thursday, October 19th. Four equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. RingCentral currently has an average rating of “Buy” and a consensus target price of $53.79.
RingCentral (NYSE:RNG) last released its quarterly earnings results on Monday, February 12th. The software maker reported $0.07 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.01. RingCentral had a negative net margin of 5.21% and a negative return on equity of 17.15%. The firm had revenue of $140.50 million during the quarter, compared to the consensus estimate of $136.34 million. During the same quarter in the prior year, the firm earned $0.03 EPS. The company’s revenue for the quarter was up 34.4% on a year-over-year basis.
In other news, COO David Sipes sold 15,270 shares of the firm’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 completion of the sale, the chief operating officer now owns 280,781 shares in the company, valued at approximately $13,775,115.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Vladimir Shmunis sold 101,453 shares of the firm’s stock in a transaction that occurred on Wednesday, November 22nd. The stock was sold at an average price of $48.34, for a total transaction of $4,904,238.02. Following the sale, the chief executive officer now owns 355,041 shares of the company’s stock, valued at approximately $17,162,681.94. The disclosure for this sale can be found here. Insiders have sold a total of 230,934 shares of company stock valued at $11,112,262 in the last 90 days. Insiders own 14.53% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Crow Point Partners LLC acquired a new stake in shares of RingCentral during the 4th quarter worth approximately $116,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of RingCentral by 108.7% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,331 shares of the software maker’s stock worth $161,000 after purchasing an additional 1,735 shares during the period. Public Employees Retirement Association of Colorado purchased a new position in shares of RingCentral during the 4th quarter worth approximately $174,000. Parametrica Management Ltd purchased a new position in shares of RingCentral during the 4th quarter worth approximately $202,000. Finally, CIBC World Markets Inc. purchased a new position in shares of RingCentral during the 4th quarter worth approximately $215,000. Institutional investors and hedge funds own 75.37% of the company’s stock.
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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