RingCentral, Inc. (NYSE:RNG) – Equities research analysts at William Blair cut their Q1 2021 earnings per share (EPS) estimates for RingCentral in a research note issued on Wednesday, February 17th. William Blair analyst B. Suri now expects that the software maker will earn ($0.32) per share for the quarter, down from their previous estimate of ($0.24). William Blair also issued estimates for RingCentral’s Q2 2021 earnings at ($0.60) EPS, Q3 2021 earnings at ($0.60) EPS, Q4 2021 earnings at ($0.62) EPS, FY2021 earnings at ($2.13) EPS and FY2022 earnings at ($1.01) EPS.
RingCentral (NYSE:RNG) last issued its quarterly earnings results on Tuesday, February 16th. The software maker reported $0.29 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.18) by $0.47. RingCentral had a negative return on equity of 12.62% and a negative net margin of 9.66%.
Several other brokerages have also weighed in on RNG. Evercore ISI lifted their price objective on RingCentral from $360.00 to $535.00 in a report on Wednesday, February 17th. Morgan Stanley boosted their price target on RingCentral from $420.00 to $455.00 and gave the company an “overweight” rating in a research note on Wednesday, February 17th. Jefferies Financial Group boosted their price target on RingCentral from $450.00 to $475.00 and gave the company a “buy” rating in a research note on Wednesday, February 17th. BTIG Research boosted their price target on RingCentral from $425.00 to $475.00 and gave the company a “buy” rating in a research note on Wednesday, February 10th. Finally, Raymond James boosted their price objective on RingCentral from $450.00 to $515.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, February 17th. One analyst has rated the stock with a sell rating, twenty-two have issued a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $431.17.
Shares of NYSE:RNG opened at $427.39 on Monday. RingCentral has a 1-year low of $134.85 and a 1-year high of $449.00. The firm has a market capitalization of $38.31 billion, a PE ratio of -347.47 and a beta of 0.70. The business’s 50 day moving average is $393.58 and its 200-day moving average is $321.94. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 4.65.
Large investors have recently bought and sold shares of the business. Safeguard Investment Advisory Group LLC acquired a new position in RingCentral in the fourth quarter valued at about $35,000. MPS Loria Financial Planners LLC acquired a new position in RingCentral in the fourth quarter valued at about $38,000. Paces Ferry Wealth Advisors LLC acquired a new position in RingCentral in the third quarter valued at about $29,000. DB Wealth Management Group LLC acquired a new position in RingCentral in the fourth quarter valued at about $43,000. Finally, Shine Investment Advisory Services Inc. grew its stake in RingCentral by 54.3% in the third quarter. Shine Investment Advisory Services Inc. now owns 125 shares of the software maker’s stock valued at $34,000 after acquiring an additional 44 shares during the period. 86.30% of the stock is owned by hedge funds and other institutional investors.
In related news, CEO Vladimir Shmunis sold 50,000 shares of the company’s stock in a transaction dated Friday, December 4th. The stock was sold at an average price of $333.14, for a total value of $16,657,000.00. Following the completion of the sale, the chief executive officer now owns 209,242 shares in the company, valued at $69,706,879.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Praful Shah sold 12,258 shares of the business’s stock in a transaction dated Wednesday, February 17th. The shares were sold at an average price of $420.21, for a total value of $5,150,934.18. Following the completion of the transaction, the insider now directly owns 197,299 shares of the company’s stock, valued at $82,907,012.79. The disclosure for this sale can be found here. Insiders sold 155,195 shares of company stock valued at $55,038,088 in the last quarter. 11.03% of the stock is currently owned by corporate insiders.
RingCentral Company Profile
RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect in North America. The company's products include RingCentral Office that provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Professional, a cloud based virtual telephone service that provides inbound call answering and management services for professionals; and RingCentral Fax that provides online fax capabilities.
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