RingCentral (RNG) Expected to Announce Quarterly Earnings on Tuesday

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

RingCentral Stock Down 4.1 %

RNG stock opened at $33.75 on Friday. The firm has a market cap of $3.05 billion, a PE ratio of -31.84, a P/E/G ratio of 1.43 and a beta of 1.01. The business has a 50 day moving average of $35.74 and a 200-day moving average of $34.35. RingCentral has a 12-month low of $26.98 and a 12-month high of $42.19.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on RNG shares. Wedbush increased their price objective on RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Piper Sandler raised their target price on RingCentral from $31.00 to $38.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Barclays downgraded RingCentral from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $45.00 to $37.00 in a research report on Monday, January 27th. Morgan Stanley raised their target price on RingCentral from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 18th. Finally, Raymond James reissued an “outperform” rating and issued a $45.00 target price (down 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 and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $40.60.

Insider Activity

In related news, CFO Vaibhav Agarwal sold 2,178 shares of RingCentral stock in a transaction on Monday, November 18th. The stock was sold at an average price of $35.27, for a total transaction of $76,818.06. Following the completion of the sale, the chief financial officer now owns 135,560 shares of the company’s stock, valued at approximately $4,781,201.20. This trade represents a 1.58 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Robert I. Theis sold 1,457 shares of RingCentral stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $37.79, for a total value of $55,060.03. Following the sale, the director now directly owns 28,690 shares of the company’s stock, valued at $1,084,195.10. This represents a 4.83 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 115,188 shares of company stock worth $4,113,047. 6.97% of the stock is 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.