RingCentral (RNG) Posts Earnings Results, Beats Expectations By $0.05 EPS

RingCentral (NYSE:RNG) issued its quarterly earnings results on Monday. The software maker reported $0.01 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.04) by $0.05, Morningstar.com reports. RingCentral had a negative return on equity of 3.64% and a negative net margin of 4.25%. RingCentral updated its FY 2019 guidance to $0.69-0.73 EPS and its Q1 2019 guidance to $0.14-0.16 EPS.

Shares of NYSE RNG opened at $99.87 on Tuesday. The stock 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 1-year low of $51.95 and a 1-year 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.

In other news, insider Praful Shah sold 1,889 shares of the company’s stock in a transaction dated Wednesday, November 28th. The stock was sold at an average price of $75.54, for a total transaction of $142,695.06. Following the completion of the transaction, the insider now directly owns 291,166 shares of the company’s stock, valued at approximately $21,994,679.64. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO David Sipes sold 7,805 shares of the company’s stock in a transaction dated Wednesday, November 28th. The stock was sold at an average price of $77.91, for a total value of $608,087.55. Following the transaction, the chief operating officer now directly owns 267,752 shares of the company’s stock, valued at $20,860,558.32. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 243,484 shares of company stock valued at $19,716,779. Insiders own 11.99% of the company’s stock.

Large investors have recently added to or reduced their stakes in the company. Utah Retirement Systems boosted its position in shares of RingCentral by 0.8% in the 4th quarter. Utah Retirement Systems now owns 12,600 shares of the software maker’s stock valued at $1,039,000 after purchasing an additional 100 shares during the period. State of Alaska Department of Revenue boosted its position in shares of RingCentral by 1.9% in the 4th quarter. State of Alaska Department of Revenue now owns 8,420 shares of the software maker’s stock valued at $694,000 after purchasing an additional 161 shares during the period. Moloney Securities Asset Management LLC boosted its position in shares of RingCentral by 6.7% in the 4th quarter. Moloney Securities Asset Management LLC now owns 3,200 shares of the software maker’s stock valued at $264,000 after purchasing an additional 200 shares during the period. Ffcm LLC acquired a new stake in shares of RingCentral in the 4th quarter valued at about $27,000. Finally, Pendal Group Ltd boosted its position in shares of RingCentral by 10.7% in the 4th quarter. Pendal Group Ltd now owns 4,341 shares of the software maker’s stock valued at $358,000 after purchasing an additional 421 shares during the period. 77.75% of the stock is owned by institutional investors and hedge funds.

RNG has been the topic of a number of research analyst reports. Bank of America lowered their price target on RingCentral from $100.00 to $93.00 and set a “buy” rating on the stock in a research note on Tuesday, November 6th. Rosenblatt Securities reissued a “buy” rating and set a $100.00 price objective on shares of RingCentral in a research note on Wednesday, November 7th. Zacks Investment Research lowered RingCentral from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 7th. TheStreet lowered RingCentral from a “c” rating to a “d+” rating in a research note on Tuesday, November 6th. Finally, Robert W. Baird raised RingCentral from a “neutral” rating to an “outperform” rating and set a $100.00 price objective on the stock in a research note on Monday, November 19th. Four analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $100.31.

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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.

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Earnings History for RingCentral (NYSE:RNG)

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