RingCentral (RNG) Set to Announce Earnings on Tuesday

RingCentral (NYSE:RNG) is set to post its quarterly earnings results after the market closes on Tuesday, May 7th. Analysts expect RingCentral to post earnings of $0.80 per share for the quarter. Persons that are interested in participating in the company’s earnings conference call can do so using this link.

RingCentral (NYSE:RNG) last issued its quarterly earnings results on Tuesday, February 20th. The software maker reported ($0.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.31). The business had revenue of $571.27 million during the quarter, compared to the consensus estimate of $569.65 million. On average, analysts expect RingCentral to post $0 EPS for the current fiscal year and $1 EPS for the next fiscal year.

RingCentral Stock Performance

RingCentral stock opened at $31.14 on Tuesday. The business has a 50 day simple moving average of $32.93 and a 200-day simple moving average of $31.86. RingCentral has a 12 month low of $25.08 and a 12 month high of $43.28.

Analyst Upgrades and Downgrades

RNG has been the subject of a number of research analyst reports. Wells Fargo & Company reduced their price objective on shares of RingCentral from $36.00 to $31.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 21st. Mizuho reduced their target price on RingCentral from $40.00 to $36.00 and set a “buy” rating for the company in a report on Wednesday, February 21st. Morgan Stanley dropped their price target on RingCentral from $35.00 to $32.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 17th. Piper Sandler dropped their target price on shares of RingCentral from $34.00 to $31.00 and set a “neutral” rating for the company in a report on Wednesday, February 21st. Finally, Needham & Company LLC decreased their price target on shares of RingCentral from $46.00 to $42.00 and set a “buy” rating on the stock in a research note on Wednesday, February 21st. Eight research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $38.56.

Insider Buying and Selling at RingCentral

In related news, CFO Vaibhav Agarwal sold 6,224 shares of the stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $31.55, for a total transaction of $196,367.20. Following the transaction, the chief financial officer now owns 130,753 shares of the company’s stock, valued at approximately $4,125,257.15. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other RingCentral news, CFO Vaibhav Agarwal sold 6,224 shares of the stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $31.55, for a total value of $196,367.20. Following the sale, the chief financial officer now owns 130,753 shares of the company’s stock, valued at approximately $4,125,257.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kenneth A. Goldman sold 1,287 shares of the business’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $34.47, for a total value of $44,362.89. Following the transaction, the director now directly owns 23,688 shares of the company’s stock, valued at $816,525.36. The disclosure for this sale can be found here. Insiders have sold a total of 23,608 shares of company stock valued at $800,974 over the last quarter. 6.76% of the stock is owned by company insiders.

RingCentral Company Profile

RingCentral, Inc, together with its subsidiaries, provides cloud communications, video meetings, collaboration, and contact center software-as-a-service solutions worldwide. The company's products include RingCentral Message Video Phone that provides a unified experience for communication and collaboration across multiple modes, including HD voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers AI-powered omnichannel and workforce engagement solutions with integrated RingCentral MVP; and RingCX, an AI-powered contact center that a native delivers omnichannel experience.