RingCentral (RNG) Set to Announce Quarterly Earnings on Tuesday

RingCentral (NYSE:RNG) is scheduled to release its earnings data after the market closes on Tuesday, May 7th. Analysts expect RingCentral to post earnings of $0.80 per share for the quarter. Persons that wish to register for the company’s earnings conference call can do so using this link.

RingCentral (NYSE:RNG) last announced its quarterly earnings data on Tuesday, February 20th. The software maker reported ($0.33) earnings per share 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 Trading Up 0.1 %

Shares of RNG opened at $30.49 on Friday. RingCentral has a twelve month low of $25.08 and a twelve month high of $43.28. The stock’s 50 day moving average is $32.87 and its two-hundred day moving average is $31.85. The firm has a market capitalization of $2.81 billion, a PE ratio of -17.42, a P/E/G ratio of 3.23 and a beta of 0.94.

Insiders Place Their Bets

In other RingCentral news, CFO Vaibhav Agarwal sold 1,984 shares of RingCentral stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $34.55, for a total value of $68,547.20. Following the completion of the sale, the chief financial officer now directly owns 114,656 shares of the company’s stock, valued at approximately $3,961,364.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Kenneth A. Goldman sold 1,287 shares of the business’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $34.47, for a total transaction of $44,362.89. Following the completion of the sale, the director now directly owns 23,688 shares of the company’s stock, valued at approximately $816,525.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Vaibhav Agarwal sold 1,984 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $34.55, for a total transaction of $68,547.20. Following the sale, the chief financial officer now directly owns 114,656 shares of the company’s stock, valued at $3,961,364.80. The disclosure for this sale can be found here. In the last three months, insiders sold 23,608 shares of company stock valued at $800,974. Company insiders own 6.76% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on RNG shares. Needham & Company LLC reduced their price target on shares of RingCentral from $46.00 to $42.00 and set a “buy” rating for the company in a research report on Wednesday, February 21st. Piper Sandler reduced their price target on shares of RingCentral from $34.00 to $31.00 and set a “neutral” rating for the company in a research report on Wednesday, February 21st. Rosenblatt Securities reiterated a “neutral” rating and set a $35.00 price target on shares of RingCentral in a research report on Wednesday. Mizuho reduced their price target on shares of RingCentral from $40.00 to $36.00 and set a “buy” rating for the company in a research report on Wednesday, February 21st. Finally, Morgan Stanley reduced their price target on shares of RingCentral from $35.00 to $32.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 17th. Eight analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $38.56.

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.