RingCentral (NYSE:RNG) Announces Earnings Results

RingCentral (NYSE:RNG) posted its quarterly earnings data on Thursday. The software maker reported $1.33 EPS for the quarter, topping analysts’ consensus estimates of $1.28 by $0.05, FiscalAI reports. The business had revenue of $676.04 million for the quarter, compared to analyst estimates of $667.30 million. RingCentral had a negative return on equity of 34.49% and a net margin of 4.27%.

RingCentral Stock Performance

NYSE:RNG traded down $3.31 during trading hours on Thursday, hitting $79.11. The stock had a trading volume of 2,413,716 shares, compared to its average volume of 1,985,558. The business’s 50 day moving average is $73.40 and its 200-day moving average is $53.74. The company has a market cap of $6.61 billion, a price-to-earnings ratio of 63.29, a P/E/G ratio of 1.41 and a beta of 1.10. RingCentral has a one year low of $24.14 and a one year high of $83.71.

Analyst Ratings Changes

A number of research firms have recently issued reports on RNG. Mizuho boosted their price objective on RingCentral from $38.00 to $40.00 and gave the company a “neutral” rating in a research report on Friday, July 24th. Royal Bank Of Canada started coverage on RingCentral in a report on Thursday, September 3rd. They issued an “outperform” rating and a $85.00 target price for the company. Needham & Company LLC lifted their target price on shares of RingCentral from $55.00 to $85.00 and gave the company a “buy” rating in a research note on Friday, August 28th. Rosenblatt Securities restated a “buy” rating and issued a $50.00 price objective on shares of RingCentral in a research report on Friday, July 24th. Finally, Weiss Ratings raised RingCentral from a “hold (c)” rating to a “buy (b-)” rating in a research note on Thursday, October 8th. Five research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $56.00.

Insider Buying and Selling

In other news, Director Amy Shenkan sold 1,264 shares of RingCentral stock in a transaction dated Friday, October 2nd. The stock was sold at an average price of $78.89, for a total transaction of $99,716.96. Following the transaction, the director owned 28,108 shares in the company, valued at $2,217,440.12. The trade was a 4.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Kira Makagon sold 36,185 shares of the stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $70.11, for a total value of $2,536,930.35. Following the sale, the chief operating officer directly owned 245,385 shares of the company’s stock, valued at approximately $17,203,942.35. The trade was a 12.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 84,625 shares of company stock worth $6,024,953 over the last ninety days. Insiders own 7.30% of the company’s stock.

About RingCentral

RingCentral, Inc is a provider of cloud-based business communications and collaboration solutions. Its platform enables organizations to manage business phone services, team messaging, video meetings, contact center operations and other communications through internet-based applications rather than traditional on-premises systems.

The company’s offerings include RingEX, a unified communications platform that combines voice, messaging and video; RingCentral Video for online meetings and collaboration; and RingCX, a cloud contact center solution.