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.
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.
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