RingCentral Inc (RNG) reported quarterly earnings results on Wednesday, Aug-3-2016. The company said it had a profit of $0.02 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.01. Analysts had a consensus of $0.01. The company posted revenue of $91.80 million in the period, compared to analysts expectations of $87.54 million. The company’s revenue was up 29.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $-0.05 EPS.
Many Wall Street Analysts have commented on RingCentral Inc. Craig Hallum Initiated RingCentral Inc on Jul 7, 2016 to “Buy”, Price Target of the shares are set at $25.
RingCentral Inc closed down -0.32 points or -1.38% at $22.88 with 4,78,263 shares getting traded on Tusday. Post opening the session at $23.23, the shares hit an intraday low of $22.45 and an intraday high of $23.23 and the price fluctuated in this range throughout the day.Shares ended Tusday session in Red.
In a different news, on Jul 6, 2016, John H Marlow (SVP & General Counsel) sold 2,000 shares at $19.35 per share price. According to the SEC, on Jul 6, 2016, Praful Shah (SVP, Strategy) sold 10,000 shares at $19.66 per share price. On Jun 15, 2016, Kira Makagon (EVP, Innovation) sold 10,000 shares at $20.43 per share price, according to the Form-4 filing with the securities and exchange commission.
RingCentral Inc. is a provider of software-as-a-service (SaaS) solutions for business communications. The Company’s products are RingCentral Office RingCentral Professional and RingCentral Fax which it sells as monthly subscriptions to its customers. The Company’s flagship product RingCentral Office is a multi-location multi-user enterprise-grade communications solution that enables employees to communicate through different channels and on multiple devices. RingCentral Professional is an inbound call routing subscription with additional text and fax capabilities targeting smaller deployments. RingCentral Fax is an Internet fax subscription that permits sending and receiving faxes over the Internet.