Intrinsic value of RingCentral Cl A - RNG

Previous Close

$54.15

  Intrinsic Value

$11.40

stock screener

  Rating & Target

str. sell

-79%

Previous close

$54.15

 
Intrinsic value

$11.40

 
Up/down potential

-79%

 
Rating

str. sell

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of RNG stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  28.38
  34.00
  31.10
  28.49
  26.14
  24.03
  22.12
  20.41
  18.87
  17.48
  16.24
  15.11
  14.10
  13.19
  12.37
  11.63
  10.97
  10.37
  9.84
  9.35
  8.92
  8.53
  8.17
  7.86
  7.57
  7.31
  7.08
  6.87
  6.69
  6.52
  6.37
Revenue, $m
  380
  509
  668
  858
  1,082
  1,342
  1,639
  1,973
  2,346
  2,756
  3,203
  3,687
  4,207
  4,762
  5,351
  5,974
  6,629
  7,317
  8,037
  8,788
  9,572
  10,388
  11,237
  12,120
  13,038
  13,991
  14,982
  16,012
  17,082
  18,196
  19,354
Variable operating expenses, $m
 
  478
  626
  804
  1,014
  1,258
  1,536
  1,849
  2,198
  2,582
  3,001
  3,454
  3,941
  4,460
  5,012
  5,595
  6,209
  6,853
  7,528
  8,232
  8,966
  9,730
  10,525
  11,352
  12,211
  13,105
  14,033
  14,997
  16,000
  17,043
  18,128
Fixed operating expenses, $m
 
  51
  53
  54
  55
  57
  58
  59
  61
  62
  64
  66
  67
  69
  71
  72
  74
  76
  78
  80
  82
  84
  86
  88
  90
  93
  95
  97
  100
  102
  105
Total operating expenses, $m
  406
  529
  679
  858
  1,069
  1,315
  1,594
  1,908
  2,259
  2,644
  3,065
  3,520
  4,008
  4,529
  5,083
  5,667
  6,283
  6,929
  7,606
  8,312
  9,048
  9,814
  10,611
  11,440
  12,301
  13,198
  14,128
  15,094
  16,100
  17,145
  18,233
Operating income, $m
  -26
  -20
  -11
  0
  12
  28
  45
  65
  87
  111
  138
  168
  199
  233
  268
  306
  346
  388
  431
  477
  525
  574
  626
  680
  736
  794
  854
  917
  983
  1,051
  1,122
EBITDA, $m
  -11
  -10
  1
  15
  32
  52
  74
  100
  128
  160
  194
  231
  272
  315
  361
  409
  460
  513
  570
  628
  689
  753
  819
  888
  960
  1,035
  1,112
  1,193
  1,276
  1,364
  1,454
Interest expense (income), $m
  1
  0
  0
  2
  5
  8
  11
  15
  19
  24
  29
  35
  42
  48
  56
  63
  71
  80
  89
  98
  108
  118
  129
  140
  151
  163
  175
  188
  202
  216
  230
Earnings before tax, $m
  -29
  -20
  -11
  -3
  8
  20
  34
  50
  68
  87
  109
  133
  158
  185
  213
  243
  275
  308
  343
  379
  417
  456
  497
  540
  585
  631
  679
  729
  781
  835
  891
Tax expense, $m
  0
  0
  0
  0
  2
  5
  9
  13
  18
  24
  29
  36
  43
  50
  57
  66
  74
  83
  92
  102
  113
  123
  134
  146
  158
  170
  183
  197
  211
  225
  241
Net income, $m
  -29
  -20
  -11
  -3
  6
  15
  25
  36
  49
  64
  79
  97
  115
  135
  155
  177
  200
  225
  250
  277
  304
  333
  363
  394
  427
  461
  496
  532
  570
  610
  651

