$180.91 Million in Sales Expected for RingCentral Inc (RNG) This Quarter
Analysts expect RingCentral Inc (NYSE:RNG) to announce sales of $180.91 million for the current quarter, according to Zacks Investment Research. Eleven analysts have issued estimates for RingCentral’s earnings. The lowest sales estimate is $179.00 million and the highest is $182.01 million. RingCentral reported sales of $140.54 million during the same quarter last year, which indicates a positive year-over-year growth rate of 28.7%. The firm is scheduled to issue its next earnings results on Monday, February 11th.
According to Zacks, analysts expect that RingCentral will report full year sales of $665.98 million for the current fiscal year, with estimates ranging from $664.00 million to $667.01 million. For the next financial year, analysts forecast that the business will post sales of $820.88 million, with estimates ranging from $795.60 million to $830.63 million. Zacks’ sales averages are a mean average based on a survey of sell-side research firms that cover RingCentral.
RingCentral (NYSE:RNG) last announced its quarterly earnings results on Monday, November 5th. The software maker reported $0.19 EPS for the quarter, topping the consensus estimate of $0.16 by $0.03. The business had revenue of $173.83 million for the quarter, compared to analysts’ expectations of $166.70 million. RingCentral had a negative net margin of 4.25% and a negative return on equity of 3.64%. The business’s quarterly revenue was up 33.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.06 EPS.
In other news, CEO Vladimir Shmunis sold 50,508 shares of the company’s stock in a transaction dated Monday, August 20th. The shares were sold at an average price of $89.29, for a total transaction of $4,509,859.32. Following the sale, the chief executive officer now directly owns 349,282 shares in the company, valued at approximately $31,187,389.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO David Sipes sold 7,126 shares of the company’s stock in a transaction dated Monday, August 27th. The shares were sold at an average price of $93.34, for a total transaction of $665,140.84. Following the sale, the chief operating officer now owns 284,861 shares in the company, valued at $26,588,925.74. The disclosure for this sale can be found here. Insiders have sold a total of 250,849 shares of company stock worth $22,442,584 over the last 90 days. Corporate insiders own 11.99% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the stock. BlackRock Inc. raised its position in RingCentral by 0.4% in the 3rd quarter. BlackRock Inc. now owns 3,790,244 shares of the software maker’s stock worth $352,684,000 after purchasing an additional 14,743 shares during the period. Renaissance Technologies LLC raised its position in RingCentral by 3.4% in the 2nd quarter. Renaissance Technologies LLC now owns 1,944,403 shares of the software maker’s stock worth $136,789,000 after purchasing an additional 63,903 shares during the period. Millennium Management LLC raised its position in RingCentral by 129.5% in the 2nd quarter. Millennium Management LLC now owns 1,105,389 shares of the software maker’s stock worth $77,764,000 after purchasing an additional 623,790 shares during the period. JPMorgan Chase & Co. raised its position in RingCentral by 6.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 992,948 shares of the software maker’s stock worth $92,393,000 after purchasing an additional 59,673 shares during the period. Finally, OppenheimerFunds Inc. raised its position in RingCentral by 22.4% in the 2nd quarter. OppenheimerFunds Inc. now owns 792,971 shares of the software maker’s stock worth $55,786,000 after purchasing an additional 145,343 shares during the period. 78.23% of the stock is currently owned by institutional investors.
RNG stock traded down $0.30 during mid-day trading on Tuesday, hitting $75.15. The company had a trading volume of 832,000 shares, compared to its average volume of 804,917. The stock has a market cap of $6.66 billion, a P/E ratio of -214.71 and a beta of 1.02. RingCentral has a 12-month low of $43.85 and a 12-month high of $98.15. The company has a quick ratio of 4.07, a current ratio of 4.07 and a debt-to-equity ratio of 1.22.
RingCentral, Inc provides software-as-a-service solutions for business communications and collaboration primarily in the United States. The company's products include RingCentral Office, a multi-tenant, multi-location, and enterprise-grade communications and collaboration solution that enables employees to communicate through voice, text, team messaging and collaboration, and HD video and Web conferencing through smartphones, tablets, PCs, and desk phones for businesses, which require a communications solution; RingCentral Professional, an inbound call routing subscription with additional text and fax capabilities primarily for smaller businesses; and RingCentral Fax solution that offers Internet fax capabilities, which allow businesses to send and receive fax documents without the need for a fax machine.
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