$0.21 Earnings Per Share Expected for RingCentral Inc (NYSE:RNG) This Quarter

Wall Street analysts forecast that RingCentral Inc (NYSE:RNG) will announce $0.21 earnings per share for the current quarter, Zacks reports. Ten analysts have issued estimates for RingCentral’s earnings. The highest EPS estimate is $0.22 and the lowest is $0.21. RingCentral reported earnings of $0.23 per share during the same quarter last year, which would suggest a negative year-over-year growth rate of 8.7%. The firm is expected to announce its next quarterly earnings report on Monday, February 10th.

On average, analysts expect that RingCentral will report full year earnings of $0.81 per share for the current fiscal year, with EPS estimates ranging from $0.81 to $0.82. For the next fiscal year, analysts anticipate that the company will report earnings of $0.92 per share, with EPS estimates ranging from $0.89 to $0.95. Zacks Investment Research’s EPS averages are an average based on a survey of sell-side research analysts that follow RingCentral.

RingCentral (NYSE:RNG) last released its quarterly earnings results on Monday, November 4th. The software maker reported $0.22 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.19 by $0.03. RingCentral had a negative return on equity of 1.61% and a negative net margin of 4.06%. The business had revenue of $233.35 million for the quarter, compared to analysts’ expectations of $221.37 million. During the same quarter in the previous year, the firm posted $0.19 earnings per share. The company’s revenue was up 34.2% compared to the same quarter last year.

A number of analysts recently issued reports on RNG shares. Bank of America restated an “average” rating and issued a $198.00 price target (up previously from $187.00) on shares of RingCentral in a research note on Monday, December 9th. Morgan Stanley increased their price objective on shares of RingCentral from $170.00 to $195.00 and gave the company an “equal weight” rating in a research note on Monday. SunTrust Banks raised their price objective on shares of RingCentral from $163.00 to $192.00 and gave the stock a “buy” rating in a report on Tuesday, November 5th. William Blair reissued a “buy” rating on shares of RingCentral in a research report on Wednesday, November 13th. Finally, JPMorgan Chase & Co. raised shares of RingCentral from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $143.00 to $225.00 in a research report on Monday, October 7th. Five equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. RingCentral has an average rating of “Buy” and an average price target of $164.44.

In other RingCentral news, CAO John H. Marlow sold 11,756 shares of the company’s stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $171.32, for a total transaction of $2,014,037.92. Following the completion of the sale, the chief accounting officer now directly owns 158,170 shares of the company’s stock, valued at $27,097,684.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Vaibhav Agarwal sold 545 shares of the stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $151.70, for a total value of $82,676.50. Following the completion of the sale, the chief accounting officer now owns 21,899 shares of the company’s stock, valued at approximately $3,322,078.30. The disclosure for this sale can be found here. Insiders have sold a total of 218,266 shares of company stock worth $36,801,373 in the last ninety days. 11.03% of the stock is owned by company insiders.

Large investors have recently made changes to their positions in the business. Nuveen Asset Management LLC bought a new position in shares of RingCentral in the second quarter worth about $94,704,000. Millennium Management LLC grew its holdings in shares of RingCentral by 169.0% during the 3rd quarter. Millennium Management LLC now owns 325,189 shares of the software maker’s stock worth $40,863,000 after purchasing an additional 796,389 shares in the last quarter. Pictet Asset Management Ltd. acquired a new position in shares of RingCentral in the 2nd quarter valued at $26,135,000. Point72 Asset Management L.P. acquired a new position in RingCentral in the second quarter worth about $18,222,000. Finally, Vanguard Group Inc. lifted its position in shares of RingCentral by 2.5% during the 2nd quarter. Vanguard Group Inc. now owns 6,439,805 shares of the software maker’s stock worth $740,062,000 after buying an additional 157,358 shares during the period. 83.01% of the stock is owned by institutional investors.

RNG stock opened at $189.71 on Monday. RingCentral has a twelve month low of $85.93 and a twelve month high of $190.93. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.85 and a quick ratio of 2.85. The firm has a 50 day simple moving average of $170.83 and a 200-day simple moving average of $150.18.

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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