Craig Hallum Analysts Cut Earnings Estimates for Ringcentral, Inc. (RNG)

Ringcentral, Inc. (NYSE:RNG) – Investment analysts at Craig Hallum cut their FY2017 earnings per share estimates for shares of Ringcentral in a research note issued on Tuesday. Craig Hallum analyst G. Sutton now expects that the firm will post earnings of ($0.32) per share for the year, down from their previous forecast of ($0.31).

Ringcentral (NYSE:RNG) last posted its earnings results on Monday, February 13th. The company reported $0.03 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.02 by $0.01. The company earned $104.50 million during the quarter, compared to analyst estimates of $103.02 million. Ringcentral had a negative net margin of 7.72% and a negative return on equity of 20.77%. Ringcentral’s revenue for the quarter was up 25.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.01 earnings per share.

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Earnings History and Estimates for Ringcentral (NYSE:RNG)

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RNG has been the topic of a number of other research reports. Zacks Investment Research cut shares of Ringcentral from a “hold” rating to a “sell” rating in a research note on Tuesday, November 1st. Jefferies Group LLC restated a “buy” rating on shares of Ringcentral in a research note on Wednesday, October 26th. Robert W. Baird upgraded shares of Ringcentral from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $26.00 to $29.00 in a research note on Monday, December 12th. William Blair restated an “outperform” rating on shares of Ringcentral in a research note on Tuesday. Finally, Goldman Sachs Group, Inc. (The) restated a “neutral” rating and set a $26.00 target price on shares of Ringcentral in a research note on Wednesday, October 26th. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Ringcentral currently has an average rating of “Buy” and an average target price of $27.00.

Ringcentral (NYSE:RNG) traded down 3.18% during mid-day trading on Thursday, hitting $24.35. 670,544 shares of the stock were exchanged. Ringcentral has a 52 week low of $13.88 and a 52 week high of $25.45. The company’s 50-day moving average price is $22.58 and its 200 day moving average price is $22.41. The firm’s market capitalization is $1.80 billion.

A number of hedge funds have recently made changes to their positions in RNG. Teacher Retirement System of Texas boosted its stake in shares of Ringcentral by 18.1% in the second quarter. Teacher Retirement System of Texas now owns 6,994 shares of the company’s stock valued at $138,000 after buying an additional 1,071 shares during the last quarter. Brandywine Managers LLC bought a new stake in shares of Ringcentral during the fourth quarter valued at approximately $287,000. Aperio Group LLC boosted its stake in shares of Ringcentral by 1.6% in the third quarter. Aperio Group LLC now owns 12,164 shares of the company’s stock valued at $288,000 after buying an additional 190 shares during the last quarter. Ellington Management Group LLC bought a new stake in shares of Ringcentral during the fourth quarter valued at approximately $315,000. Finally, Gradient Investments LLC boosted its stake in shares of Ringcentral by 1.8% in the third quarter. Gradient Investments LLC now owns 14,380 shares of the company’s stock valued at $340,000 after buying an additional 260 shares during the last quarter. Institutional investors and hedge funds own 66.67% of the company’s stock.

“Craig Hallum Analysts Cut Earnings Estimates for Ringcentral, Inc. (RNG)” was reported by Zolmax and is the sole property of of Zolmax. If you are accessing this piece of content on another domain, it was illegally copied and reposted in violation of international copyright and trademark law. The correct version of this piece of content can be viewed at https://zolmax.com/investing/craig-hallum-analysts-cut-earnings-estimates-for-ringcentral-inc-rng/1206585.html.

In other Ringcentral news, SVP Praful Shah sold 10,000 shares of the business’s stock in a transaction on Wednesday, February 1st. The shares were sold at an average price of $23.03, for a total value of $230,300.00. Following the sale, the senior vice president now owns 275,832 shares in the company, valued at approximately $6,352,410.96. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Clyde Hosein sold 159,813 shares of the business’s stock in a transaction on Wednesday, December 14th. The stock was sold at an average price of $22.40, for a total transaction of $3,579,811.20. Following the completion of the sale, the chief financial officer now owns 186,868 shares in the company, valued at approximately $4,185,843.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 177,568 shares of company stock worth $3,981,644. 17.34% of the stock is owned by corporate insiders.

About Ringcentral

RingCentral, Inc is a provider of software-as-a-service (SaaS) solutions for business communications. The Company’s cloud-based business communications solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, personal computers (PCs) and desk phones, and allow for communication across multiple channels, including voice, text, team messaging collaboration, high definition (HD) video for Web conferencing and fax.

5 Day Chart for NYSE:RNG

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