RingCentral (RNG) Updates FY 2019 Earnings Guidance

RingCentral (NYSE:RNG) issued an update on its FY 2019 earnings guidance on Monday morning. The company provided earnings per share guidance of $0.69-0.73 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.71. The company issued revenue guidance of $847-859 million, compared to the consensus revenue estimate of $823.04 million.RingCentral also updated its Q1 2019 guidance to $0.14-0.16 EPS.

RNG traded down $1.03 during trading hours on Monday, reaching $99.87. 1,802,581 shares of the stock traded hands, compared to its average volume of 752,299. The firm has a market cap of $8.11 billion, a price-to-earnings ratio of -285.34 and a beta of 0.99. RingCentral has a fifty-two week low of $51.95 and a fifty-two week high of $103.49. The company has a current ratio of 4.07, a quick ratio of 4.07 and a debt-to-equity ratio of 1.22.

RNG has been the subject of a number of recent analyst reports. Morgan Stanley raised their price target on shares of RingCentral from $84.00 to $93.00 and gave the company an equal weight rating in a report on Monday, January 7th. Robert W. Baird raised shares of RingCentral from a neutral rating to an outperform rating and set a $100.00 price objective for the company in a report on Monday, November 19th. Bank of America reissued a buy rating and set a $110.00 price objective (up from $93.00) on shares of RingCentral in a report on Thursday. TheStreet lowered shares of RingCentral from a c rating to a d+ rating in a report on Tuesday, November 6th. Finally, Rosenblatt Securities reissued a buy rating and set a $100.00 price objective on shares of RingCentral in a report on Wednesday, November 7th. Four equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of Buy and an average target price of $94.27.

In other news, insider Praful Shah sold 1,889 shares of the firm’s stock in a transaction dated Wednesday, November 28th. The shares were sold at an average price of $75.54, for a total value of $142,695.06. Following the transaction, the insider now directly owns 291,166 shares in the company, valued at approximately $21,994,679.64. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Vladimir Shmunis sold 39,032 shares of the firm’s stock in a transaction dated Thursday, January 10th. The stock was sold at an average price of $87.57, for a total transaction of $3,418,032.24. Following the completion of the transaction, the chief executive officer now owns 276,760 shares in the company, valued at $24,235,873.20. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 243,484 shares of company stock worth $19,716,779. Insiders own 11.99% of the company’s stock.

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RingCentral Company Profile

RingCentral, Inc provides software-as-a-service solutions for business communications and collaboration primarily in the United States. The company's products include RingCentral Office, a multi-tenant, multi-location, and enterprise-grade communications and collaboration solution that enables employees to communicate through voice, text, team messaging and collaboration, and HD video and Web conferencing through smartphones, tablets, PCs, and desk phones for businesses, which require a communications solution; RingCentral Professional, an inbound call routing subscription with additional text and fax capabilities primarily for smaller businesses; and RingCentral Fax solution that offers Internet fax capabilities, which allow businesses to send and receive fax documents without the need for a fax machine.

Further Reading: Balance Sheet

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