RingCentral (RNG) to Release Earnings on Tuesday

RingCentral (NYSE:RNG) is projected to release its earnings data after the market closes on Tuesday, February 18th. Analysts expect RingCentral to post earnings of $0.96 per share and revenue of $612.37 million for the quarter. Investors interested in participating in the company’s conference call can do so using this link.

RingCentral Stock Up 2.9 %

Shares of NYSE:RNG opened at $34.79 on Tuesday. The firm has a market cap of $3.15 billion, a P/E ratio of -32.82, a P/E/G ratio of 1.43 and a beta of 1.01. RingCentral has a 12 month low of $26.98 and a 12 month high of $42.19. The company’s 50-day moving average price is $36.11 and its two-hundred day moving average price is $34.35.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on RNG. Rosenblatt Securities reissued a “buy” rating and set a $45.00 price target on shares of RingCentral in a research note on Friday, November 8th. StockNews.com raised RingCentral from a “buy” rating to a “strong-buy” rating in a research note on Monday, November 11th. Mizuho decreased their price target on RingCentral from $42.00 to $36.00 and set a “neutral” rating on the stock in a report on Monday. Robert W. Baird upped their target price on shares of RingCentral from $36.00 to $38.00 and gave the company a “neutral” rating in a research report on Monday, November 11th. Finally, Raymond James reiterated an “outperform” rating and set a $45.00 price target (down previously from $50.00) on shares of RingCentral in a research report on Friday, January 3rd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, RingCentral presently has an average rating of “Hold” and a consensus target price of $40.60.

Insider Transactions at RingCentral

In other news, CEO Vladimir Shmunis sold 66,451 shares of RingCentral stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $34.96, for a total transaction of $2,323,126.96. Following the transaction, the chief executive officer now owns 479,468 shares in the company, valued at $16,762,201.28. The trade was a 12.17 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Vaibhav Agarwal sold 2,178 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $35.27, for a total value of $76,818.06. Following the sale, the chief financial officer now directly owns 135,560 shares of the company’s stock, valued at approximately $4,781,201.20. The trade was a 1.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 115,188 shares of company stock valued at $4,113,047 over the last three months. 6.97% of the stock is currently owned by corporate insiders.

About RingCentral

RingCentral, Inc, together with its subsidiaries, provides cloud communications, video meetings, collaboration, and contact center software-as-a-service solutions worldwide. The company’s products include RingCentral Message Video Phone that provides a unified experience for communication and collaboration across multiple modes, including HD voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers AI-powered omnichannel and workforce engagement solutions with integrated RingCentral MVP; and RingCX, an AI-powered contact center that a native delivers omnichannel experience.