Brokerages Expect RingCentral Inc (RNG) Will Announce Quarterly Sales of $155.60 Million

Wall Street brokerages expect RingCentral Inc (NYSE:RNG) to report sales of $155.60 million for the current quarter, Zacks Investment Research reports. Nine analysts have provided estimates for RingCentral’s earnings, with the lowest sales estimate coming in at $154.57 million and the highest estimate coming in at $156.50 million. RingCentral posted sales of $119.44 million during the same quarter last year, which would indicate a positive year over year growth rate of 30.3%. The company is scheduled to announce its next quarterly earnings results after the market closes on Monday, August 6th.

On average, analysts expect that RingCentral will report full-year sales of $643.05 million for the current fiscal year, with estimates ranging from $638.26 million to $651.00 million. For the next financial year, analysts anticipate that the firm will report sales of $790.13 million per share, with estimates ranging from $764.98 million to $823.50 million. Zacks’ sales calculations are a mean average based on a survey of research firms that that provide coverage for RingCentral.

RingCentral (NYSE:RNG) last posted its earnings results on Wednesday, May 9th. The software maker reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.04. The company had revenue of $150.00 million during the quarter, compared to analysts’ expectations of $145.41 million. RingCentral had a negative return on equity of 9.90% and a negative net margin of 3.99%. The firm’s quarterly revenue was up 33.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.03 earnings per share.

Several equities research analysts have issued reports on the company. Oppenheimer raised their target price on RingCentral from $79.00 to $92.00 and gave the stock an “outperform” rating in a research note on Tuesday, June 19th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $84.00 price objective on shares of RingCentral in a research note on Friday, June 15th. Jefferies Financial Group reaffirmed a “buy” rating on shares of RingCentral in a research note on Friday, June 15th. Zacks Investment Research raised RingCentral from a “hold” rating to a “buy” rating and set a $83.00 price objective for the company in a research note on Wednesday, July 11th. Finally, Stifel Nicolaus started coverage on RingCentral in a research note on Wednesday, July 11th. They issued a “buy” rating and a $100.00 price objective for the company. Three equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. RingCentral has an average rating of “Buy” and an average target price of $72.46.

RNG stock opened at $79.55 on Monday. The company has a quick ratio of 4.71, a current ratio of 4.71 and a debt-to-equity ratio of 1.29. The firm has a market cap of $6.22 billion, a price-to-earnings ratio of -227.29 and a beta of 0.70. RingCentral has a 52-week low of $34.55 and a 52-week high of $83.95.

In related news, CEO Vladimir Shmunis sold 62,087 shares of RingCentral stock in a transaction on Wednesday, May 23rd. The stock was sold at an average price of $74.59, for a total value of $4,631,069.33. Following the completion of the transaction, the chief executive officer now directly owns 379,848 shares in the company, valued at $28,332,862.32. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Mitesh Dhruv sold 3,000 shares of RingCentral stock in a transaction on Wednesday, May 23rd. The shares were sold at an average price of $72.45, for a total value of $217,350.00. Following the completion of the transaction, the chief financial officer now owns 169,377 shares of the company’s stock, valued at $12,271,363.65. The disclosure for this sale can be found here. Insiders sold 206,399 shares of company stock valued at $15,495,485 over the last ninety days. Insiders own 11.99% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the stock. Sei Investments Co. boosted its holdings in RingCentral by 81.4% in the second quarter. Sei Investments Co. now owns 36,051 shares of the software maker’s stock valued at $2,536,000 after purchasing an additional 16,174 shares during the period. State of Wisconsin Investment Board purchased a new position in RingCentral in the second quarter valued at $913,000. LMR Partners LLP purchased a new position in RingCentral in the second quarter valued at $6,514,000. Public Employees Retirement Association of Colorado boosted its holdings in RingCentral by 68.5% in the second quarter. Public Employees Retirement Association of Colorado now owns 6,068 shares of the software maker’s stock valued at $427,000 after purchasing an additional 2,466 shares during the period. Finally, First Trust Advisors LP boosted its holdings in RingCentral by 23.4% in the second quarter. First Trust Advisors LP now owns 74,675 shares of the software maker’s stock valued at $5,253,000 after purchasing an additional 14,162 shares during the period. Hedge funds and other institutional investors own 77.20% of the company’s stock.

RingCentral Company Profile

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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