RingCentral Inc (NYSE:RNG) Expected to Announce Earnings of $0.18 Per Share

Equities analysts expect RingCentral Inc (NYSE:RNG) to announce $0.18 earnings per share for the current fiscal quarter, according to Zacks Investment Research. Ten analysts have provided estimates for RingCentral’s earnings, with estimates ranging from $0.17 to $0.21. RingCentral reported earnings of $0.17 per share in the same quarter last year, which would indicate a positive year over year growth rate of 5.9%. The firm is expected to announce its next quarterly earnings results on Monday, May 4th.

On average, analysts expect that RingCentral will report full year earnings of $0.92 per share for the current fiscal year, with EPS estimates ranging from $0.81 to $0.95. For the next year, analysts forecast that the company will post earnings of $1.17 per share, with EPS estimates ranging from $1.00 to $1.34. Zacks’ earnings per share averages are a mean average based on a survey of analysts that follow RingCentral.

RingCentral (NYSE:RNG) last issued its quarterly earnings results on Monday, February 10th. The software maker reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.01. RingCentral had a negative net margin of 5.94% and a negative return on equity of 2.87%. The firm had revenue of $252.87 million for the quarter, compared to analyst estimates of $237.38 million. During the same period in the previous year, the business earned $0.23 EPS. The company’s revenue was up 34.1% compared to the same quarter last year.

Several equities research analysts have issued reports on the stock. Needham & Company LLC lifted their price target on shares of RingCentral from $220.00 to $240.00 and gave the company a “buy” rating in a research note on Tuesday, February 11th. Craig Hallum lifted their price target on shares of RingCentral from $175.00 to $250.00 and gave the company a “buy” rating in a research note on Tuesday, February 11th. UBS Group lifted their price target on shares of RingCentral from $210.00 to $250.00 and gave the company an “outperform” rating in a research note on Tuesday, February 11th. They noted that the move was a valuation call. SunTrust Banks lifted their price objective on shares of RingCentral from $225.00 to $236.00 and gave the company a “buy” rating in a research report on Tuesday, February 11th. Finally, Morgan Stanley decreased their price objective 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 equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the stock. RingCentral presently has a consensus rating of “Buy” and an average target price of $226.86.

RNG stock traded up $27.44 during midday trading on Friday, hitting $217.80. The company’s stock had a trading volume of 1,761,689 shares, compared to its average volume of 1,441,719. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.91 and a quick ratio of 1.91. RingCentral has a twelve month low of $101.33 and a twelve month high of $252.20. The company’s fifty day moving average price is $214.39 and its 200 day moving average price is $178.05. The stock has a market capitalization of $16.58 billion, a P/E ratio of -340.31 and a beta of 0.55.

In related news, CFO Mitesh Dhruv sold 2,528 shares of RingCentral stock in a transaction dated Tuesday, January 14th. The shares were sold at an average price of $186.43, for a total transaction of $471,295.04. Following the completion of the sale, the chief financial officer now owns 256,674 shares of the company’s stock, valued at approximately $47,851,733.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Praful Shah sold 6,230 shares of RingCentral stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $190.83, for a total transaction of $1,188,870.90. Following the sale, the insider now directly owns 248,360 shares of the company’s stock, valued at approximately $47,394,538.80. The disclosure for this sale can be found here. Insiders have sold a total of 111,363 shares of company stock valued at $24,869,313 in the last ninety days. 11.03% of the stock is currently owned by insiders.

Several hedge funds have recently made changes to their positions in the stock. BI Asset Management Fondsmaeglerselskab A S bought a new stake in RingCentral in the 4th quarter valued at about $2,486,000. Franklin Resources Inc. boosted its holdings in RingCentral by 5.2% in the 4th quarter. Franklin Resources Inc. now owns 212,534 shares of the software maker’s stock valued at $35,848,000 after purchasing an additional 10,434 shares during the period. Norges Bank bought a new stake in RingCentral in the 4th quarter valued at about $101,792,000. Redpoint Investment Management Pty Ltd bought a new stake in RingCentral in the 4th quarter valued at about $240,000. Finally, 1832 Asset Management L.P. boosted its holdings in RingCentral by 11.4% in 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 purchasing an additional 97,900 shares during the period. 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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Earnings History and Estimates for RingCentral (NYSE:RNG)

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