RingCentral (RNG) Issues FY 2019 Earnings Guidance

RingCentral (NYSE:RNG) updated its FY 2019 earnings guidance on Monday. The company provided EPS guidance of $0.69-0.73 for the period, compared to the Thomson Reuters consensus EPS estimate of $0.71. The company issued revenue guidance of $847-859 million, compared to the consensus revenue estimate of $823.04 million.RingCentral also updated its Q1 2019 guidance to $0.14-0.16 EPS.

A number of research firms have recently issued reports on RNG. Zacks Investment Research raised shares of RingCentral from a hold rating to a buy rating and set a $100.00 price target for the company in a research report on Saturday, January 26th. Robert W. Baird raised shares of RingCentral from a neutral rating to an outperform rating and set a $100.00 price target for the company in a research report on Monday, November 19th. TheStreet lowered shares of RingCentral from a c rating to a d+ rating in a research report on Tuesday, November 6th. Bank of America reduced their price target on shares of RingCentral from $100.00 to $93.00 and set a buy rating for the company in a research report on Tuesday, November 6th. Finally, Morgan Stanley increased their price objective on RingCentral from $84.00 to $93.00 and gave the stock an equal weight rating in a report on Monday, January 7th. Four equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of Buy and a consensus price target of $94.27.

NYSE:RNG traded down $1.03 during mid-day trading on Monday, reaching $99.87. The stock had a trading volume of 1,802,581 shares, compared to its average volume of 752,299. RingCentral has a fifty-two week low of $51.95 and a fifty-two week high of $103.49. The company has a market capitalization of $8.11 billion, a P/E ratio of -285.34 and a beta of 0.99. The company has a debt-to-equity ratio of 1.22, a quick ratio of 4.07 and a current ratio of 4.07.

In other RingCentral news, Director Mckenna Michelle sold 2,500 shares of the stock in a transaction that occurred on Wednesday, December 12th. The stock was sold at an average price of $88.00, for a total transaction of $220,000.00. Following the transaction, the director now owns 8,662 shares in the company, valued at $762,256. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Praful Shah sold 1,889 shares of the stock in a transaction that occurred on Wednesday, November 28th. The shares were sold at an average price of $75.54, for a total value of $142,695.06. Following the transaction, the insider now owns 291,166 shares in the company, valued at approximately $21,994,679.64. The disclosure for this sale can be found here. Insiders sold 243,484 shares of company stock worth $19,716,779 in the last 90 days. 11.99% of the stock is currently owned by corporate insiders.

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RingCentral Company Profile

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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