Equities research analysts expect RingCentral, Inc. (NYSE:RNG) to announce earnings of $0.37 per share for the current fiscal quarter, Zacks reports. Eleven analysts have made estimates for RingCentral’s earnings. The lowest EPS estimate is $0.34 and the highest is $0.39. RingCentral posted earnings per share of $0.29 in the same quarter last year, which indicates a positive year-over-year growth rate of 27.6%. The business is expected to announce its next quarterly earnings report on Tuesday, February 15th.
On average, analysts expect that RingCentral will report full-year earnings of $1.32 per share for the current year, with EPS estimates ranging from $1.30 to $1.34. For the next financial year, analysts forecast that the business will report earnings of $1.64 per share, with EPS estimates ranging from $1.54 to $1.72. Zacks’ earnings per share averages are an average based on a survey of research firms that follow RingCentral.
RingCentral (NYSE:RNG) last announced its quarterly earnings results on Tuesday, November 9th. The software maker reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.95. RingCentral had a negative net margin of 17.54% and a negative return on equity of 111.17%. The business had revenue of $414.63 million during the quarter, compared to analysts’ expectations of $393.42 million. During the same period last year, the business earned ($0.24) earnings per share.
RNG has been the subject of a number of research analyst reports. Wells Fargo & Company dropped their target price on shares of RingCentral from $400.00 to $250.00 and set an “overweight” rating for the company in a research report on Monday, December 13th. Colliers Securities reissued a “buy” rating and set a $349.00 price target on shares of RingCentral in a report on Wednesday, November 10th. BTIG Research decreased their price objective on RingCentral from $400.00 to $350.00 and set a “buy” rating for the company in a research report on Thursday, December 9th. Barclays initiated coverage on RingCentral in a research note on Thursday, October 21st. They set an “overweight” rating and a $350.00 price target for the company. Finally, Piper Sandler lifted their price target on RingCentral from $342.00 to $352.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 10th. Four research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, RingCentral presently has an average rating of “Buy” and a consensus target price of $368.64.
Shares of NYSE RNG traded down $0.65 during trading on Friday, hitting $192.46. 760,782 shares of the company were exchanged, compared to its average volume of 1,125,048. RingCentral has a 1 year low of $172.16 and a 1 year high of $449.00. The company has a debt-to-equity ratio of 30.54, a current ratio of 1.46 and a quick ratio of 1.46. The firm’s fifty day moving average price is $224.68 and its 200 day moving average price is $245.29. The company has a market cap of $17.74 billion, a price-to-earnings ratio of -67.77 and a beta of 0.73.
In other news, CAO John H. Marlow sold 2,500 shares of RingCentral stock in a transaction on Tuesday, October 12th. The shares were sold at an average price of $224.47, for a total value of $561,175.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Vladimir Shmunis sold 21,222 shares of the business’s stock in a transaction on Monday, November 22nd. The stock was sold at an average price of $218.80, for a total transaction of $4,643,373.60. The disclosure for this sale can be found here. Insiders sold a total of 55,712 shares of company stock worth $12,814,681 over the last ninety days. Insiders own 7.35% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the stock. UBS Asset Management Americas Inc. boosted its stake in shares of RingCentral by 40.2% during the 3rd quarter. UBS Asset Management Americas Inc. now owns 400,499 shares of the software maker’s stock valued at $87,109,000 after buying an additional 114,890 shares during the last quarter. Jackson Wealth Management LLC grew its holdings in RingCentral by 117.9% during the third quarter. Jackson Wealth Management LLC now owns 21,427 shares of the software maker’s stock worth $30,000 after acquiring an additional 11,593 shares during the period. Comerica Bank grew its holdings in RingCentral by 6.3% during the third quarter. Comerica Bank now owns 2,590 shares of the software maker’s stock worth $642,000 after acquiring an additional 153 shares during the period. Liontrust Investment Partners LLP acquired a new position in shares of RingCentral in the 3rd quarter valued at $8,091,000. Finally, Bank of New York Mellon Corp boosted its position in RingCentral by 10.0% during the 3rd quarter. Bank of New York Mellon Corp now owns 361,496 shares of the software maker’s stock worth $78,624,000 after acquiring an additional 32,810 shares during the period. 85.53% of the stock is owned by hedge funds and other institutional investors.
About RingCentral
RingCentral, Inc engages in the provision of global enterprise cloud communications and collaboration solutions. The firm’s solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, PCs and desk phones; and allow for communication across multiple modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings and fax.