RingCentral Inc (RNG) Expected to Post Quarterly Sales of $137.00 Million

Equities research analysts expect RingCentral Inc (NYSE:RNG) to report sales of $137.00 million for the current fiscal quarter, according to Zacks. Nine analysts have provided estimates for RingCentral’s earnings, with the highest sales estimate coming in at $137.58 million and the lowest estimate coming in at $136.06 million. RingCentral posted sales of $104.50 million in the same quarter last year, which suggests a positive year-over-year growth rate of 31.1%. The business is expected to announce its next earnings results on Monday, February 12th.

According to Zacks, analysts expect that RingCentral will report full year sales of $137.00 million for the current year, with estimates ranging from $497.05 million to $498.57 million. For the next financial year, analysts expect that the company will post sales of $615.39 million per share, with estimates ranging from $607.73 million to $619.91 million. Zacks Investment Research’s sales averages are an average based on a survey of research firms that cover RingCentral.

RingCentral (NYSE:RNG) last announced its earnings results on Wednesday, November 8th. The software maker reported $0.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.02. RingCentral had a negative net margin of 5.80% and a negative return on equity of 17.97%. The company had revenue of $129.76 million for the quarter, compared to analysts’ expectations of $126.06 million. During the same quarter in the previous year, the company posted $0.03 EPS. The firm’s quarterly revenue was up 34.0% on a year-over-year basis.

RNG has been the topic of several recent research reports. Northland Securities reaffirmed an “outperform” rating and set a $46.00 target price (up previously from $43.00) on shares of RingCentral in a research note on Tuesday, October 3rd. Zacks Investment Research raised shares of RingCentral from a “hold” rating to a “buy” rating and set a $49.00 target price on the stock in a research note on Wednesday, October 4th. Jefferies Group reaffirmed a “buy” rating and set a $48.00 target price on shares of RingCentral in a research note on Thursday, October 19th. Bank of America lifted their target price on shares of RingCentral from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, October 25th. Finally, Oppenheimer lifted their target price on shares of RingCentral from $45.00 to $50.00 and gave the stock an “outperform” rating in a research note on Thursday, November 9th. Four investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $45.14.

Shares of RingCentral (NYSE:RNG) opened at $49.30 on Thursday. RingCentral has a one year low of $21.35 and a one year high of $49.95. The stock has a market cap of $3,810.00, a price-to-earnings ratio of -136.94 and a beta of 0.80.

In other news, COO David Sipes sold 1,500 shares of RingCentral stock in a transaction on Monday, October 16th. The stock was sold at an average price of $44.00, for a total transaction of $66,000.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Praful Shah sold 10,000 shares of RingCentral stock in a transaction on Thursday, January 4th. The stock was sold at an average price of $47.65, for a total value of $476,500.00. Following the transaction, the insider now owns 306,050 shares in the company, valued at approximately $14,583,282.50. The disclosure for this sale can be found here. In the last quarter, insiders have sold 220,134 shares of company stock worth $10,570,984. Insiders own 14.53% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the stock. State Street Corp raised its holdings in RingCentral by 7.3% in the 2nd quarter. State Street Corp now owns 1,253,662 shares of the software maker’s stock valued at $45,824,000 after buying an additional 85,404 shares during the period. FMR LLC raised its holdings in RingCentral by 40.1% in the 2nd quarter. FMR LLC now owns 2,905,422 shares of the software maker’s stock valued at $106,193,000 after buying an additional 832,314 shares during the period. Bank of Nova Scotia purchased a new stake in RingCentral in the 2nd quarter valued at about $1,871,000. Prudential Financial Inc. purchased a new stake in RingCentral in the 2nd quarter valued at about $382,000. Finally, Nationwide Fund Advisors raised its holdings in RingCentral by 66.8% in the 2nd quarter. Nationwide Fund Advisors now owns 141,441 shares of the software maker’s stock valued at $5,170,000 after buying an additional 56,644 shares during the period. Hedge funds and other institutional investors own 76.29% of the company’s stock.

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RingCentral Company Profile

RingCentral, Inc is a provider of software-as-a-service (SaaS) solutions for businesses to support modern communications. The Company’s cloud-based business communications solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, personal computers (PCs) and desk phones, and allow for communication across multiple channels, including high definition (HD) voice, video, short messaging service (SMS), messaging and collaboration, conferencing, online meetings, and fax.

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