Ringcentral, Inc. (NYSE:RNG) issued its quarterly earnings results on Wednesday. The software maker reported $0.06 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.02, Bloomberg Earnings reports. Ringcentral had a negative net margin of 5.80% and a negative return on equity of 18.69%. The business had revenue of $129.76 million for the quarter, compared to analysts’ expectations of $126.06 million. During the same period last year, the business earned $0.03 earnings per share. The business’s quarterly revenue was up 34.0% on a year-over-year basis.
Shares of Ringcentral (RNG) opened at $47.55 on Friday. Ringcentral has a 52 week low of $19.95 and a 52 week high of $47.95.
A number of research analysts have commented on RNG shares. Morgan Stanley cut shares of Ringcentral from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $37.00 to $33.00 in a research report on Thursday, July 20th. They noted that the move was a valuation call. BidaskClub lowered Ringcentral from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 19th. Summit Redstone reissued a “buy” rating and set a $40.00 price objective (up previously from $36.00) on shares of Ringcentral in a research note on Thursday, August 3rd. Bank of America Corporation increased their price objective on Ringcentral from $45.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, October 25th. Finally, Dougherty & Co increased their price objective on Ringcentral from $36.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday, August 3rd. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $43.92.
In related news, CFO Mitesh Dhruv sold 3,000 shares of the firm’s stock in a transaction on Wednesday, October 4th. The stock was sold at an average price of $43.72, for a total value of $131,160.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO David Sipes sold 13,800 shares of the firm’s stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $38.64, for a total value of $533,232.00. Following the completion of the sale, the chief operating officer now directly owns 291,580 shares of the company’s stock, valued at approximately $11,266,651.20. The disclosure for this sale can be found here. Insiders sold 382,106 shares of company stock valued at $15,665,035 in the last ninety days. 14.53% of the stock is currently owned by insiders.
Ringcentral Company Profile
RingCentral, Inc is a provider of software-as-a-service (SaaS) solutions for businesses to support modern 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 high definition (HD) voice, video, short messaging service (SMS), messaging and collaboration, conferencing, online meetings, and fax.
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