RingCentral Inc (NYSE:RNG) – Research analysts at Oppenheimer decreased their Q1 2020 earnings estimates for RingCentral in a note issued to investors on Tuesday, February 11th. Oppenheimer analyst B. Schwartz now forecasts that the software maker will post earnings of ($0.14) per share for the quarter, down from their prior estimate of ($0.09). Oppenheimer has a “Buy” rating and a $250.00 price objective 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 issued its quarterly earnings data on Monday, February 10th. The software maker reported $0.22 earnings per share (EPS) for the quarter, topping the Zacks’ 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 business had revenue of $252.87 million during the quarter, compared to the consensus estimate of $237.38 million. During the same period in the prior year, the firm posted $0.23 EPS. The firm’s quarterly revenue was up 34.1% compared to the same quarter last year.
RNG has been the subject of a number of other reports. Raymond James upped their price objective on shares of RingCentral from $190.00 to $250.00 and gave the stock a “strong-buy” rating in a research report on Tuesday. Goldman Sachs Group upped their price objective on shares of RingCentral from $230.00 to $255.00 and gave the stock a “buy” rating in a research report on Tuesday. UBS Group upped their price objective on shares of RingCentral from $210.00 to $250.00 and gave the stock an “outperform” rating in a research report on Tuesday. They noted that the move was a valuation call. Zacks Investment Research downgraded shares of RingCentral from a “buy” rating to a “hold” rating in a research report on Saturday, November 9th. Finally, Jefferies Financial Group upped their price objective on shares of RingCentral from to and gave the stock a “buy” rating in a research report on Tuesday. Four equities research 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. RingCentral has an average rating of “Buy” and an average price target of $224.10.
Shares of RNG stock opened at $242.39 on Friday. RingCentral has a 52-week low of $98.19 and a 52-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 company has a 50-day simple moving average of $194.02 and a two-hundred day simple moving average of $162.93. The company has a market capitalization of $20.26 billion, a price-to-earnings ratio of -378.73 and a beta of 0.81.
In other RingCentral news, CAO Vaibhav Agarwal sold 411 shares of the business’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $196.71, for a total value of $80,847.81. Following the transaction, the chief accounting officer now directly owns 19,024 shares in the company, valued at $3,742,211.04. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Praful Shah sold 6,230 shares of the business’s stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $165.19, for a total transaction of $1,029,133.70. Following the completion of the transaction, the insider now owns 249,906 shares in the company, valued at $41,281,972.14. The disclosure for this sale can be found here. Over the last quarter, insiders sold 210,437 shares of company stock worth $35,641,084. Corporate insiders own 11.03% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in RNG. Point72 Asset Management L.P. purchased a new stake in RingCentral in the 4th quarter worth approximately $13,813,000. Orion Portfolio Solutions LLC purchased a new stake in RingCentral in the 4th quarter worth approximately $49,000. Schonfeld Strategic Advisors LLC lifted its stake in RingCentral by 1,749.7% in the 4th quarter. Schonfeld Strategic Advisors LLC now owns 121,600 shares of the software maker’s stock worth $20,510,000 after purchasing an additional 115,026 shares in the last quarter. UBS Asset Management Americas Inc. lifted its stake in RingCentral by 165.7% in the 4th quarter. UBS Asset Management Americas Inc. now owns 217,248 shares of the software maker’s stock worth $36,643,000 after purchasing an additional 135,484 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. purchased a new stake in RingCentral in the 4th quarter worth approximately $219,000. Hedge funds and other institutional investors own 83.31% of the company’s stock.
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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