RingCentral (NYSE:RNG) issued an update on its first quarter 2019 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of $0.14-0.16 for the period, compared to the Thomson Reuters consensus estimate of $0.15. The company issued revenue guidance of $191.5-194.5 million, compared to the consensus revenue estimate of $188.93 million.RingCentral also updated its FY 2019 guidance to $0.69-0.73 EPS.
NYSE RNG traded down $1.03 during trading hours on Monday, reaching $99.87. 1,802,581 shares of the company’s stock were exchanged, compared to its average volume of 752,299. RingCentral has a one year low of $51.95 and a one year high of $103.49. The company has a debt-to-equity ratio of 1.22, a quick ratio of 4.07 and a current ratio of 4.07. The stock has a market cap of $8.11 billion, a price-to-earnings ratio of -285.34 and a beta of 0.99.
RNG has been the subject of a number of research reports. Morgan Stanley increased their target price on RingCentral from $84.00 to $93.00 and gave the stock an equal weight rating in a research note on Monday, January 7th. Robert W. Baird raised RingCentral from a neutral rating to an outperform rating and set a $100.00 target price for the company in a research note on Monday, November 19th. Bank of America reissued a buy rating and set a $110.00 target price (up from $93.00) on shares of RingCentral in a research note on Thursday. TheStreet cut RingCentral from a c rating to a d+ rating in a research note on Tuesday, November 6th. Finally, Rosenblatt Securities reissued a buy rating and set a $100.00 target price on shares of RingCentral in a research note on Wednesday, November 7th. Four investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. RingCentral presently has an average rating of Buy and an average target price of $94.27.
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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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