Equities analysts forecast that RingCentral Inc (NYSE:RNG) will announce sales of $193.24 million for the current quarter, Zacks Investment Research reports. Eleven analysts have issued estimates for RingCentral’s earnings, with estimates ranging from $191.70 million to $194.50 million. RingCentral posted sales of $150.34 million during the same quarter last year, which would suggest a positive year over year growth rate of 28.5%. The firm is scheduled to announce its next quarterly earnings report on Wednesday, May 8th.

On average, analysts expect that RingCentral will report full-year sales of $854.00 million for the current fiscal year, with estimates ranging from $846.60 million to $859.00 million. For the next financial year, analysts anticipate that the business will report sales of $1.05 billion, with estimates ranging from $1.03 billion to $1.08 billion. Zacks’ sales averages are a mean average based on a survey of research analysts that that provide coverage for RingCentral.

RingCentral (NYSE:RNG) last released its quarterly earnings results on Monday, February 11th. The software maker reported $0.01 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.04) by $0.05. RingCentral had a negative return on equity of 0.69% and a negative net margin of 3.89%. The company had revenue of $188.62 million for the quarter, compared to analysts’ expectations of $180.91 million.

RNG has been the topic of several recent analyst reports. Bank of America reissued a “buy” rating and set a $110.00 target price (up previously from $93.00) on shares of RingCentral in a report on Thursday, February 7th. Stephens reissued an “equal weight” rating on shares of RingCentral in a report on Tuesday, February 12th. They noted that the move was a valuation call. Morgan Stanley boosted their target price on RingCentral from $84.00 to $93.00 and gave the stock an “equal weight” rating in a report on Monday, January 7th. Guggenheim initiated coverage on RingCentral in a report on Monday, March 11th. They set a “buy” rating and a $125.00 target price on the stock. Finally, Jefferies Financial Group boosted their target price on RingCentral from $105.00 to $115.00 and gave the stock a “buy” rating in a report on Tuesday, February 12th. Four equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company. RingCentral has an average rating of “Buy” and an average target price of $111.00.

Shares of NYSE:RNG opened at $106.26 on Tuesday. RingCentral has a 12 month low of $63.95 and a 12 month high of $111.89. The company has a market cap of $8.59 billion, a P/E ratio of -2,656.50 and a beta of 0.95. The company has a current ratio of 3.55, a quick ratio of 3.55 and a debt-to-equity ratio of 1.15.

In other RingCentral news, CEO Vladimir Shmunis sold 50,700 shares of RingCentral stock in a transaction that occurred on Thursday, April 11th. The shares were sold at an average price of $103.72, for a total value of $5,258,604.00. Following the transaction, the chief executive officer now owns 245,623 shares in the company, valued at $25,476,017.56. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Mckenna Michelle sold 2,000 shares of RingCentral stock in a transaction that occurred on Friday, February 15th. The stock was sold at an average price of $103.44, for a total transaction of $206,880.00. Following the completion of the transaction, the director now owns 6,662 shares in the company, valued at approximately $689,117.28. The disclosure for this sale can be found here. In the last 90 days, insiders sold 512,448 shares of company stock worth $53,496,690. 11.99% of the stock is currently owned by company insiders.

A number of institutional investors have recently bought and sold shares of RNG. FMR LLC grew its position in RingCentral by 14.2% in the fourth quarter. FMR LLC now owns 7,227,409 shares of the software maker’s stock worth $595,828,000 after buying an additional 898,876 shares during the last quarter. Norges Bank acquired a new position in RingCentral in the fourth quarter worth approximately $53,247,000. Macquarie Group Ltd. grew its position in RingCentral by 289.7% in the fourth quarter. Macquarie Group Ltd. now owns 662,781 shares of the software maker’s stock worth $54,640,000 after buying an additional 492,686 shares during the last quarter. Polar Capital LLP grew its position in RingCentral by 131.1% in the fourth quarter. Polar Capital LLP now owns 594,436 shares of the software maker’s stock worth $49,005,000 after buying an additional 337,241 shares during the last quarter. Finally, Columbus Circle Investors grew its position in RingCentral by 52.0% in the fourth quarter. Columbus Circle Investors now owns 983,062 shares of the software maker’s stock worth $81,044,000 after buying an additional 336,482 shares during the last quarter. Hedge funds and other institutional investors own 81.38% of the company’s stock.

About RingCentral

RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect primarily in North America. The company's products include RingCentral Office, provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax through smartphones, tablets, PCs, and desk phones; RingCentral Professional, a cloud based virtual telephone service for professionals, as well as provides inbound call answering and management services, and includes inbound local, long-distance, and toll-free minutes; and RingCentral Fax that provides online fax capabilities that allow businesses to send and receive fax documents without a fax machine.

Read More: Cost of Capital

Get a free copy of the Zacks research report on RingCentral (RNG)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for RingCentral (NYSE:RNG)

Receive News & Ratings for RingCentral Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for RingCentral and related companies with MarketBeat.com's FREE daily email newsletter.