Zacks: Brokerages Anticipate RingCentral Inc (RNG) Will Post Quarterly Sales of $166.65 Million

Wall Street brokerages expect that RingCentral Inc (NYSE:RNG) will post sales of $166.65 million for the current quarter, Zacks Investment Research reports. Eleven analysts have made estimates for RingCentral’s earnings, with the highest sales estimate coming in at $168.00 million and the lowest estimate coming in at $165.00 million. RingCentral posted sales of $129.76 million during the same quarter last year, which would suggest a positive year over year growth rate of 28.4%. The business is scheduled to report its next quarterly earnings results on Wednesday, November 14th.

According to Zacks, analysts expect that RingCentral will report full year sales of $653.48 million for the current year, with estimates ranging from $649.00 million to $658.00 million. For the next financial year, analysts expect that the business will report sales of $805.55 million, with estimates ranging from $774.10 million to $824.59 million. Zacks Investment Research’s sales averages are an average based on a survey of analysts that follow RingCentral.

RingCentral (NYSE:RNG) last issued its quarterly earnings results on Monday, August 6th. The software maker reported $0.19 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.15 by $0.04. The business had revenue of $160.83 million for the quarter, compared to analysts’ expectations of $155.71 million. RingCentral had a negative net margin of 3.92% and a negative return on equity of 5.93%. The business’s quarterly revenue was up 34.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.04 earnings per share.

RNG has been the topic of several analyst reports. Jefferies Financial Group raised their target price on shares of RingCentral to $105.00 and gave the company a “buy” rating in a report on Wednesday, September 5th. SunTrust Banks raised their target price on shares of RingCentral to $100.00 and gave the company a “buy” rating in a report on Tuesday, August 7th. Rosenblatt Securities initiated coverage on shares of RingCentral in a report on Friday, September 7th. They issued a “buy” rating and a $105.00 target price on the stock. Bank of America raised their target price on shares of RingCentral from $86.00 to $95.00 and gave the company a “buy” rating in a report on Tuesday, August 7th. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $84.00 target price on shares of RingCentral in a report on Friday, June 15th. Three investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. RingCentral presently has a consensus rating of “Buy” and a consensus target price of $89.47.

In other RingCentral news, insider Praful Shah sold 3,109 shares of the firm’s stock in a transaction that occurred 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 sale, the insider now owns 308,204 shares of the company’s stock, valued at $28,854,058.48. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Vladimir Shmunis sold 50,698 shares of the firm’s stock in a transaction that occurred on Thursday, September 13th. The stock was sold at an average price of $95.87, for a total transaction of $4,860,417.26. Following the sale, the chief executive officer now directly owns 315,671 shares in the company, valued at approximately $30,263,378.77. The disclosure for this sale can be found here. In the last three months, insiders have sold 257,649 shares of company stock worth $22,985,768. 11.99% of the stock is owned by corporate insiders.

Hedge funds have recently added to or reduced their stakes in the business. US Bancorp DE raised its holdings in RingCentral by 141.7% during the second quarter. US Bancorp DE now owns 1,745 shares of the software maker’s stock worth $123,000 after purchasing an additional 1,023 shares in the last quarter. Cerebellum GP LLC acquired a new stake in RingCentral during the second quarter worth approximately $183,000. Sun Life Financial INC acquired a new stake in RingCentral during the second quarter worth approximately $185,000. NewSquare Capital LLC acquired a new stake in RingCentral during the second quarter worth approximately $188,000. Finally, NumerixS Investment Technologies Inc acquired a new stake in RingCentral during the second quarter worth approximately $198,000. 77.60% of the stock is currently owned by institutional investors.

Shares of RNG opened at $80.08 on Friday. The stock has a market cap of $7.41 billion, a PE ratio of -228.80 and a beta of 0.81. RingCentral has a 1 year low of $40.35 and a 1 year high of $98.15. The company has a debt-to-equity ratio of 1.24, a quick ratio of 4.32 and a current ratio of 4.32.

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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