$221.52 Million in Sales Expected for RingCentral Inc (NYSE:RNG) This Quarter

Brokerages expect RingCentral Inc (NYSE:RNG) to report $221.52 million in sales for the current quarter, according to Zacks Investment Research. Ten analysts have made estimates for RingCentral’s earnings. The highest sales estimate is $224.00 million and the lowest is $220.70 million. RingCentral reported sales of $173.83 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 27.4%. The company is expected to issue its next earnings results after the market closes on Monday, November 4th.

On average, analysts expect that RingCentral will report full year sales of $875.41 million for the current year, with estimates ranging from $874.04 million to $877.40 million. For the next fiscal year, analysts expect that the firm will post sales of $1.08 billion, with estimates ranging from $1.06 billion to $1.09 billion. Zacks’ sales averages are a mean average based on a survey of research analysts that cover RingCentral.

RingCentral (NYSE:RNG) last posted its quarterly earnings results on Monday, July 29th. The software maker reported ($0.03) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.16) by $0.13. The business had revenue of $215.20 million for the quarter, compared to analyst estimates of $204.70 million. RingCentral had a negative return on equity of 1.13% and a negative net margin of 3.95%. The business’s revenue was up 33.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.19 EPS.

Several equities research analysts have weighed in on the company. Jefferies Financial Group increased their target price on RingCentral from $140.00 to $152.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $160.00 target price on shares of RingCentral in a research report on Friday, October 4th. Needham & Company LLC reaffirmed a “buy” rating and issued a $150.00 target price (up from $140.00) on shares of RingCentral in a research report on Tuesday, July 30th. Oppenheimer increased their target price on RingCentral from $130.00 to $155.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 30th. Finally, JPMorgan Chase & Co. raised RingCentral from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $143.00 to $225.00 in a research report on Monday, October 7th. Three investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. RingCentral currently has an average rating of “Buy” and a consensus target price of $149.35.

In other news, COO David Sipes sold 13,957 shares of the stock in a transaction on Friday, September 6th. The stock was sold at an average price of $137.70, for a total value of $1,921,878.90. Following the completion of the transaction, the chief operating officer now owns 251,746 shares of the company’s stock, valued at $34,665,424.20. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Vladimir Shmunis sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $168.45, for a total value of $4,211,250.00. Following the transaction, the chief executive officer now directly owns 265,833 shares of the company’s stock, valued at approximately $44,779,568.85. The disclosure for this sale can be found here. In the last three months, insiders sold 423,884 shares of company stock valued at $61,280,885. Company insiders own 11.03% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. SG Americas Securities LLC boosted its stake in RingCentral by 130.8% during the second quarter. SG Americas Securities LLC now owns 4,560 shares of the software maker’s stock valued at $524,000 after buying an additional 2,584 shares in the last quarter. Janus Henderson Group PLC boosted its stake in RingCentral by 9.0% during the second quarter. Janus Henderson Group PLC now owns 177,217 shares of the software maker’s stock valued at $20,366,000 after buying an additional 14,688 shares in the last quarter. Natixis bought a new position in RingCentral during the second quarter valued at about $9,006,000. Charles Schwab Investment Management Inc. boosted its position in shares of RingCentral by 4.7% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 431,461 shares of the software maker’s stock valued at $49,584,000 after purchasing an additional 19,191 shares during the period. Finally, Toronto Dominion Bank acquired a new position in shares of RingCentral in the 2nd quarter valued at $830,000. 82.29% of the stock is owned by institutional investors and hedge funds.

Shares of RNG stock traded down $1.17 on Wednesday, hitting $160.50. 917,094 shares of the stock traded hands, compared to its average volume of 878,731. The company has a debt-to-equity ratio of 1.13, a current ratio of 2.99 and a quick ratio of 2.99. The company has a market capitalization of $13.39 billion, a PE ratio of -4,012.50 and a beta of 0.83. RingCentral has a 1-year low of $64.41 and a 1-year high of $177.99. The company’s fifty day moving average is $144.31 and its 200 day moving average is $127.66.

About RingCentral

RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect primarily in North America. The company's products include RingCentral Office, provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax through smartphones, tablets, PCs, and desk phones; RingCentral Professional, a cloud based virtual telephone service for professionals, as well as provides inbound call answering and management services, and includes inbound local, long-distance, and toll-free minutes; and RingCentral Fax that provides online fax capabilities that allow businesses to send and receive fax documents without a fax machine.

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