Brokerages Expect RingCentral Inc (NYSE:RNG) Will Post Quarterly Sales of $257.38 Million

Equities analysts forecast that RingCentral Inc (NYSE:RNG) will report $257.38 million in sales for the current quarter, Zacks Investment Research reports. Ten analysts have provided estimates for RingCentral’s earnings, with the highest sales estimate coming in at $260.06 million and the lowest estimate coming in at $252.98 million. RingCentral posted sales of $201.49 million during the same quarter last year, which suggests a positive year-over-year growth rate of 27.7%. The company is scheduled to issue its next earnings results on Monday, May 4th.

According to Zacks, analysts expect that RingCentral will report full-year sales of $1.12 billion for the current year, with estimates ranging from $1.10 billion to $1.14 billion. For the next fiscal year, analysts anticipate that the company will report sales of $1.39 billion, with estimates ranging from $1.32 billion to $1.45 billion. Zacks Investment Research’s sales averages 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 Monday, February 10th. The software maker reported $0.22 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.21 by $0.01. The company had revenue of $252.87 million for the quarter, compared to analyst estimates of $237.38 million. RingCentral had a negative net margin of 5.94% and a negative return on equity of 2.87%. The business’s revenue for the quarter was up 34.1% compared to the same quarter last year. During the same period last year, the business posted $0.23 earnings per share.

RNG has been the topic of a number of research analyst reports. Northland Securities raised their price objective on shares of RingCentral from $185.00 to $239.00 and gave the stock an “outperform” rating in a report on Tuesday, February 11th. William Blair reaffirmed a “buy” rating on shares of RingCentral in a research report on Thursday, February 6th. Rosenblatt Securities raised their target price on shares of RingCentral from $215.00 to $245.00 and gave the company a “buy” rating in a research report on Tuesday, February 11th. Deutsche Bank initiated coverage on shares of RingCentral in a research report on Tuesday, March 10th. They issued a “buy” rating and a $255.00 target price for the company. Finally, Morgan Stanley decreased their target price on shares of RingCentral from $205.00 to $190.00 and set an “equal weight” rating for the company in a research report on Wednesday. Four investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $226.86.

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

In other news, CEO Vladimir Shmunis sold 12,607 shares of RingCentral stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $206.84, for a total value of $2,607,631.88. Following the completion of the transaction, the chief executive officer now owns 179,197 shares of the company’s stock, valued at approximately $37,065,107.48. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Vaibhav Agarwal sold 411 shares of RingCentral stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $196.71, for a total transaction of $80,847.81. Following the completion of the transaction, the chief accounting officer now directly owns 19,024 shares of the company’s stock, valued at approximately $3,742,211.04. The disclosure for this sale can be found here. In the last three months, insiders sold 111,363 shares of company stock valued at $24,869,313. Insiders own 11.03% of the company’s stock.

Several hedge funds have recently made changes to their positions in RNG. Granahan Investment Management Inc. MA acquired a new position in shares of RingCentral in the 3rd quarter valued at approximately $204,000. Blair William & Co. IL raised its position in shares of RingCentral by 4.0% in the 4th quarter. Blair William & Co. IL now owns 21,440 shares of the software maker’s stock valued at $3,616,000 after buying an additional 821 shares in the last quarter. NumerixS Investment Technologies Inc acquired a new position in shares of RingCentral in the 4th quarter valued at approximately $296,000. IFM Investors Pty Ltd acquired a new position in shares of RingCentral in the 4th quarter valued at approximately $1,191,000. Finally, Virtu Financial LLC raised its position in shares of RingCentral by 34.7% in the 3rd quarter. Virtu Financial LLC now owns 6,385 shares of the software maker’s stock valued at $802,000 after buying an additional 1,646 shares in the last quarter. 85.19% of the stock is owned by institutional investors and hedge funds.

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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