RingCentral Inc (NYSE:RNG) – Equities researchers at SunTrust Banks issued their Q2 2019 earnings per share estimates for shares of RingCentral in a research report issued on Monday, November 5th. SunTrust Banks analyst T. Tillman forecasts that the software maker will earn ($0.08) per share for the quarter. SunTrust Banks currently has a “Buy” rating and a $100.00 target price on the stock.
RingCentral (NYSE:RNG) last released its quarterly earnings results on Monday, November 5th. The software maker reported $0.19 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.16 by $0.03. The firm had revenue of $173.83 million for the quarter, compared to analysts’ expectations of $166.70 million. RingCentral had a negative net margin of 4.25% and a negative return on equity of 3.84%. The business’s revenue was up 33.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.06 EPS.
Shares of NYSE:RNG opened at $83.68 on Thursday. RingCentral has a 12-month low of $43.85 and a 12-month high of $98.15. The company has a quick ratio of 4.32, a current ratio of 4.32 and a debt-to-equity ratio of 1.24.
Several hedge funds and other institutional investors have recently bought and sold shares of RNG. Dimensional Fund Advisors LP acquired a new stake in shares of RingCentral during the 1st quarter worth approximately $4,677,000. Stifel Financial Corp acquired a new stake in shares of RingCentral during the 1st quarter worth approximately $201,000. Principal Financial Group Inc. boosted its position in shares of RingCentral by 17.3% during the 1st quarter. Principal Financial Group Inc. now owns 50,191 shares of the software maker’s stock worth $3,187,000 after acquiring an additional 7,420 shares in the last quarter. Allianz Asset Management GmbH acquired a new stake in RingCentral in the first quarter valued at approximately $41,563,000. Finally, State of Alaska Department of Revenue acquired a new stake in RingCentral in the second quarter valued at approximately $567,000. Institutional investors and hedge funds own 78.47% of the company’s stock.
In related news, COO David Sipes sold 7,126 shares of the stock in a transaction that occurred on Monday, August 27th. The shares were sold at an average price of $93.34, for a total transaction of $665,140.84. Following the sale, the chief operating officer now owns 284,861 shares in the company, valued at approximately $26,588,925.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Vladimir Shmunis sold 16,901 shares of the stock in a transaction that occurred on Wednesday, August 22nd. The stock was sold at an average price of $90.24, for a total transaction of $1,525,146.24. Following the sale, the chief executive officer now owns 349,282 shares in the company, valued at approximately $31,519,207.68. The disclosure for this sale can be found here. Insiders have sold a total of 250,849 shares of company stock worth $22,442,584 in the last quarter. 11.99% of the stock is currently owned by company insiders.
RingCentral, Inc provides software-as-a-service solutions for business communications and collaboration primarily in the United States. The company's products include RingCentral Office, a multi-tenant, multi-location, and enterprise-grade communications and collaboration solution that enables employees to communicate through voice, text, team messaging and collaboration, and HD video and Web conferencing through smartphones, tablets, PCs, and desk phones for businesses, which require a communications solution; RingCentral Professional, an inbound call routing subscription with additional text and fax capabilities primarily for smaller businesses; and RingCentral Fax solution that offers Internet fax capabilities, which allow businesses to send and receive fax documents without the need for a fax machine.
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