Analysts Anticipate RingCentral Inc (NYSE:RNG) Will Post Quarterly Sales of $238.75 Million

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Equities analysts expect that RingCentral Inc (NYSE:RNG) will report $238.75 million in sales for the current quarter, Zacks reports. Ten analysts have issued estimates for RingCentral’s earnings, with the lowest sales estimate coming in at $237.00 million and the highest estimate coming in at $240.00 million. RingCentral posted sales of $188.62 million in the same quarter last year, which suggests a positive year-over-year growth rate of 26.6%. The company is expected to announce its next quarterly earnings report on Monday, February 10th.

On average, analysts expect that RingCentral will report full year sales of $887.99 million for the current fiscal year, with estimates ranging from $877.40 million to $890.00 million. For the next financial year, analysts expect that the company will report sales of $1.09 billion, with estimates ranging from $1.08 billion to $1.10 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that that provide coverage for RingCentral.

RingCentral (NYSE:RNG) last posted its quarterly earnings data on Monday, November 4th. The software maker reported $0.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.03. RingCentral had a negative net margin of 4.06% and a negative return on equity of 1.66%. The company had revenue of $233.35 million for the quarter, compared to the consensus estimate of $221.37 million. During the same quarter in the previous year, the firm posted $0.19 EPS. The business’s revenue was up 34.2% compared to the same quarter last year.

Several brokerages have recently weighed in on RNG. Rosenblatt Securities reiterated a “buy” rating and set a $160.00 target price on shares of RingCentral in a research report on Friday, October 4th. Bank of America lifted their target price on shares of RingCentral from $150.00 to $180.00 and gave the company a “buy” rating in a research report on Monday, October 7th. SunTrust Banks lifted their target price on shares of RingCentral from $163.00 to $192.00 and gave the company a “buy” rating in a research report on Tuesday, November 5th. JPMorgan Chase & Co. upgraded shares of RingCentral from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $143.00 to $225.00 in a research report on Monday, October 7th. Finally, Jefferies Financial Group lifted their target price on shares of RingCentral from $140.00 to $152.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Four analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $160.18.

In other RingCentral news, CAO Vaibhav Agarwal sold 545 shares of the business’s stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $151.70, for a total value of $82,676.50. Following the transaction, the chief accounting officer now directly owns 21,899 shares in the company, valued at $3,322,078.30. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Vladimir Shmunis sold 37,500 shares of the business’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $175.10, for a total transaction of $6,566,250.00. Following the completion of the transaction, the chief executive officer now owns 265,833 shares in the company, valued at $46,547,358.30. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 397,429 shares of company stock worth $57,500,942. Company insiders own 11.03% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the business. Baldwin Brothers Inc. MA raised its stake in shares of RingCentral by 90.0% in the second quarter. Baldwin Brothers Inc. MA now owns 380 shares of the software maker’s stock worth $44,000 after acquiring an additional 180 shares during the last quarter. Glen Harbor Capital Management LLC raised its stake in shares of RingCentral by 140.0% in the second quarter. Glen Harbor Capital Management LLC now owns 384 shares of the software maker’s stock worth $44,000 after acquiring an additional 224 shares during the last quarter. Parkside Financial Bank & Trust raised its stake in shares of RingCentral by 285.7% in the third quarter. Parkside Financial Bank & Trust now owns 405 shares of the software maker’s stock worth $51,000 after acquiring an additional 300 shares during the last quarter. Usca Ria LLC bought a new position in shares of RingCentral in the third quarter worth about $63,000. Finally, Tyers Asset Management LLC raised its stake in shares of RingCentral by 140.0% in the second quarter. Tyers Asset Management LLC now owns 528 shares of the software maker’s stock worth $61,000 after acquiring an additional 308 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Shares of NYSE:RNG traded up $0.44 on Thursday, hitting $169.83. 1,231,925 shares of the company were exchanged, compared to its average volume of 911,351. The company has a debt-to-equity ratio of 1.13, a quick ratio of 2.99 and a current ratio of 2.99. The company’s 50 day moving average price is $154.46 and its two-hundred day moving average price is $132.65. RingCentral has a one year low of $64.41 and a one year high of $177.99. The firm has a market capitalization of $13.44 billion, a price-to-earnings ratio of -4,245.75 and a beta of 0.87.

RingCentral Company Profile

RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect primarily in North America. The company's products include RingCentral Office, provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax through smartphones, tablets, PCs, and desk phones; RingCentral Professional, a cloud based virtual telephone service for professionals, as well as provides inbound call answering and management services, and includes inbound local, long-distance, and toll-free minutes; and RingCentral Fax that provides online fax capabilities that allow businesses to send and receive fax documents without a fax machine.

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