Ringcentral, Inc. (RNG) Expected to Announce Quarterly Sales of $126.00 Million
Brokerages expect Ringcentral, Inc. (NYSE:RNG) to post sales of $126.00 million for the current fiscal quarter, Zacks Investment Research reports. Nine analysts have made estimates for Ringcentral’s earnings. The lowest sales estimate is $125.19 million and the highest is $126.40 million. Ringcentral posted sales of $96.84 million in the same quarter last year, which suggests a positive year over year growth rate of 30.1%. The firm is expected to issue its next quarterly earnings results after the market closes on Wednesday, November 8th.
On average, analysts expect that Ringcentral will report full year sales of $126.00 million for the current fiscal year, with estimates ranging from $489.16 million to $493.20 million. For the next year, analysts anticipate that the company will report sales of $608.79 million per share, with estimates ranging from $599.22 million to $619.30 million. Zacks’ sales averages are a mean average based on a survey of research analysts that follow Ringcentral.
Ringcentral (NYSE:RNG) last released its quarterly earnings results on Wednesday, August 2nd. The software maker reported $0.04 EPS for the quarter, beating analysts’ consensus estimates of $0.03 by $0.01. The firm had revenue of $119.40 million during the quarter, compared to analyst estimates of $118.19 million. Ringcentral had a negative net margin of 6.77% and a negative return on equity of 19.59%. The business’s revenue for the quarter was up 30.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.02 EPS.
Several equities research analysts have weighed in on the company. BidaskClub lowered Ringcentral from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 19th. Zacks Investment Research raised Ringcentral from a “hold” rating to a “buy” rating and set a $49.00 target price on the stock in a research report on Wednesday, October 4th. Dougherty & Co reaffirmed a “buy” rating and issued a $40.00 target price (up from $36.00) on shares of Ringcentral in a research report on Wednesday, August 9th. Oppenheimer Holdings, Inc. increased their target price on Ringcentral from $33.00 to $45.00 in a research report on Thursday, July 13th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and issued a $48.00 target price on shares of Ringcentral in a research report on Thursday, October 19th. Three research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $42.77.
Ringcentral (RNG) traded up $1.65 on Tuesday, hitting $44.05. 350,008 shares of the stock were exchanged, compared to its average volume of 427,482.
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In related news, CAO John H. Marlow sold 7,946 shares of the firm’s stock in a transaction dated Friday, August 25th. The stock was sold at an average price of $39.20, for a total transaction of $311,483.20. Following the completion of the transaction, the chief accounting officer now owns 135,047 shares of the company’s stock, valued at $5,293,842.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO David Sipes sold 1,500 shares of the firm’s stock in a transaction dated Monday, October 16th. The shares were sold at an average price of $44.00, for a total value of $66,000.00. The disclosure for this sale can be found here. In the last three months, insiders sold 382,106 shares of company stock valued at $15,665,035. Company insiders own 14.53% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. Aperio Group LLC boosted its stake in Ringcentral by 1.5% during the second quarter. Aperio Group LLC now owns 11,457 shares of the software maker’s stock valued at $419,000 after buying an additional 169 shares in the last quarter. Falcon Point Capital LLC boosted its stake in Ringcentral by 3.2% during the second quarter. Falcon Point Capital LLC now owns 9,356 shares of the software maker’s stock valued at $342,000 after buying an additional 288 shares in the last quarter. Ameritas Investment Partners Inc. boosted its stake in Ringcentral by 8.3% during the second quarter. Ameritas Investment Partners Inc. now owns 5,480 shares of the software maker’s stock valued at $200,000 after buying an additional 418 shares in the last quarter. Suntrust Banks Inc. boosted its stake in Ringcentral by 5.5% during the second quarter. Suntrust Banks Inc. now owns 9,970 shares of the software maker’s stock valued at $364,000 after buying an additional 523 shares in the last quarter. Finally, Amalgamated Bank boosted its stake in Ringcentral by 11.5% during the second quarter. Amalgamated Bank now owns 8,006 shares of the software maker’s stock valued at $293,000 after buying an additional 825 shares in the last quarter. 75.04% of the stock is owned by institutional investors and hedge funds.
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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