Zacks: Analysts Anticipate RingCentral Inc (NYSE:RNG) Will Post Earnings of $0.19 Per Share

Equities research analysts forecast that RingCentral Inc (NYSE:RNG) will announce earnings of $0.19 per share for the current quarter, according to Zacks Investment Research. Eleven analysts have provided estimates for RingCentral’s earnings, with the highest EPS estimate coming in at $0.21 and the lowest estimate coming in at $0.18. RingCentral also posted earnings per share of $0.19 during the same quarter last year. The company is scheduled to issue its next earnings report on Monday, November 4th.

On average, analysts expect that RingCentral will report full-year earnings of $0.78 per share for the current financial year, with EPS estimates ranging from $0.74 to $0.81. For the next financial year, analysts forecast that the company will post earnings of $0.95 per share, with EPS estimates ranging from $0.90 to $1.01. Zacks Investment Research’s EPS averages are a mean average based on a survey of sell-side research firms that cover RingCentral.

RingCentral (NYSE:RNG) last issued its quarterly earnings results on Monday, July 29th. The software maker reported ($0.03) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.16) by $0.13. RingCentral had a negative net margin of 3.95% and a negative return on equity of 1.16%. The business had revenue of $215.20 million for the quarter, compared to analyst estimates of $204.70 million. During the same quarter in the prior year, the business posted $0.19 EPS. RingCentral’s revenue for the quarter was up 33.8% compared to the same quarter last year.

RNG has been the topic of a number of recent analyst reports. Bank of America upped their price target on shares of RingCentral from $135.00 to $150.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. Raymond James upped their price target on shares of RingCentral from $140.00 to $175.00 and gave the company a “strong-buy” rating in a research note on Tuesday, July 30th. Craig Hallum upped their price target on shares of RingCentral from $140.00 to $150.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. Stephens restated a “hold” rating and set a $95.00 price target on shares of RingCentral in a research note on Monday, May 6th. Finally, Jefferies Financial Group upped their price objective on shares of RingCentral from $140.00 to $152.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. Three analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. RingCentral has a consensus rating of “Buy” and an average target price of $131.11.

RingCentral stock traded up $1.34 during mid-day trading on Tuesday, reaching $132.67. 775,496 shares of the company traded hands, compared to its average volume of 808,111. The company has a quick ratio of 3.08, a current ratio of 3.08 and a debt-to-equity ratio of 1.19. RingCentral has a fifty-two week low of $64.41 and a fifty-two week high of $146.38. The firm has a market capitalization of $11.50 billion, a P/E ratio of -3,316.75 and a beta of 0.79. The company has a fifty day moving average price of $122.48.

In related news, COO David Sipes sold 13,500 shares of the stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $124.08, for a total transaction of $1,675,080.00. Following the sale, the chief operating officer now directly owns 288,367 shares of the company’s stock, valued at $35,780,577.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO John H. Marlow sold 27,000 shares of the stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $143.06, for a total transaction of $3,862,620.00. Following the sale, the chief accounting officer now directly owns 175,408 shares in the company, valued at $25,093,868.48. The disclosure for this sale can be found here. Insiders have sold 358,541 shares of company stock worth $43,812,268 over the last three months. 11.03% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in RNG. Victory Capital Management Inc. lifted its holdings in RingCentral by 35.7% during the first quarter. Victory Capital Management Inc. now owns 1,929,832 shares of the software maker’s stock valued at $208,036,000 after purchasing an additional 507,225 shares in the last quarter. Columbus Circle Investors lifted its holdings in RingCentral by 3.6% during the first quarter. Columbus Circle Investors now owns 1,018,447 shares of the software maker’s stock valued at $109,789,000 after purchasing an additional 35,385 shares in the last quarter. Eagle Asset Management Inc. lifted its holdings in RingCentral by 0.6% during the second quarter. Eagle Asset Management Inc. now owns 686,925 shares of the software maker’s stock valued at $78,941,000 after purchasing an additional 3,917 shares in the last quarter. Norges Bank purchased a new position in RingCentral during the fourth quarter valued at $53,247,000. Finally, Geode Capital Management LLC lifted its holdings in RingCentral by 10.2% during the fourth quarter. Geode Capital Management LLC now owns 641,969 shares of the software maker’s stock valued at $52,923,000 after purchasing an additional 59,629 shares in the last quarter. 81.82% 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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