RingCentral Inc (NYSE:RNG) – Investment analysts at Oppenheimer cut their Q1 2020 earnings per share estimates for RingCentral in a research note issued on Tuesday, February 11th. Oppenheimer analyst B. Schwartz now anticipates that the software maker will earn ($0.14) per share for the quarter, down from their previous estimate of ($0.09). Oppenheimer has a “Buy” rating and a $250.00 price target on the stock. Oppenheimer also issued estimates for RingCentral’s Q2 2020 earnings at ($0.20) EPS, Q3 2020 earnings at ($0.18) EPS, Q4 2020 earnings at ($0.14) EPS and FY2020 earnings at ($0.65) EPS.
RingCentral (NYSE:RNG) last released its quarterly earnings data on Monday, February 10th. The software maker reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.01. RingCentral had a negative net margin of 5.94% and a negative return on equity of 3.67%. The firm had revenue of $252.87 million for the quarter, compared to analysts’ expectations of $237.38 million. During the same quarter last year, the business posted $0.23 earnings per share. The company’s revenue for the quarter was up 34.1% compared to the same quarter last year.
A number of other research analysts have also weighed in on the stock. JPMorgan Chase & Co. raised their target price on shares of RingCentral from to in a report on Tuesday. Rosenblatt Securities raised their target price on shares of RingCentral from $215.00 to $245.00 and gave the company a “buy” rating in a report on Tuesday. William Blair reissued a “buy” rating on shares of RingCentral in a report on Thursday, February 6th. Guggenheim raised their target price on shares of RingCentral from $225.00 to $250.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Raymond James raised their target price on shares of RingCentral from $190.00 to $250.00 and gave the company a “strong-buy” rating in a report on Tuesday. Four investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $224.10.
RNG stock opened at $242.39 on Friday. The firm has a fifty day moving average price of $194.02 and a 200 day moving average price of $162.93. RingCentral has a fifty-two week low of $98.19 and a fifty-two week high of $246.46. The company has a debt-to-equity ratio of 1.12, a quick ratio of 2.85 and a current ratio of 2.85. The firm has a market cap of $20.26 billion, a PE ratio of -378.73 and a beta of 0.81.
A number of hedge funds and other institutional investors have recently bought and sold shares of RNG. Millennium Management LLC boosted its stake in RingCentral by 169.0% during the third quarter. Millennium Management LLC now owns 325,189 shares of the software maker’s stock worth $40,863,000 after buying an additional 796,389 shares during the period. Jennison Associates LLC purchased a new position in RingCentral during the fourth quarter worth $117,161,000. FIL Ltd boosted its stake in RingCentral by 38.0% during the fourth quarter. FIL Ltd now owns 1,543,715 shares of the software maker’s stock worth $260,378,000 after buying an additional 425,459 shares during the period. Zevenbergen Capital Investments LLC lifted its position in shares of RingCentral by 131.6% during the fourth quarter. Zevenbergen Capital Investments LLC now owns 490,426 shares of the software maker’s stock worth $82,720,000 after purchasing an additional 278,641 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its position in shares of RingCentral by 7,077.8% during the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 264,574 shares of the software maker’s stock worth $44,626,000 after purchasing an additional 260,888 shares during the last quarter. 83.31% of the stock is owned by institutional investors.
In other RingCentral news, CEO Vladimir Shmunis sold 25,000 shares of RingCentral stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $160.85, for a total transaction of $4,021,250.00. Following the completion of the transaction, the chief executive officer now directly owns 216,266 shares of the company’s stock, valued at $34,786,386.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Praful Shah sold 6,230 shares of RingCentral stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $165.19, for a total transaction of $1,029,133.70. Following the transaction, the insider now directly owns 249,906 shares of the company’s stock, valued at $41,281,972.14. The disclosure for this sale can be found here. Insiders have sold 210,437 shares of company stock valued at $35,641,084 over the last ninety days. 11.03% of the stock is owned by insiders.
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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