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  160
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  253
  125
  163
  210
  265
  328
  401
  483
  574
  674
  784
  902
  1,030
  1,165
  1,310
  1,462
  1,622
  1,791
  1,967
  2,151
  2,343
  2,542
  2,750
  2,966
  3,191
  3,424
  3,667
  3,919
  4,181
  4,453
  4,737
Adjusted assets (=assets-cash), $m
  93
  125
  163
  210
  265
  328
  401
  483
  574
  674
  784
  902
  1,030
  1,165
  1,310
  1,462
  1,622
  1,791
  1,967
  2,151
  2,343
  2,542
  2,750
  2,966
  3,191
  3,424
  3,667
  3,919
  4,181
  4,453
  4,737
Revenue / Adjusted assets
  4.086
  4.072
  4.098
  4.086
  4.083
  4.091
  4.087
  4.085
  4.087
  4.089
  4.085
  4.088
  4.084
  4.088
  4.085
  4.086
  4.087
  4.085
  4.086
  4.086
  4.085
  4.087
  4.086
  4.086
  4.086
  4.086
  4.086
  4.086
  4.086
  4.086
  4.086
Average production assets, $m
  33
  44
  57
  74
  93
  115
  141
  170
  202
  237
  275
  317
  362
  410
  460
  514
  570
  629
  691
  756
  823
  893
  966
  1,042
  1,121
  1,203
  1,288
  1,377
  1,469
  1,565
  1,664
Working capital, $m
  90
  -74
  -97
  -124
  -157
  -195
  -238
  -286
  -340
  -400
  -464
  -535
  -610
  -691
  -776
  -866
  -961
  -1,061
  -1,165
  -1,274
  -1,388
  -1,506
  -1,629
  -1,757
  -1,890
  -2,029
  -2,172
  -2,322
  -2,477
  -2,638
  -2,806
Total debt, $m
  15
  4
  39
  81
  130
  188
  253
  327
  409
  499
  598
  704
  819
  941
  1,071
  1,208
  1,352
  1,504
  1,662
  1,828
  2,000
  2,180
  2,367
  2,562
  2,764
  2,974
  3,192
  3,419
  3,655
  3,900
  4,155
Total liabilities, $m
  123
  112
  147
  189
  238
  296
  361
  435
  517
  607
  706
  812
  927
  1,049
  1,179
  1,316
  1,460
  1,612
  1,770
  1,936
  2,108
  2,288
  2,475
  2,670
  2,872
  3,082
  3,300
  3,527
  3,763
  4,008
  4,263
Total equity, $m
  130
  12
  16
  21
  26
  33
  40
  48
  57
  67
  78
  90
  103
  117
  131
  146
  162
  179
  197
  215
  234
  254
  275
  297
  319
  342
  367
  392
  418
  445
  474
Total liabilities and equity, $m
  253
  124
  163
  210
  264
  329
  401
  483
  574
  674
  784
  902
  1,030
  1,166
  1,310
  1,462
  1,622
  1,791
  1,967
  2,151
  2,342
  2,542
  2,750
  2,967
  3,191
  3,424
  3,667
  3,919
  4,181
  4,453
  4,737
Debt-to-equity ratio
  0.115
  0.330
  2.390
  3.860
  4.920
  5.710
  6.310
  6.760
  7.120
  7.400
  7.620
  7.800
  7.950
  8.070
  8.180
  8.260
  8.330
  8.400
  8.450
  8.500
  8.540
  8.580
  8.610
  8.640
  8.660
  8.680
  8.710
  8.720
  8.740
  8.760
  8.770
Adjusted equity ratio
  -0.323
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -29
  -20
  -11
  -3
  6
  15
  25
  36
  49
  64
  79
