Stock analysts expect RingCentral, Inc. (NYSE:RNG – Get Rating) to report sales of $479.00 million for the current fiscal quarter, according to Zacks. Ten analysts have released earnings estimates for RingCentral, with estimates ranging from $475.50 million to $487.00 million. RingCentral posted sales of $379.27 million in the same quarter last year, which would indicate a positive growth rate of 26.3% year over year. The company is expected to release its next quarterly results on Monday, January 1.
On average, analysts expect RingCentral to report annual sales of $2.01 billion in the current fiscal year, with estimates ranging from $1.99 billion to $2.04 billion. For next year, analysts expect the company to register sales of $2.49 billion, with estimates ranging from $2.41 billion to $2.57 billion. Zacks sales averages are an average based on a survey of sell-side research companies that cover RingCentral.
RingCentral (NYSE:RNG – Get Rating) last reported its quarterly results on Monday, May 9. The software maker reported EPS of $0.39 for the quarter, beating consensus analyst estimates of $0.34 by $0.05. The company posted revenue of $467.66 million in the quarter, compared to analyst estimates of $458.36 million. RingCentral had a negative net margin of 30.82% and a negative return on equity of 183.51%. RingCentral’s quarterly revenue increased 32.7% year over year. In the same quarter a year earlier, the company posted EPS of ($0.41).
Several analysts have recently released reports on RNG stocks. Robert W. Baird downgraded RingCentral shares from an “outperform” rating to a “neutral” rating and reduced their target price for the stock from $95.00 to $80.00 in a research note from the Monday May 16. Deutsche Bank Aktiengesellschaft cut its target price on RingCentral shares from $210.00 to $110.00 in a Tuesday, May 10 research note. Evercore ISI cut its price target on RingCentral shares from $275.00 to $225.00 and set an “outperform” rating for the company in a Wednesday, Feb. 23 research note. Oppenheimer upgraded RingCentral shares from a “market performer” rating to an “outperformer” rating and set a target price of $100.00 for the company in a Tuesday, May 10 research note. Finally, Barclays cut its price target on RingCentral shares from $300.00 to $140.00 and set an “overweight” rating for the company in a Tuesday, April 26 research note. Five investment analysts gave the stock a hold rating, seventeen gave the company a buy rating and one gave the company a strong buy rating. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $177.68.
Separately, CAO John H. Marlow sold 7,320 shares of the company in a trade dated Friday, May 27. The stock was sold at an average price of $65.34, for a total transaction of $478,288.80. As a result of the sale, the chief accounting officer now directly owns 210,774 shares of the company, valued at $13,771,973.16. The sale was disclosed in a document filed with the SEC, which is available at this link. Additionally, Chief Financial Officer Sonalee Elizabeth Parekh sold 15,360 shares of the company in a trade dated Thursday, June 2. The shares were sold at an average price of $62.69, for a total value of $962,918.40. Following the sale, the CFO now owns 113,528 shares of the company, valued at $7,117,070.32. The disclosure of this sale can be found here. Insiders sold 44,029 shares of the company valued at $2,841,132 in the past ninety days. Company insiders hold 7.35% of the company’s stock.
Institutional investors and hedge funds have recently changed their positions in the company. Cornerstone Wealth Advisors Inc. bought a new position in shares of RingCentral during the first quarter worth approximately $26,000. Spire Wealth Management increased its holdings of RingCentral shares by 843.8% during the fourth quarter. Spire Wealth Management now owns 151 shares of the software maker worth $28,000 after buying 135 more shares in the last quarter. Jackson Wealth Management LLC increased its holdings of RingCentral stock by 117.9% during the third quarter. Jackson Wealth Management LLC now owns 21,427 shares of the software maker worth $30,000 after buying 11,593 additional shares last quarter. FourThought Financial LLC increased its holdings of RingCentral stock by 60.6% during the third quarter. FourThought Financial LLC now owns 159 shares of the software maker worth $34,000 after buying 60 more shares in the last quarter. Finally, Neo Ivy Capital Management increased its holdings of RingCentral stock by 185.1% during the fourth quarter. Neo Ivy Capital Management now owns 191 shares of the software maker worth $36,000 after buying 124 more shares in the last quarter. Hedge funds and other institutional investors hold 85.96% of the company’s shares.
NYSE RNG opened at $61.80 on Wednesday. RingCentral has a 1 year minimum of $56.95 and a 1 year maximum of $315.00. The company has a debt ratio of 33.52, a current ratio of 1.25 and a quick ratio of 1.25. The company has a market capitalization of $5.70 billion, a price-earnings ratio of -10.86 and a beta of 0.95. The company has a fifty-day moving average price of $84.79 and a 200-day moving average price of $136.61.
RingCentral Company Profile (Get an assessment)
RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate and connect across North America. The company offers cloud communication and contact center solutions based on its Message Video Phone? Platform. Its products include RingCentral Office which provides communication and collaboration through various modes, including high definition voice, video, SMS, messaging and collaboration, conferencing, online meetings and fax; RingCentral Contact Center, a collaborative contact center solution that offers omnichannel; and RingCentral Engage Digital, a digital customer engagement platform that enables businesses to engage with their customers.
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