Brokerages expect that Ringcentral, Inc. (NYSE:RNG) will report $136.87 million in sales for the current quarter, Zacks Investment Research reports. Nine analysts have made estimates for Ringcentral’s earnings, with estimates ranging from $135.71 million to $137.58 million. Ringcentral reported sales of $104.50 million in the same quarter last year, which indicates a positive year-over-year growth rate of 31%. The firm is expected to report its next quarterly earnings report on Monday, February 12th.
On average, analysts expect that Ringcentral will report full-year sales of $136.87 million for the current fiscal year, with estimates ranging from $492.97 million to $498.57 million. For the next year, analysts anticipate that the business will post sales of $614.95 million per share, with estimates ranging from $607.73 million to $619.91 million. Zacks’ sales calculations are a mean average based on a survey of research firms that follow Ringcentral.
Ringcentral (NYSE:RNG) last announced its quarterly earnings results on Wednesday, November 8th. The software maker reported $0.06 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.02. Ringcentral had a negative net margin of 5.80% and a negative return on equity of 17.97%. The company had revenue of $129.76 million for the quarter, compared to analysts’ expectations of $126.06 million. During the same quarter in the previous year, the business posted $0.03 earnings per share. Ringcentral’s quarterly revenue was up 34.0% on a year-over-year basis.
A number of analysts have recently issued reports on RNG shares. Zacks Investment Research lowered shares of Ringcentral from a “buy” rating to a “hold” rating in a research note on Wednesday, October 18th. Summit Redstone reissued a “buy” rating and set a $40.00 target price (up from $36.00) on shares of Ringcentral in a research note on Thursday, August 3rd. Bank of America Corporation boosted their target price on shares of Ringcentral from $45.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, October 25th. Oppenheimer Holdings, Inc. upped their price objective on shares of Ringcentral from $45.00 to $50.00 and gave the stock an “outperform” rating in a research note on Thursday, November 9th. Finally, Robert W. Baird lowered shares of Ringcentral from an “outperform” rating to a “neutral” rating and upped their price objective for the stock from $38.80 to $41.00 in a research note on Thursday, August 10th. Three equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Ringcentral presently has an average rating of “Buy” and an average target price of $44.15.
In related news, CEO Vladimir Shmunis sold 101,452 shares of the firm’s stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $38.20, for a total transaction of $3,875,466.40. Following the completion of the sale, the chief executive officer now directly owns 355,041 shares of the company’s stock, valued at approximately $13,562,566.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Praful Shah sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, August 22nd. The stock was sold at an average price of $37.98, for a total value of $379,800.00. Following the sale, the insider now directly owns 300,176 shares of the company’s stock, valued at $11,400,684.48. The disclosure for this sale can be found here. Insiders have sold a total of 360,106 shares of company stock worth $14,796,035 in the last quarter. Insiders own 14.53% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Aperio Group LLC grew its position in Ringcentral by 1.5% in the 2nd quarter. Aperio Group LLC now owns 11,457 shares of the software maker’s stock valued at $419,000 after acquiring an additional 169 shares in the last quarter. Falcon Point Capital LLC grew its position in Ringcentral by 3.2% in the 2nd quarter. Falcon Point Capital LLC now owns 9,356 shares of the software maker’s stock valued at $342,000 after acquiring an additional 288 shares in the last quarter. Ameritas Investment Partners Inc. grew its position in Ringcentral by 8.3% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,480 shares of the software maker’s stock valued at $200,000 after acquiring an additional 418 shares in the last quarter. Suntrust Banks Inc. grew its position in Ringcentral by 5.5% in the 2nd quarter. Suntrust Banks Inc. now owns 9,970 shares of the software maker’s stock valued at $364,000 after acquiring an additional 523 shares in the last quarter. Finally, Amalgamated Bank boosted its stake in shares of Ringcentral by 11.5% in the 2nd quarter. Amalgamated Bank now owns 8,006 shares of the software maker’s stock valued at $293,000 after buying an additional 825 shares during the period. 76.88% of the stock is owned by institutional investors.
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Ringcentral (NYSE:RNG) opened at $48.00 on Monday. Ringcentral has a 1 year low of $19.95 and a 1 year high of $48.15.
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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