  97
  115
  135
  155
  177
  200
  225
  250
  277
  304
  333
  363
  394
  427
  461
  496
  532
  570
  610
  651
Depreciation, amort., depletion, $m
  15
  10
  12
  16
  20
  24
  29
  35
  41
  48
  56
  63
  72
  82
  92
  103
  114
  126
  138
  151
  165
  179
  193
  208
  224
  241
  258
  275
  294
  313
  333
Funds from operations, $m
  40
  -10
  1
  13
  25
  38
  54
  71
  91
  112
  135
  160
  188
  217
  247
  280
  314
  351
  388
  428
  469
  512
  556
  603
  651
  701
  753
  808
  864
  923
  984
Change in working capital, $m
  10
  -19
  -23
  -28
  -33
  -38
  -43
  -49
  -54
  -59
  -65
  -70
  -75
  -80
  -85
  -90
  -95
  -100
  -104
  -109
  -114
  -118
  -123
  -128
  -133
  -138
  -144
  -149
  -155
  -161
  -168
Cash from operations, $m
  30
  9
  24
  41
  58
  76
  97
  120
  145
  171
  200
  231
  263
  297
  333
  370
  410
  450
  493
  537
  583
  630
  679
  731
  784
  839
  897
  957
  1,019
  1,084
  1,152
Maintenance CAPEX, $m
  0
  -7
  -9
  -11
  -15
  -19
  -23
  -28
  -34
  -40
  -47
  -55
  -63
  -72
  -82
  -92
  -103
  -114
  -126
  -138
  -151
  -165
  -179
  -193
  -208
  -224
  -241
  -258
  -275
  -294
  -313
New CAPEX, $m
  -16
  -11
  -14
  -16
  -19
  -22
  -26
  -29
  -32
  -35
  -38
  -42
  -45
  -48
  -51
  -54
  -56
  -59
  -62
  -65
  -67
  -70
  -73
  -76
  -79
  -82
  -85
  -89
  -92
  -96
  -100
Cash from investing activities, $m
  -16
  -18
  -23
  -27
  -34
  -41
  -49
  -57
  -66
  -75
  -85
  -97
  -108
  -120
  -133
  -146
  -159
  -173
  -188
  -203
  -218
  -235
  -252
  -269
  -287
  -306
  -326
  -347
  -367
  -390
  -413
Free cash flow, $m
  14
  -9
  2
  13
  24
  35
  48
  63
  79
  96
  114
  134
  155
  177
  200
  225
  250
  277
  305
  334
  364
  395
  428
  462
  497
  533
  571
  611
  652
  694
  739
Issuance/(repayment) of debt, $m
  -6
  4
  35
  42
  49
  57
  65
  74
  82
  90
  99
  107
  115
  122
  130
  137
  144
  151
  159
  166
  173
  180
  187
  194
  202
  210
  218
  227
  236
  245
  255
Issuance/(repurchase) of shares, $m
  15
  47
  15
  7
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  9
  51
  50
  49
  49
  57
  65
  74
  82
  90
  99
  107
  115
  122
  130
  137
  144
  151
  159
  166
  173
  180
  187
  194
  202
  210
  218
  227
  236
  245
  255
Total cash flow (excl. dividends), $m
  23
  42
  52
  62
  73
  92
  114
  136
  161
  186
  213
  240
  269
  299
  330
  362
  395
  429
  463
  499
  537
  575
  615
  656
  699
  743
  789
  837
  887
  940
  994
Retained Cash Flow (-), $m
  -20
  -47
  -15
  -7
  -5
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -27
  -28
Prev. year cash balance distribution, $m
 
