Revenue Update on RingCentral Inc(NYSE:RNG)

RingCentral Inc(NYSE:RNG) announced the earnings results for Fiscal Year 2016 and Q4. The results came in during After-Market on Feb 13, 2017. Based on the corporate Earnings and Guidance, many Investment Banking firms balance their portfolio to Sell and Buy Stocks based on their strategy of investing in stocks.Company reported revenue of $104.503M. Analysts estimated a revenue of $103.020M. The revenues were 1.44% above the estimates. Earnings per share were $0.03. The reported EPS was above estimates by 50%. Analysts had estimated an EPS of $0.02.

In a different note, On Dec 12, 2016, Baird said it Upgrades its rating on RingCentral Inc. According to the research note, Baird Raises the price target to $29 per share from a prior target of $26. The shares have been rated ‘Outperform’ by the firm.

RingCentral Inc (RNG) made into the market gainers list on Wednesdays trading session with the shares advancing 0.58% or 0.15 points. Due to strong positive momentum, the stock ended at $25.8, which is also near the day’s high of $25.95. The stock began the session at $24.95 and the volume stood at 10,47,115 shares. The 52-week high of the shares is $25.95 and the 52 week low is $13.88. The company has a current market capitalization of $1,898 M and it has 7,35,84,392 shares in outstanding.

Several Insider Transactions has been reported to the SEC. On Feb 2, 2017, Praful Shah (SVP, Strategy) sold 10,000 shares at $23.03 per share price.Also, On Dec 15, 2016, Clyde Hosein (EVP and CFO) sold 159,813 shares at $22.36 per share price.On Nov 23, 2016, John H Marlow (SVP & General Counsel) sold 2,238 shares at $22.20 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.

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