Ringcentral, Inc. (RNG) Scheduled to Post Quarterly Earnings on Monday
Ringcentral, Inc. (NYSE:RNG) is set to announce its earnings results after the market closes on Monday, October 23rd. Analysts expect the company to announce earnings of $0.04 per share for the quarter.
Ringcentral (NYSE:RNG) last announced its quarterly earnings data on Wednesday, August 2nd. The software maker reported $0.04 EPS for the quarter, beating the Zacks’ consensus estimate of $0.03 by $0.01. The business had revenue of $119.40 million during the quarter, compared to analyst estimates of $118.19 million. Ringcentral had a negative net margin of 6.77% and a negative return on equity of 19.59%. The firm’s revenue for the quarter was up 30.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.02 earnings per share. On average, analysts expect Ringcentral to post $0.17 EPS for the current fiscal year and $0.30 EPS for the next fiscal year.
Ringcentral, Inc. (NYSE RNG) opened at 42.55 on Friday. The stock’s 50 day moving average is $42.12 and its 200-day moving average is $36.58. The firm’s market cap is $3.26 billion. Ringcentral, Inc. has a 12 month low of $19.35 and a 12 month high of $44.95.
In other Ringcentral news, CAO John H. Marlow sold 7,946 shares of the firm’s stock in a transaction dated Friday, August 25th. The shares were sold at an average price of $39.20, for a total value of $311,483.20. Following the transaction, the chief accounting officer now directly owns 135,047 shares of the company’s stock, valued at approximately $5,293,842.40. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, COO David Sipes sold 1,500 shares of the firm’s stock in a transaction dated Monday, October 16th. The shares were sold at an average price of $44.00, for a total transaction of $66,000.00. The disclosure for this sale can be found here. Insiders sold a total of 382,106 shares of company stock valued at $15,665,035 in the last quarter. Corporate insiders own 14.53% of the company’s stock.
A number of analysts have recently issued reports on the stock. Northland Securities restated 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. Dougherty & Co reiterated a “buy” rating and issued a $40.00 price objective (up previously from $36.00) on shares of Ringcentral in a research note on Wednesday, August 9th. Jefferies Group LLC reiterated a “buy” rating and issued a $48.00 price objective on shares of Ringcentral in a research note on Thursday. Robert W. Baird cut shares of Ringcentral from an “outperform” rating to a “neutral” rating and lifted their price objective for the stock from $38.80 to $41.00 in a research note on Thursday, August 10th. Finally, Zacks Investment Research cut shares of Ringcentral from a “buy” rating to a “hold” rating in a research note on Wednesday. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $40.92.
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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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