Summit Insights Comments on RingCentral Inc’s FY2018 Earnings (RNG)

RingCentral Inc (NYSE:RNG) – Analysts at Summit Insights upped their FY2018 earnings estimates for shares of RingCentral in a note issued to investors on Tuesday, November 6th. Summit Insights analyst J. Kees now expects that the software maker will earn ($0.08) per share for the year, up from their previous estimate of ($0.12). Summit Insights also issued estimates for RingCentral’s Q4 2018 earnings at ($0.03) EPS.

RingCentral (NYSE:RNG) last posted its quarterly earnings results on Monday, November 5th. The software maker reported $0.19 earnings per share (EPS) for the quarter, beating 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 company had revenue of $173.83 million during the quarter, compared to the consensus estimate of $166.70 million. During the same period last year, the firm earned $0.06 EPS. The company’s revenue for the quarter was up 33.4% on a year-over-year basis.

A number of other research firms also recently issued reports on RNG. Zacks Investment Research downgraded shares of RingCentral from a “strong-buy” rating to a “hold” rating in a research report on Wednesday. Rosenblatt Securities reiterated a “buy” rating and set a $100.00 price target on shares of RingCentral in a research report on Wednesday. JPMorgan Chase & Co. lifted their price target on shares of RingCentral to $90.00 and gave the company a “neutral” rating in a research report on Tuesday, August 7th. They noted that the move was a valuation call. Jefferies Financial Group reiterated a “buy” rating and set a $97.00 price target on shares of RingCentral in a research report on Tuesday, August 7th. Finally, Dougherty & Co lifted their price target on shares of RingCentral from $85.00 to $95.00 and gave the company a “buy” rating in a research report on Tuesday, August 7th. Three research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. RingCentral has an average rating of “Buy” and an average target price of $89.80.

RNG stock opened at $83.68 on Friday. RingCentral has a 12-month low of $43.85 and a 12-month high of $98.15. The company has a debt-to-equity ratio of 1.24, a current ratio of 4.32 and a quick ratio of 4.32. The company has a market cap of $6.04 billion, a PE ratio of -239.09 and a beta of 1.02.

Several institutional investors have recently modified their holdings of RNG. Allianz Asset Management GmbH purchased a new stake in RingCentral in the 1st quarter worth approximately $41,563,000. Millennium Management LLC grew its stake in RingCentral by 129.5% in the 2nd quarter. Millennium Management LLC now owns 1,105,389 shares of the software maker’s stock worth $77,764,000 after acquiring an additional 623,790 shares during the period. First Trust Advisors LP grew its stake in RingCentral by 781.7% in the 3rd quarter. First Trust Advisors LP now owns 658,381 shares of the software maker’s stock worth $61,262,000 after acquiring an additional 583,706 shares during the period. Nomura Holdings Inc. grew its stake in RingCentral by 604.0% in the 2nd quarter. Nomura Holdings Inc. now owns 376,132 shares of the software maker’s stock worth $26,461,000 after acquiring an additional 322,707 shares during the period. Finally, Public Employees Retirement System of Ohio purchased a new stake in RingCentral in the 2nd quarter worth approximately $18,054,000. Hedge funds and other institutional investors own 78.47% of the company’s stock.

In related news, COO David Sipes sold 7,126 shares of RingCentral stock in a transaction that occurred on Monday, August 27th. The stock was sold at an average price of $93.34, for a total transaction of $665,140.84. Following the completion of the transaction, the chief operating officer now directly owns 284,861 shares in the company, valued at approximately $26,588,925.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO John H. Marlow sold 14,500 shares of RingCentral stock in a transaction that occurred on Monday, August 27th. The stock was sold at an average price of $93.45, for a total value of $1,355,025.00. Following the transaction, the chief accounting officer now owns 153,218 shares of the company’s stock, valued at $14,318,222.10. The disclosure for this sale can be found here. Insiders have sold a total of 250,849 shares of company stock valued at $22,442,584 over the last 90 days. Insiders own 11.99% of the company’s stock.

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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