RingCentral (NYSE:RNG – Get Free Report) issued an update on its fourth quarter earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $0.96-$0.97 for the period, compared to the consensus estimate of $0.95. The company issued revenue guidance of $611-$613 million, compared to the consensus revenue estimate of $615.92 million.
Analyst Upgrades and Downgrades
Several research firms recently commented on RNG. Needham & Company LLC restated a “buy” rating and issued a $42.00 price target on shares of RingCentral in a report on Monday, August 5th. Northland Securities lifted their target price on shares of RingCentral from $43.00 to $50.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. StockNews.com downgraded RingCentral from a “strong-buy” rating to a “buy” rating in a report on Saturday, October 19th. Wedbush upgraded RingCentral to a “hold” rating in a research note on Thursday, October 17th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $45.00 target price on shares of RingCentral in a research note on Friday, November 1st. Eight research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $40.07.
Read Our Latest Research Report on RingCentral
RingCentral Trading Up 3.5 %
Insider Activity
In other RingCentral news, CAO John H. Marlow sold 19,498 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $32.52, for a total value of $634,074.96. Following the transaction, the chief accounting officer now owns 391,542 shares of the company’s stock, valued at $12,732,945.84. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, CAO John H. Marlow sold 19,498 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $32.52, for a total transaction of $634,074.96. Following the completion of the transaction, the chief accounting officer now owns 391,542 shares of the company’s stock, valued at approximately $12,732,945.84. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Vladimir Shmunis sold 62,244 shares of the stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $32.51, for a total transaction of $2,023,552.44. Following the completion of the sale, the chief executive officer now directly owns 573,725 shares in the company, valued at approximately $18,651,799.75. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 103,824 shares of company stock worth $3,386,396. 6.76% of the stock is currently owned by 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.
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