Zacks: Analysts Anticipate RingCentral, Inc. (NYSE:RNG) Will Announce Quarterly Sales of $478.75 Million

Brokerages expect RingCentral, Inc. (NYSE:RNGGet Rating) to announce $478.75 million in sales for the current fiscal quarter, Zacks Investment Research reports. Eleven analysts have issued estimates for RingCentral’s earnings. The highest sales estimate is $487.00 million and the lowest is $475.50 million. RingCentral posted sales of $379.27 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 26.2%. The business is expected to announce its next quarterly earnings results on Monday, January 1st.

According to Zacks, analysts expect that RingCentral will report full year sales of $2.01 billion for the current fiscal year, with estimates ranging from $1.99 billion to $2.04 billion. For the next fiscal year, analysts forecast that the business will report sales of $2.49 billion, with estimates ranging from $2.41 billion to $2.57 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover RingCentral.

RingCentral (NYSE:RNGGet Rating) last issued its earnings results on Monday, May 9th. The software maker reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.05. RingCentral had a negative return on equity of 183.51% and a negative net margin of 30.82%. The business had revenue of $467.66 million during the quarter, compared to analyst estimates of $458.36 million. During the same period in the previous year, the company posted ($0.41) EPS. RingCentral’s revenue was up 32.7% on a year-over-year basis.

A number of research analysts have commented on the stock. Craig Hallum cut their target price on shares of RingCentral from $270.00 to $175.00 in a research report on Tuesday, May 10th. Oppenheimer raised shares of RingCentral from a “market perform” rating to an “outperform” rating and set a $100.00 price objective for the company in a research note on Tuesday, May 10th. Barclays dropped their target price on RingCentral from $300.00 to $140.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 26th. JPMorgan Chase & Co. reduced their price target on RingCentral from $460.00 to $225.00 and set an “overweight” rating for the company in a research report on Wednesday, February 23rd. Finally, Morgan Stanley decreased their price objective on RingCentral from $220.00 to $165.00 and set an “equal weight” rating for the company in a research note on Tuesday, February 22nd. Five analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, RingCentral has a consensus rating of “Buy” and a consensus target price of $190.41.

In other RingCentral news, CFO Vaibhav Agarwal sold 10,443 shares of the firm’s stock in a transaction that occurred on Wednesday, May 11th. The shares were sold at an average price of $67.59, for a total transaction of $705,842.37. Following the completion of the transaction, the chief financial officer now directly owns 85,357 shares of the company’s stock, valued at approximately $5,769,279.63. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Mohammed Katibeh sold 1,846 shares of RingCentral stock in a transaction that occurred on Wednesday, May 11th. The shares were sold at an average price of $67.60, for a total transaction of $124,789.60. Following the sale, the chief operating officer now owns 110,098 shares of the company’s stock, valued at $7,442,624.80. The disclosure for this sale can be found here. Company insiders own 7.35% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in RNG. Spire Wealth Management boosted its position in RingCentral by 843.8% in the 4th quarter. Spire Wealth Management now owns 151 shares of the software maker’s stock worth $28,000 after purchasing an additional 135 shares in the last quarter. FourThought Financial LLC boosted its holdings in RingCentral by 60.6% during the third quarter. FourThought Financial LLC now owns 159 shares of the software maker’s stock worth $34,000 after buying an additional 60 shares in the last quarter. Neo Ivy Capital Management boosted its holdings in RingCentral by 185.1% during the fourth quarter. Neo Ivy Capital Management now owns 191 shares of the software maker’s stock worth $36,000 after buying an additional 124 shares in the last quarter. Covestor Ltd acquired a new stake in RingCentral during the fourth quarter valued at $38,000. Finally, Standard Family Office LLC purchased a new position in RingCentral in the fourth quarter valued at $43,000. 85.96% of the stock is currently owned by institutional investors.

RNG stock opened at $60.14 on Thursday. RingCentral has a 1-year low of $59.04 and a 1-year high of $315.00. The business has a 50-day moving average price of $99.78 and a 200 day moving average price of $155.56. The company has a market capitalization of $5.54 billion, a P/E ratio of -10.57 and a beta of 0.93. The company has a debt-to-equity ratio of 33.52, a current ratio of 1.25 and a quick ratio of 1.25.

RingCentral Company Profile (Get Rating)

RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect in North America. The company offers business cloud communications and contact center solutions based on its Message Video Phone? platform. Its products include RingCentral Office that provides communication and collaboration across 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 delivers omni-channel; and RingCentral Engage Digital, a digital customer engagement platform that allows enterprises to interact with their customers.

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