$257.38 Million in Sales Expected for RingCentral Inc (NYSE:RNG) This Quarter

Analysts predict that RingCentral Inc (NYSE:RNG) will announce $257.38 million in sales for the current fiscal quarter, Zacks Investment Research reports. Ten analysts have issued estimates for RingCentral’s earnings, with the lowest sales estimate coming in at $252.98 million and the highest estimate coming in at $260.06 million. RingCentral reported sales of $201.49 million during the same quarter last year, which would suggest a positive year over year growth rate of 27.7%. The business is scheduled to report its next quarterly earnings report on Monday, May 4th.

According to Zacks, analysts expect that RingCentral will report full year sales of $1.12 billion for the current financial year, with estimates ranging from $1.10 billion to $1.14 billion. For the next fiscal year, analysts expect that the firm will post sales of $1.39 billion, with estimates ranging from $1.32 billion to $1.45 billion. Zacks’ sales calculations are an average based on a survey of research firms that follow RingCentral.

RingCentral (NYSE:RNG) last released its earnings results on Monday, February 10th. The software maker reported $0.22 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.21 by $0.01. RingCentral had a negative return on equity of 2.87% and a negative net margin of 5.94%. The firm had revenue of $252.87 million during the quarter, compared to analysts’ expectations of $237.38 million. During the same period in the previous year, the firm posted $0.23 EPS. RingCentral’s revenue for the quarter was up 34.1% on a year-over-year basis.

A number of brokerages recently issued reports on RNG. Bank of America upped their target price on RingCentral from $198.00 to $237.00 and gave the company a “buy” rating in a research report on Wednesday, February 5th. Wells Fargo & Co upped their target price on RingCentral from $240.00 to $255.00 and gave the company an “overweight” rating in a research report on Tuesday, February 11th. JPMorgan Chase & Co. upped their target price on RingCentral from to in a research report on Tuesday, February 11th. UBS Group upped their target price on RingCentral from $210.00 to $250.00 and gave the company an “outperform” rating in a research report on Tuesday, February 11th. They noted that the move was a valuation call. Finally, Deutsche Bank began coverage on RingCentral in a research report on Tuesday, March 10th. They issued a “buy” rating and a $255.00 target price for the company. Four equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $226.86.

Shares of NYSE RNG traded up $27.44 during trading hours on Monday, reaching $217.80. The stock had a trading volume of 1,761,689 shares, compared to its average volume of 1,441,719. The firm has a market cap of $16.58 billion, a price-to-earnings ratio of -340.31 and a beta of 0.55. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 0.56. RingCentral has a fifty-two week low of $101.33 and a fifty-two week high of $252.20. The firm has a 50-day moving average of $214.39 and a 200-day moving average of $178.05.

In other RingCentral news, CFO Mitesh Dhruv sold 2,528 shares of the stock in a transaction on Tuesday, January 14th. The stock was sold at an average price of $186.43, for a total transaction of $471,295.04. Following the sale, the chief financial officer now owns 256,674 shares in the company, valued at approximately $47,851,733.82. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Vladimir Shmunis sold 25,000 shares of the stock in a transaction on Monday, February 24th. The shares were sold at an average price of $232.12, for a total value of $5,803,000.00. Following the sale, the chief executive officer now owns 179,197 shares in the company, valued at approximately $41,595,207.64. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 111,363 shares of company stock valued at $24,869,313. 11.03% of the stock is owned by company insiders.

A number of large investors have recently made changes to their positions in the business. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in RingCentral during the 4th quarter valued at $2,486,000. Franklin Resources Inc. grew its holdings in RingCentral by 5.2% during the 4th quarter. Franklin Resources Inc. now owns 212,534 shares of the software maker’s stock valued at $35,848,000 after buying an additional 10,434 shares during the last quarter. Norges Bank acquired a new stake in RingCentral during the 4th quarter valued at $101,792,000. Redpoint Investment Management Pty Ltd acquired a new stake in RingCentral during the 4th quarter valued at $240,000. Finally, 1832 Asset Management L.P. grew its holdings in RingCentral by 11.4% during the 4th quarter. 1832 Asset Management L.P. now owns 955,200 shares of the software maker’s stock valued at $158,128,000 after buying an additional 97,900 shares during the last quarter. Hedge funds and other institutional investors own 85.19% of the company’s stock.

RingCentral Company Profile

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.

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Earnings History and Estimates for RingCentral (NYSE:RNG)

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