RingCentral (NYSE:RNG) Releases Quarterly Earnings Results, Beats Estimates By $0.02 EPS


Share on StockTwits

RingCentral (NYSE:RNG) announced its earnings results on Tuesday. The software maker reported $0.27 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.25 by $0.02, MarketWatch Earnings reports. RingCentral had a negative return on equity of 12.62% and a negative net margin of 9.66%. The company had revenue of $352.36 million for the quarter, compared to analysts’ expectations of $339.43 million. During the same quarter in the previous year, the firm earned $0.19 earnings per share. RingCentral’s quarterly revenue was up 31.7% on a year-over-year basis.

NYSE RNG traded down $18.13 on Tuesday, hitting $296.67. The stock had a trading volume of 1,734,805 shares, compared to its average volume of 906,157. The business’s fifty day moving average price is $315.24 and its 200 day moving average price is $341.67. RingCentral has a 52-week low of $228.17 and a 52-week high of $449.00. The stock has a market cap of $26.85 billion, a price-to-earnings ratio of -241.19 and a beta of 0.70. The company has a debt-to-equity ratio of 4.65, a current ratio of 2.69 and a quick ratio of 2.69.

Several research firms have weighed in on RNG. Northland Securities boosted their price objective on RingCentral from $340.00 to $450.00 in a research report on Wednesday, February 17th. Piper Sandler boosted their price objective on RingCentral from $451.00 to $484.00 in a research note on Wednesday, February 17th. KeyCorp boosted their price objective on RingCentral from $410.00 to $490.00 in a research note on Wednesday, February 17th. Mizuho boosted their price objective on RingCentral from $400.00 to $500.00 and gave the company a “buy” rating in a research note on Wednesday, February 17th. Finally, Truist upped their target price on RingCentral from $367.00 to $525.00 in a research note on Wednesday, February 17th. Two equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $435.17.

In other news, CAO Vaibhav Agarwal sold 435 shares of the company’s stock in a transaction dated Monday, March 22nd. The stock was sold at an average price of $317.19, for a total value of $137,977.65. Following the sale, the chief accounting officer now owns 13,486 shares in the company, valued at $4,277,624.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director R Neil Williams sold 2,388 shares of the company’s stock in a transaction dated Thursday, February 4th. The stock was sold at an average price of $395.52, for a total value of $944,501.76. Following the completion of the sale, the director now owns 15,466 shares in the company, valued at approximately $6,117,112.32. The disclosure for this sale can be found here. Insiders have sold a total of 52,759 shares of company stock worth $19,901,042 over the last ninety days. 11.03% of the stock is currently owned by corporate insiders.

About RingCentral

RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect in North America. Its products include RingCentral Office that provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers omni-channel; and RingCentral Engage Digital, a digital customer engagement platform that allows enterprises to interact with their customers.

Featured Article: Options Trading – Understanding Strike Price

Earnings History for RingCentral (NYSE:RNG)

Receive News & Ratings for RingCentral Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for RingCentral and related companies with MarketBeat.com's FREE daily email newsletter.