RingCentral (RNG) Updates Q1 Earnings Guidance
RingCentral (NYSE:RNG) updated its first quarter earnings guidance on Monday. The company provided earnings per share guidance of $0.11-0.13 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.05. The company issued revenue guidance of $144.5-146.5 million, compared to the consensus revenue estimate of $140.46 million.RingCentral also updated its FY18 guidance to $0.56-0.60 EPS.
Several equities research analysts have recently issued reports on the stock. TheStreet upgraded shares of RingCentral from a d+ rating to a c- rating in a research report on Monday. Craig Hallum lifted their price objective on shares of RingCentral from $50.00 to $65.00 and gave the company a buy rating in a research report on Tuesday. JPMorgan Chase & Co. lifted their price objective on shares of RingCentral from $52.00 to $60.00 and gave the company a neutral rating in a research report on Tuesday. Morgan Stanley set a $60.00 price objective on shares of RingCentral and gave the company a hold rating in a research report on Tuesday. Finally, Bank of America lifted their price objective on shares of RingCentral from $57.00 to $67.00 and gave the company a buy rating in a research report on Tuesday. Four research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. The stock has an average rating of Buy and a consensus target price of $53.79.
Shares of RingCentral (RNG) opened at $57.15 on Wednesday. RingCentral has a 1 year low of $22.55 and a 1 year high of $58.70. The firm has a market cap of $4,126.68, a price-to-earnings ratio of -168.08 and a beta of 0.87.
In other news, CEO Vladimir Shmunis sold 48,666 shares of the business’s stock in a transaction on Tuesday, December 12th. The shares were sold at an average price of $47.12, for a total transaction of $2,293,141.92. Following the completion of the sale, the chief executive officer now directly owns 355,041 shares of the company’s stock, valued at $16,729,531.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Praful Shah sold 10,000 shares of the business’s stock in a transaction on Tuesday, November 21st. The shares were sold at an average price of $48.61, for a total transaction of $486,100.00. Following the sale, the insider now directly owns 296,050 shares of the company’s stock, valued at $14,390,990.50. The disclosure for this sale can be found here. Insiders have sold 230,934 shares of company stock valued at $11,112,262 over the last ninety days. 14.53% of the stock is owned by insiders.
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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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