RingCentral (NYSE:RNG) Issues Q4 Earnings Guidance

RingCentral (NYSE:RNG) issued an update on its fourth quarter earnings guidance on Monday morning. The company provided EPS guidance of approx $0.21 for the period, compared to the Thomson Reuters consensus EPS estimate of $0.21. The company issued revenue guidance of $238-240 million, compared to the consensus revenue estimate of $237.35 million.

RNG traded up $2.03 during trading hours on Thursday, hitting $169.06. 310,427 shares of the company’s stock were exchanged, compared to its average volume of 1,203,878. RingCentral has a 1-year low of $64.41 and a 1-year high of $177.99. The stock’s 50-day moving average is $152.88 and its two-hundred day moving average is $132.01. The stock has a market cap of $13.08 billion, a price-to-earnings ratio of -4,226.50 and a beta of 0.87. The company has a quick ratio of 2.99, a current ratio of 2.99 and a debt-to-equity ratio of 1.13.

RingCentral (NYSE:RNG) last announced its earnings results on Monday, November 4th. The software maker reported $0.22 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.19 by $0.03. RingCentral had a negative net margin of 4.06% and a negative return on equity of 1.66%. The business had revenue of $233.35 million during the quarter, compared to analysts’ expectations of $221.37 million. During the same quarter in the prior year, the company posted $0.19 earnings per share. The firm’s revenue was up 34.2% on a year-over-year basis. On average, equities research analysts anticipate that RingCentral will post -0.13 EPS for the current year.

RNG has been the subject of several recent research reports. Needham & Company LLC increased their target price on shares of RingCentral from $150.00 to $190.00 and gave the stock a buy rating in a report on Tuesday. Raymond James increased their target price on shares of RingCentral from $175.00 to $190.00 and gave the stock a strong-buy rating in a report on Tuesday. Rosenblatt Securities restated a buy rating and set a $160.00 target price on shares of RingCentral in a report on Friday, October 4th. SunTrust Banks upped their price target on shares of RingCentral from $163.00 to $192.00 and gave the stock a buy rating in a research report on Tuesday. Finally, Jefferies Financial Group upped their price target on shares of RingCentral from $140.00 to $152.00 and gave the stock a buy rating in a research report on Tuesday, July 30th. Three research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. RingCentral has an average rating of Buy and a consensus target price of $160.18.

In other news, CEO Vladimir Shmunis sold 63,687 shares of the stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $138.47, for a total value of $8,818,738.89. Following the transaction, the chief executive officer now directly owns 292,020 shares of the company’s stock, valued at $40,436,009.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Vaibhav Agarwal sold 578 shares of the stock in a transaction dated 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 transaction, the insider now directly owns 22,291 shares in the company, valued at $3,184,269.35. The disclosure for this sale can be found here. Insiders have sold 397,429 shares of company stock worth $57,500,942 over the last ninety days. Insiders own 11.03% of the company’s stock.

About RingCentral

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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