Research Analysts Set Expectations for RingCentral Inc’s Q2 2019 Earnings (RNG)

RingCentral Inc (NYSE:RNG) – Research analysts at SunTrust Banks issued their Q2 2019 earnings per share estimates for RingCentral in a report issued on Monday, November 5th. SunTrust Banks analyst T. Tillman anticipates that the software maker will post earnings per share of ($0.08) for the quarter. SunTrust Banks has a “Buy” rating and a $100.00 price target on the stock.

RingCentral (NYSE:RNG) last announced its quarterly earnings data 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 3.84%. The firm had revenue of $173.83 million during the quarter, compared to analysts’ expectations of $166.70 million. During the same period in the prior year, the company posted $0.06 earnings per share. The company’s revenue for the quarter was up 33.4% compared to the same quarter last year.

Other equities analysts have also issued research reports about the stock. Jefferies Financial Group restated a “buy” rating and set a $97.00 target price on shares of RingCentral in a research report on Tuesday, August 7th. Dougherty & Co upped their target price on shares of RingCentral from $85.00 to $95.00 and gave the stock a “buy” rating in a research report on Tuesday, August 7th. Zacks Investment Research lowered shares of RingCentral from a “strong-buy” rating to a “hold” rating in a research report on Wednesday. Rosenblatt Securities restated a “buy” rating and set a $100.00 target price on shares of RingCentral in a research report on Wednesday. Finally, Bank of America upped their target price on shares of RingCentral from $86.00 to $95.00 and gave the stock a “buy” rating in a research report on Tuesday, August 7th. Four research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. RingCentral presently has an average rating of “Buy” and an average price target of $89.00.

Shares of NYSE:RNG opened at $86.22 on Thursday. The company has a debt-to-equity ratio of 1.24, a current ratio of 4.32 and a quick ratio of 4.32. RingCentral has a fifty-two week low of $43.85 and a fifty-two week high of $98.15. The firm has a market cap of $6.04 billion, a P/E ratio of -246.34 and a beta of 1.02.

Hedge funds have recently added to or reduced their stakes in the business. Harvest Fund Management Co. Ltd lifted its position in RingCentral by 287.0% during the third quarter. Harvest Fund Management Co. Ltd now owns 1,513 shares of the software maker’s stock valued at $141,000 after purchasing an additional 1,122 shares during the last quarter. US Bancorp DE lifted its position in RingCentral by 141.7% during the second quarter. US Bancorp DE now owns 1,745 shares of the software maker’s stock valued at $123,000 after purchasing an additional 1,023 shares during the last quarter. Oakbrook Investments LLC bought a new position in RingCentral during the third quarter valued at $205,000. NewSquare Capital LLC bought a new position in RingCentral during the second quarter valued at $188,000. Finally, Comerica Bank bought a new position in RingCentral during the second quarter valued at $202,000. Institutional investors and hedge funds own 78.47% of the company’s stock.

In other RingCentral news, COO David Sipes sold 6,100 shares of the stock in a transaction on Thursday, October 11th. The shares were sold at an average price of $75.96, for a total transaction of $463,356.00. Following the completion of the transaction, the chief operating officer now owns 277,992 shares in the company, valued at $21,116,272.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Praful Shah sold 3,109 shares of the stock in a transaction on Tuesday, August 28th. The shares were sold at an average price of $93.62, for a total transaction of $291,064.58. Following the transaction, the insider now owns 308,204 shares of the company’s stock, valued at approximately $28,854,058.48. The disclosure for this sale can be found here. Insiders have sold 250,849 shares of company stock valued at $22,442,584 in the last quarter. 11.99% of the stock is owned by company insiders.

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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Earnings History and Estimates for RingCentral (NYSE:RNG)

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