RingCentral, Inc. (NYSE: RNG) Expected to Post Earnings of $ 0.37 Per Share
Equity research analysts expect RingCentral, Inc. (NYSE: RNG) to report earnings of $ 0.37 per share for the current fiscal quarter, Zacks reports. Eleven analysts have estimated 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, indicating a positive growth rate of 27.6% year-over-year. The company is expected to announce its next quarterly earnings report on Tuesday, February 15.
On average, analysts predict that RingCentral will report annual earnings of $ 1.32 per share for the current year, with EPS estimates ranging from $ 1.30 to $ 1.34. For the next fiscal year, analysts predict the company 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 companies that track RingCentral.
RingCentral (NYSE: RNG) last reported quarterly results on Tuesday, November 9. The software maker reported earnings per share of $ 0.36 for the quarter, beating analyst 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 company posted revenue of $ 414.63 million in the quarter, compared to analysts’ expectations of $ 393.42 million. During the same period last year, the company made earnings per share ($ 0.24).
RNG has been the subject of a number of research analyst reports. Wells Fargo & Company lowered its price target on RingCentral shares from $ 400.00 to $ 250.00 and set an “overweight” rating for the company in a research report on Monday, December 13. Colliers Securities reissued a “buy” note and set a price target of $ 349.00 on RingCentral shares in a report released on Wednesday, November 10. BTIG Research lowered its price target on RingCentral from $ 400.00 to $ 350.00 and set a “buy” rating for the company in a research report on Thursday, December 9. Barclays kicked off coverage on RingCentral in a research note on Thursday, October 21. They set an “overweight” rating and a price target of $ 350.00 for the company. Finally, Piper Sandler raised her price target on RingCentral from $ 342.00 to $ 352.00 and gave the stock an “overweight” rating in a research report published on Wednesday, November 10. Four research analysts rated the stock with a conservation rating, fifteen gave the stock a buy rating, and one gave the stock a strong buy rating. Based on data from MarketBeat, RingCentral currently has an average rating of “Buy” and a consensus target price of $ 368.64.
NYSE RNG shares traded down $ 0.65 in Friday trading, reaching $ 192.46. 760,782 shares of the company were traded, for an average volume of 1,125,048. RingCentral has a one-year low of $ 172.16 and a one-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 company’s fifty-day average mobile price is $ 224.68, and its 200-day average mobile 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.
Separately, CAO John H. Marlow sold 2,500 RingCentral shares in a trade on Tuesday, October 12. The shares were sold for an average price of $ 224.47, for a total value of $ 561,175.00. The sale was disclosed in a legal file with the SEC, accessible through this hyperlink. In addition, CEO Vladimir Shmunis sold 21,222 shares of the company in a trade on Monday, November 22. The stock was sold for an average price of $ 218.80, for a total trade of $ 4,643,373.60. Disclosure of this sale can be found here. Insiders have sold a total of 55,712 shares of the company valued at $ 12,814,681 in the past ninety days. Insiders own 7.35% of the company’s shares.
Institutional investors and hedge funds have recently bought and sold stocks. UBS Asset Management Americas Inc. increased its stake in RingCentral by 40.2% during the 3rd quarter. UBS Asset Management Americas Inc. now owns 400,499 shares of the software maker valued at $ 87,109,000 after purchasing an additional 114,890 shares in the last quarter. Jackson Wealth Management LLC increased its holdings in RingCentral by 117.9% during the third quarter. Jackson Wealth Management LLC now owns 21,427 shares of the software maker valued at $ 30,000 after acquiring an additional 11,593 shares during the period. Comerica Bank increased its holdings in RingCentral by 6.3% in the third quarter. Comerica Bank now owns 2,590 shares of the software maker valued at $ 642,000 after acquiring 153 additional shares during the period. Liontrust Investment Partners LLP acquired a new position in RingCentral shares in the 3rd quarter valued at $ 8,091,000. Finally, Bank of New York Mellon Corp strengthened 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 valued at $ 78,624,000 after acquiring an additional 32,810 shares during the period. 85.53% of the shares are held by hedge funds and other institutional investors.
RingCentral, Inc is committed to providing comprehensive enterprise cloud communication and collaboration solutions. The company’s solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, PCs and desk phones; and enable communication through multiple modes, including high definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and faxing.
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