$180.91 Million in Sales Expected for RingCentral Inc (RNG) This Quarter

Wall Street analysts expect RingCentral Inc (NYSE:RNG) to report $180.91 million in sales for the current fiscal quarter, according to Zacks. Eleven analysts have provided estimates for RingCentral’s earnings, with the highest sales estimate coming in at $182.01 million and the lowest estimate coming in at $179.00 million. RingCentral reported sales of $140.54 million in the same quarter last year, which indicates a positive year over year growth rate of 28.7%. The business is scheduled to report its next quarterly earnings results on Monday, February 11th.

On average, 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 fiscal 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 analysts that that provide coverage for RingCentral.

RingCentral (NYSE:RNG) last issued its earnings results on Monday, November 5th. The software maker reported $0.19 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.16 by $0.03. RingCentral had a negative net margin of 4.25% and a negative return on equity of 3.64%. The firm had revenue of $173.83 million for the quarter, compared to analysts’ expectations of $166.70 million. During the same quarter last year, the company posted $0.06 earnings per share. RingCentral’s revenue was up 33.4% on a year-over-year basis.

A number of equities analysts have issued reports on the stock. Craig Hallum raised their target price on shares of RingCentral from $84.00 to $95.00 and gave the stock a “buy” rating in a report on Tuesday, August 7th. Zacks Investment Research raised RingCentral from a “hold” rating to a “buy” rating and set a $95.00 price target on the stock in a report on Friday, November 9th. Dougherty & Co lifted their price target on RingCentral from $85.00 to $95.00 and gave the company a “buy” rating in a report on Tuesday, August 7th. Robert W. Baird lifted their price target on RingCentral from $80.00 to $90.00 and gave the company a “neutral” rating in a report on Tuesday, August 7th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $100.00 price target on shares of RingCentral in a report on Wednesday, November 7th. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $90.47.

NYSE RNG traded up $3.01 during trading hours on Thursday, reaching $82.90. The company’s stock had a trading volume of 1,275,470 shares, compared to its average volume of 1,266,254. 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 has a 52 week low of $43.85 and a 52 week high of $98.15. The stock has a market capitalization of $6.66 billion, a P/E ratio of -236.86 and a beta of 1.02.

In related news, insider Praful Shah sold 4,974 shares of the business’s stock in a transaction that occurred on Thursday, September 6th. The stock was sold at an average price of $92.58, for a total transaction of $460,492.92. Following the sale, the insider now owns 305,217 shares of the company’s stock, valued at $28,256,989.86. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Vladimir Shmunis sold 46,048 shares of the business’s stock in a transaction that occurred on Tuesday, November 20th. The stock was sold at an average price of $68.76, for a total value of $3,166,260.48. Following the sale, the chief executive officer now directly owns 309,799 shares in the company, valued at approximately $21,301,779.24. The disclosure for this sale can be found here. In the last three months, insiders have sold 240,116 shares of company stock worth $19,847,279. 11.99% of the stock is owned by corporate insiders.

A number of institutional investors have recently bought and sold shares of RNG. Principal Financial Group Inc. grew its position in RingCentral by 17.3% in the first quarter. Principal Financial Group Inc. now owns 50,191 shares of the software maker’s stock worth $3,187,000 after buying an additional 7,420 shares during the last quarter. Amalgamated Bank grew its position in RingCentral by 78.9% in the second quarter. Amalgamated Bank now owns 15,531 shares of the software maker’s stock worth $1,093,000 after buying an additional 6,849 shares during the last quarter. Cornerstone Wealth Management LLC acquired a new position in RingCentral in the second quarter worth approximately $355,000. Daiwa Securities Group Inc. acquired a new position in RingCentral in the second quarter worth approximately $1,596,000. Finally, Raymond James Financial Services Advisors Inc. grew its position in RingCentral by 21.4% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 34,892 shares of the software maker’s stock worth $2,455,000 after buying an additional 6,142 shares during the last quarter. Hedge funds and other institutional investors own 77.33% of the company’s stock.

About RingCentral

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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