RingCentral Inc (NYSE:RNG) Expected to Announce Quarterly Sales of $221.52 Million

Wall Street brokerages expect RingCentral Inc (NYSE:RNG) to post $221.52 million in sales for the current fiscal quarter, Zacks reports. Ten analysts have made estimates for RingCentral’s earnings, with estimates ranging from $220.70 million to $224.00 million. RingCentral reported sales of $173.83 million in the same quarter last year, which indicates a positive year-over-year growth rate of 27.4%. The company is scheduled to announce its next earnings report after the market closes on Monday, November 4th.

According to Zacks, analysts expect that RingCentral will report full-year sales of $875.41 million for the current year, with estimates ranging from $874.04 million to $877.40 million. For the next financial year, analysts forecast that the business will post sales of $1.08 billion, with estimates ranging from $1.06 billion to $1.09 billion. Zacks Investment Research’s sales averages are an average based on a survey of analysts that that provide coverage for RingCentral.

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

Several research analysts have weighed in on the stock. Raymond James increased their target price on shares of RingCentral from $140.00 to $175.00 and gave the stock a “strong-buy” rating in a research note on Tuesday, July 30th. Zacks Investment Research raised shares of RingCentral from a “hold” rating to a “buy” rating and set a $136.00 target price for the company in a research note on Friday, October 4th. Morgan Stanley increased their target price on shares of RingCentral from $136.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Friday, October 4th. Craig Hallum increased their target price on shares of RingCentral from $140.00 to $150.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. Finally, Bank of America increased their target price on shares of RingCentral from $150.00 to $180.00 and gave the stock a “buy” rating in a research note on Monday, October 7th. Three equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. RingCentral presently has an average rating of “Buy” and a consensus price target of $149.35.

RNG stock traded down $1.17 during mid-day trading on Wednesday, hitting $160.50. 917,094 shares of the company were exchanged, compared to its average volume of 878,731. The company has a quick ratio of 2.99, a current ratio of 2.99 and a debt-to-equity ratio of 1.13. The firm has a market capitalization of $13.39 billion, a P/E ratio of -4,012.50 and a beta of 0.83. The business has a fifty day simple moving average of $144.31 and a 200-day simple moving average of $127.66. RingCentral has a 12-month low of $64.41 and a 12-month high of $177.99.

In related news, CAO John H. Marlow sold 27,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $143.06, for a total value of $3,862,620.00. Following the sale, the chief accounting officer now owns 175,408 shares of the company’s stock, valued at $25,093,868.48. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Vaibhav Agarwal sold 578 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $142.85, for a total transaction of $82,567.30. Following the completion of the sale, the insider now directly owns 22,291 shares in the company, valued at approximately $3,184,269.35. The disclosure for this sale can be found here. In the last three months, insiders sold 423,884 shares of company stock valued at $61,280,885. Insiders own 11.03% of the company’s stock.

A number of large investors have recently modified their holdings of RNG. Nuveen Asset Management LLC acquired a new stake in RingCentral in the second quarter valued at approximately $94,704,000. Rathbone Brothers plc acquired a new stake in RingCentral in the second quarter valued at approximately $27,385,000. Pictet Asset Management Ltd. acquired a new stake in RingCentral in the second quarter valued at approximately $26,135,000. Point72 Asset Management L.P. acquired a new stake in RingCentral in the second quarter valued at approximately $18,222,000. Finally, Vanguard Group Inc. raised its holdings in RingCentral by 2.5% in the second quarter. Vanguard Group Inc. now owns 6,439,805 shares of the software maker’s stock valued at $740,062,000 after acquiring an additional 157,358 shares in the last quarter. 82.29% of the stock is currently owned by hedge funds and other institutional investors.

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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Earnings History and Estimates for RingCentral (NYSE:RNG)

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