Analysts Expect RingCentral Inc (RNG) Will Announce Earnings of $0.18 Per Share

Brokerages forecast that RingCentral Inc (NYSE:RNG) will post earnings of $0.18 per share for the current fiscal quarter, Zacks reports. Eleven analysts have issued estimates for RingCentral’s earnings, with estimates ranging from $0.17 to $0.19. RingCentral reported earnings of $0.07 per share during the same quarter last year, which suggests a positive year over year growth rate of 157.1%. The business is expected to report its next quarterly earnings report on Monday, February 11th.

According to Zacks, analysts expect that RingCentral will report full year earnings of $0.71 per share for the current fiscal year, with EPS estimates ranging from $0.69 to $0.72. For the next fiscal year, analysts forecast that the firm will post earnings of $0.68 per share, with EPS estimates ranging from $0.59 to $0.92. Zacks’ EPS calculations are an average based on a survey of sell-side research analysts that follow RingCentral.

RingCentral (NYSE:RNG) last posted its earnings results on Monday, November 5th. The software maker reported $0.19 earnings per share for the quarter, topping analysts’ consensus estimates of $0.16 by $0.03. The business had revenue of $173.83 million for the quarter, compared to analyst estimates of $166.70 million. RingCentral had a negative return on equity of 3.84% and a negative net margin of 4.25%. The firm’s revenue was up 33.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.06 EPS.

A number of research analysts recently weighed in on the company. Zacks Investment Research raised RingCentral from a “hold” rating to a “buy” rating and set a $95.00 target price on the stock in a report on Friday. TheStreet lowered RingCentral from a “c” rating to a “d+” rating in a report on Tuesday. Rosenblatt Securities reissued a “buy” rating and set a $100.00 target price on shares of RingCentral in a report on Wednesday. Bank of America decreased their target price on RingCentral from $100.00 to $93.00 and set a “buy” rating on the stock in a report on Tuesday. Finally, Deutsche Bank initiated coverage on RingCentral in a research note on Monday, October 8th. They issued a “buy” rating and a $105.00 price target for the company. Three research analysts have rated the stock with a hold rating, twelve have issued 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 price target of $89.80.

Shares of RNG stock traded down $4.02 during trading on Friday, reaching $82.20. 52,743 shares of the company’s stock were exchanged, compared to its average volume of 1,127,956. The company has a current ratio of 4.32, a quick ratio of 4.32 and a debt-to-equity ratio of 1.24. The firm has a market capitalization of $6.04 billion, a PE ratio of -234.86 and a beta of 1.02. RingCentral has a twelve month low of $43.85 and a twelve month high of $98.15.

In related news, CEO Vladimir Shmunis sold 16,901 shares of the business’s stock in a transaction on Wednesday, August 22nd. The stock was sold at an average price of $90.24, for a total value of $1,525,146.24. Following the completion of the sale, the chief executive officer now directly owns 349,282 shares in the company, valued at approximately $31,519,207.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO David Sipes sold 7,126 shares of the business’s stock in a transaction on Monday, August 27th. The shares were sold at an average price of $93.34, for a total value of $665,140.84. Following the completion of the sale, the chief operating officer now owns 284,861 shares of the company’s stock, valued at $26,588,925.74. The disclosure for this sale can be found here. Insiders sold a total of 250,849 shares of company stock valued at $22,442,584 over the last 90 days. 11.99% of the stock is currently owned by corporate insiders.

Several large investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC lifted its position in shares of RingCentral by 3.4% during the 2nd quarter. Renaissance Technologies LLC now owns 1,944,403 shares of the software maker’s stock valued at $136,789,000 after acquiring an additional 63,903 shares during the period. Millennium Management LLC lifted its position in shares of RingCentral by 129.5% during the 2nd quarter. Millennium Management LLC now owns 1,105,389 shares of the software maker’s stock valued at $77,764,000 after acquiring an additional 623,790 shares during the period. JPMorgan Chase & Co. lifted its position in shares of RingCentral by 6.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 992,948 shares of the software maker’s stock valued at $92,393,000 after acquiring an additional 59,673 shares during the period. OppenheimerFunds Inc. lifted its position in shares of RingCentral by 22.4% during the 2nd quarter. OppenheimerFunds Inc. now owns 792,971 shares of the software maker’s stock valued at $55,786,000 after acquiring an additional 145,343 shares during the period. Finally, First Trust Advisors LP lifted its position in shares of RingCentral by 781.7% during the 3rd quarter. First Trust Advisors LP now owns 658,381 shares of the software maker’s stock valued at $61,262,000 after acquiring an additional 583,706 shares during the period. Hedge funds and other institutional investors own 78.47% 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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