RingCentral Inc (RNG) Expected to Announce Earnings of $0.16 Per Share

Wall Street brokerages expect RingCentral Inc (NYSE:RNG) to announce earnings of $0.16 per share for the current quarter, according to Zacks. Eleven analysts have made estimates for RingCentral’s earnings. The lowest EPS estimate is $0.16 and the highest is $0.17. RingCentral reported earnings of $0.06 per share during the same quarter last year, which suggests a positive year-over-year growth rate of 166.7%. The firm is expected to report its next earnings report after the market closes on Monday, November 5th.

On average, analysts expect that RingCentral will report full-year earnings of $0.68 per share for the current financial year, with EPS estimates ranging from $0.66 to $0.69. For the next financial year, analysts expect that the company will post earnings of $0.84 per share, with EPS estimates ranging from $0.75 to $0.96. Zacks’ EPS calculations are an average based on a survey of sell-side research firms that cover RingCentral.

Several research firms have recently commented on RNG. Rosenblatt Securities began coverage on RingCentral in a research note on Friday, September 7th. They issued a “buy” rating and a $105.00 price objective for the company. Jefferies Financial Group upped their price objective on RingCentral to $105.00 and gave the stock a “buy” rating in a research note on Wednesday, September 5th. Craig Hallum upped their price objective on RingCentral from $84.00 to $95.00 and gave the stock a “buy” rating in a research note on Tuesday, August 7th. Robert W. Baird upped their price objective on RingCentral from $80.00 to $90.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 7th. Finally, SunTrust Banks upped their price objective on RingCentral to $100.00 and gave the stock a “buy” rating in a research note on Tuesday, August 7th. Three investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $89.47.

Shares of NYSE RNG traded down $2.46 during midday trading on Friday, hitting $77.01. 996,795 shares of the stock traded hands, compared to its average volume of 1,072,752. The company has a debt-to-equity ratio of 1.24, a current ratio of 4.32 and a quick ratio of 4.32. The stock has a market capitalization of $6.13 billion, a price-to-earnings ratio of -220.03 and a beta of 1.02. RingCentral has a one year low of $42.10 and a one year high of $98.15.

In related news, CAO John H. Marlow sold 14,500 shares of the stock in a transaction dated Monday, August 27th. The shares were sold at an average price of $93.45, for a total value of $1,355,025.00. Following the completion of the transaction, the chief accounting officer now owns 153,218 shares of the company’s stock, valued at approximately $14,318,222.10. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Vladimir Shmunis sold 50,698 shares of the stock in a transaction dated Thursday, September 13th. The shares were sold at an average price of $95.87, for a total transaction of $4,860,417.26. Following the completion of the transaction, the chief executive officer now directly owns 315,671 shares of the company’s stock, valued at approximately $30,263,378.77. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 248,349 shares of company stock valued at $22,231,259. Company insiders own 11.99% of the company’s stock.

Several large investors have recently made changes to their positions in RNG. Dimensional Fund Advisors LP bought a new stake in RingCentral in the first quarter worth about $4,677,000. Stifel Financial Corp purchased a new position in shares of RingCentral during the first quarter worth approximately $201,000. Principal Financial Group Inc. increased its position in shares of RingCentral by 17.3% during the first quarter. Principal Financial Group Inc. now owns 50,191 shares of the software maker’s stock worth $3,187,000 after acquiring an additional 7,420 shares during the period. Allianz Asset Management GmbH purchased a new position in shares of RingCentral during the first quarter worth approximately $41,563,000. Finally, State of Alaska Department of Revenue purchased a new position in shares of RingCentral during the second quarter worth approximately $567,000. 77.49% of the stock is owned by hedge funds and other institutional investors.

About RingCentral

RingCentral, Inc provides software-as-a-service solutions for business communications and collaboration primarily in the United States. The company's products include RingCentral Office, a multi-tenant, multi-location, and enterprise-grade communications and collaboration solution that enables employees to communicate through voice, text, team messaging and collaboration, and HD video and Web conferencing through smartphones, tablets, PCs, and desk phones for businesses, which require a communications solution; RingCentral Professional, an inbound call routing subscription with additional text and fax capabilities primarily for smaller businesses; and RingCentral Fax solution that offers Internet fax capabilities, which allow businesses to send and receive fax documents without the need for a fax machine.

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