Get Rating: RingCentral, Inc. (NYSE: RNG) In a research report published on August 3rd, stock analysts at William Blair increased their Q3 2022 earnings predictions for RingCentral. The software developer will now report earnings of ($0.38) per share for the quarter, up from their previous prediction of ($0.42), according to William Blair analyst M. Stotler. The stock has an "Outperform" rating from William Blair. The current full-year average estimate for RingCentral's profits is ($1.42) per share. Additionally, William Blair provided projections for RingCentral's Q4 2022 earnings of $0.31 per share, FY 2022 earnings of $1.41 per share, and FY 2023 earnings of $1.5 per share.
On Monday, May 9th, RingCentral (NYSE: RNG - Get Rating) last released its quarterly results information. The software provider missed the analysts' average expectation of ($0.54) by ($0.09) with its ($0.63) earnings per share for the quarter. RingCentral's net margin was negative at 31.67 percent, while its return on equity was negative at 160.19 percent. In contrast to the average forecast of $458.36 million, the company's revenue for the quarter was $467.66 million. The company's profits per share for the same period last year were ($0.41) In comparison to the same quarter the previous year, RingCentral's revenue for the quarter increased by 32.7%.
Recently, a number of other stock analysts have also commented on the firm. In a research note published on Monday, May 16th, Robert W. Baird downgraded RingCentral from "outperform" to "neutral" and decreased their target price for the firm from $95.00 to $80.00. In research released on Wednesday, August 3rd, Wells Fargo & Firm lowered their price target for RingCentral from $115.00 to $100.00 and assigned the company an "overweight" rating. On Wednesday, May 11th, StockNews.com raised RingCentral from a "sell" rating to a "hold" rating in a research report. In a research note published on July 13th, Piper Sandler reduced their price objective for RingCentral from $118.00 to $75.00 and assigned the company an "overweight" rating. Finally, on July 6th, Needham & Company LLC downgraded RingCentral from a "buy" recommendation to a "hold" rating in a research report. The stock has received a hold recommendation from five equities research analysts, a buy rating from 18 analysts, and a strong buy rating from one analyst. MarketBeat reports that the company has a "Moderate Buy" average rating with a consensus price objective of $140.73.
RingCentral Price Performance
On Monday, shares of RingCentral stock opened at $47.50. The business has a debt-to-equity ratio of 33.52, a quick ratio of 1.25, and a current ratio of 1.25. The price of the stock has a 50-day moving average of $55.05 and a 200-day moving average of $94.28. RingCentral's 52-week low and high are $47.28 and $315.00, respectively. Market capitalization for the stock is $4.40 billion, PE ratio is -7.76, and beta is 0.94.
Institutional Inflows and Outflows
Shares of the stock have lately been purchased and sold by a number of hedge funds. In the fourth quarter, Credit Agricole S A increased its ownership position in RingCentral by 9.6%. After buying an additional 65 shares in the most recent quarter, Credit Agricole S A now owns 744 shares of the software maker's stock, valued at $139,000 (up from 648 shares previously). In the fourth quarter, Westpac Banking Corp. increased its holdings in RingCentral shares by 1.9 percent. After purchasing an additional 132 shares during the most recent quarter, Westpac Banking Corp now owns 7,169 shares of the software maker's stock, valued at $1,343,000. In the first quarter, M&T Bank Corp. increased its ownership in RingCentral shares by 6.0 percent. In the first quarter, M&T Bank Corp. increased its ownership in RingCentral shares by 6.0 percent. Following the acquisition of 151 more shares during the most recent quarter, M&T Bank Corp now directly owns 2,673 shares of the software maker's stock, valued at $313,000.00. In the second quarter, Sumitomo Life Insurance Co. increased its holdings in RingCentral shares by 4.5 percent. After purchasing an additional 192 shares during the most recent quarter, Sumitomo Life Insurance Co. now owns 4,467 shares of the software maker's stock, valued at $233,000, and valued at $233,000. In the first quarter, Oppenheimer & Co. Inc. increased its holdings in RingCentral shares by 4.2 percent. Following the acquisition of 200 more shares in the most recent quarter, Oppenheimer & Co. Inc. now directly owns 4,941 shares of the software maker's stock, valued at $579,000. Institutional investors now hold 85.96 percent of the stock.
Insiders Place Their Bets
In related news, on Friday, May 27th, CAO John H. Marlow sold 7,320 shares of the company's stock. A total of $478,288.80 was spent on the sale of the stock, which was sold at an average price of $65.34. The chief accounting officer now directly owns 210,774 company shares worth $13,771,973.16 after the transaction was completed. This link will take you to a filing with the SEC where the transaction was disclosed. Other RingCentral news includes the sale by COO Mohammed Katibeh of 1,846 shares of the company's equity on May 11th. The stock was sold for a total of $124,789.60 at an average price of $67.60. The chief operating officer now directly owns 110,098 shares of the firm, worth $7,442,624.80, after the transaction was completed. The SEC website provides access to the filing in which the transaction was reported. John H. Marlow, the company's chief operating officer, also sold 7,320 shares of company stock on Friday, May 27. The shares were sold for a total of $478,288.80 at an average price of $65.34. The deal has been completed, and the chief accounting officer now owns 210,774 shares of the business worth $13,771,973.16. You can read the disclosure for this sale here. Over the past ninety days, insiders sold 44,029 shares of company stock for a total value of $2,841,132. Corporate insiders presently own 7.35 percent of the stock.
RingCentral Company Profile
In North America, RingCentral, Inc. offers software-as-a-service solutions that let organizations connect and cooperate. Based on its Message Video Phone? technology, the company provides contact center and cloud communications services for businesses. RingCentral Contact Center is a collaborative contact center solution that offers omnichannel, and RingCentral Engage Digital is a digital customer engagement platform that enables businesses to engage with their customers. These are just a few of the company's products. RingCentral Office offers communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax.
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