Brokerages Expect RingCentral Inc (NYSE:RNG) Will Post Earnings of $0.19 Per Share

Analysts predict that RingCentral Inc (NYSE:RNG) will announce earnings of $0.19 per share for the current quarter, according to Zacks. Ten analysts have made estimates for RingCentral’s earnings. The highest EPS estimate is $0.21 and the lowest is $0.18. RingCentral also posted earnings per share of $0.19 in the same quarter last year. The business is scheduled to announce its next earnings results after the market closes on Monday, November 4th.

According to Zacks, analysts expect that RingCentral will report full year earnings of $0.78 per share for the current year, with EPS estimates ranging from $0.76 to $0.81. For the next financial year, analysts expect that the business will report earnings of $0.94 per share, with EPS estimates ranging from $0.90 to $1.01. Zacks’ EPS calculations are an average based on a survey of research analysts that follow RingCentral.

RingCentral (NYSE:RNG) last announced its earnings results on Monday, July 29th. The software maker reported ($0.03) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.16) by $0.13. The business had revenue of $215.20 million during the quarter, compared to analyst estimates of $204.70 million. RingCentral had a negative return on equity of 1.13% and a negative net margin of 3.95%. RingCentral’s revenue for the quarter was up 33.8% compared to the same quarter last year. During the same period last year, the company earned $0.19 EPS.

Several brokerages recently issued reports on RNG. Oppenheimer raised their target price on RingCentral from $130.00 to $155.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 30th. Bank of America raised their target price on RingCentral from $150.00 to $180.00 and gave the stock a “buy” rating in a research report on Monday, October 7th. SunTrust Banks raised their target price on RingCentral to $163.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. Rosenblatt Securities reissued a “buy” rating and issued a $160.00 price objective on shares of RingCentral in a research report on Friday, October 4th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $150.00 price objective (up from $140.00) on shares of RingCentral in a research report on Tuesday, July 30th. Three equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $149.35.

NYSE:RNG traded down $1.17 during trading hours on Monday, hitting $160.50. 917,094 shares of the company were exchanged, compared to its average volume of 878,731. The stock has a market capitalization of $13.39 billion, a price-to-earnings ratio of -4,012.50 and a beta of 0.83. The company has a current ratio of 2.99, a quick ratio of 2.99 and a debt-to-equity ratio of 1.13. RingCentral has a one year low of $64.41 and a one year high of $177.99. The company has a fifty day simple moving average of $144.31 and a 200 day simple moving average of $127.66.

In related news, insider Vaibhav Agarwal sold 578 shares of the business’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $142.85, for a total value of $82,567.30. Following the completion of the sale, the insider now directly owns 22,291 shares of the company’s stock, valued at approximately $3,184,269.35. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO David Sipes sold 1,100 shares of the business’s stock in a transaction dated Friday, October 4th. The shares were sold at an average price of $149.08, for a total value of $163,988.00. Following the completion of the sale, the chief operating officer now directly owns 236,689 shares of the company’s stock, valued at $35,285,596.12. The disclosure for this sale can be found here. Over the last three months, insiders sold 423,884 shares of company stock valued at $61,280,885. Corporate insiders own 11.03% of the company’s stock.

A number of institutional investors have recently modified their holdings of the stock. KAMES CAPITAL plc increased its position in RingCentral by 9.4% in the 3rd quarter. KAMES CAPITAL plc now owns 67,814 shares of the software maker’s stock valued at $8,523,000 after buying an additional 5,842 shares in the last quarter. Strs Ohio boosted its stake in RingCentral by 6.5% during the 3rd quarter. Strs Ohio now owns 2,167 shares of the software maker’s stock valued at $272,000 after purchasing an additional 133 shares during the last quarter. Stephens Investment Management Group LLC boosted its stake in RingCentral by 2.8% during the 3rd quarter. Stephens Investment Management Group LLC now owns 213,795 shares of the software maker’s stock valued at $26,865,000 after purchasing an additional 5,921 shares during the last quarter. Tuttle Tactical Management acquired a new position in RingCentral during the 3rd quarter valued at about $2,118,000. Finally, Alpha Cubed Investments LLC acquired a new position in RingCentral during the 3rd quarter valued at about $214,000. 82.29% of the stock is owned by institutional investors and hedge funds.

About RingCentral

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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Earnings History and Estimates for RingCentral (NYSE:RNG)

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