  145
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  140
  36
  55
  68
  86
  106
  128
  151
  176
  202
  229
  257
  286
  316
  347
  379
  412
  446
  481
  517
  555
  594
  634
  676
  720
  765
  812
  861
  912
  966
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  134
  33
  48
  56
  67
  77
  87
  95
  101
  106
  109
  110
  109
  106
  102
  96
  90
  82
  74
  66
  57
  49
  42
  34
  28
  22
  17
  13
  10
  7
Current shareholders' claim on cash, %
  100
  50.0
  44.5
  42.6
  42.6
  42.6
  42.6
  42.6
  42.6
  42.6
  42.6
  42.6
  42.6
  42.6
  42.6
  42.6
  42.6
  42.6
  42.6
  42.6
  42.6
  42.6
  42.6
  42.6
  42.6
  42.6
  42.6
  42.6
  42.6
  42.6
  42.6

RingCentral, Inc. is a provider of software-as-a-service (SaaS) solutions for businesses to support modern communications. The Company's cloud-based business communications solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, personal computers (PCs) and desk phones, and allow for communication across multiple channels, including high definition (HD) voice, video, short messaging service (SMS), messaging and collaboration, conferencing, online meetings, and fax. The Company's products include RingCentral Office, RingCentral Professional, RingCentral Fax, RingCentral Contact Center and RingCentral Glip. RingCentral Office is a multi-user, enterprise-grade communications solution. RingCentral Professional is an inbound call routing subscription with additional text and fax capabilities targeting smaller deployments, and RingCentral Fax is an Internet fax subscription that permits sending and receiving faxes over the Internet.

FINANCIAL RATIOS  of  RingCentral Cl A (RNG)

Valuation Ratios
P/E Ratio -138.9
Price to Sales 10.6
Price to Book 31
Price to Tangible Book
Price to Cash Flow 134.3
Price to Free Cash Flow 287.7
Growth Rates
Sales Growth Rate 28.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -5.9%
Cap. Spend. - 3 Yr. Gr. Rate 7.8%
Financial Strength
Quick Ratio 11
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 11.5%
Interest Coverage -28
Management Effectiveness
Return On Assets -12%
Ret/ On Assets - 3 Yr. Avg. -18.4%
Return On Total Capital -21.2%
Ret/ On T. Cap. - 3 Yr. Avg. -29.9%
Return On Equity -24.2%
Return On Equity - 3 Yr. Avg. -38.2%
Asset Turnover 1.6
Profitability Ratios
Gross Margin 75.8%
Gross Margin - 3 Yr. Avg. 70.5%
EBITDA Margin -3.4%
EBITDA Margin - 3 Yr. Avg. -8.8%
Operating Margin -6.8%
Oper. Margin - 3 Yr. Avg. -12.6%
Pre-Tax Margin -7.6%
Pre-Tax Margin - 3 Yr. Avg. -13.5%
Net Profit Margin -7.6%
Net Profit Margin - 3 Yr. Avg. -13.4%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 1%
Payout Ratio 0%

RNG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RNG stock intrinsic value calculation we used $380 million for the last fiscal year's total revenue generated by RingCentral Cl A. The default revenue input number comes from 2016 income statement of RingCentral Cl A. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our RNG stock valuation model: a) initial revenue growth rate of 34% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for RNG is calculated based on our internal credit rating of RingCentral Cl A, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of RingCentral Cl A.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of RNG stock the variable cost ratio is equal to 93.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $50 million in the base year in the intrinsic value calculation for RNG stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.9% for RingCentral Cl A.

Corporate tax rate of 27% is the nominal tax rate for RingCentral Cl A. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the RNG stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for RNG are equal to 8.6%.

Life of production assets of 2.8 years is the average useful life of capital assets used in RingCentral Cl A operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for RNG is equal to -14.5%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $130 million for RingCentral Cl A - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 77.273 million for RingCentral Cl A is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of RingCentral Cl A at the current share price and the inputted number of shares is $4.2 billion.

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COMPANY NEWS

▶ This Amazon Partner And Cisco Rival Just Entered New Buy Zone   [Jan-12-18 04:02PM  Investor's Business Daily]
▶ When Swing Trades Stop Trending, Move On To The Next Stock   [Dec-22-17 03:58PM  Investor's Business Daily]
▶ Top-Rated Stocks: RingCentral Sees Composite Rating Climb To 96   [Dec-11-17 03:00AM  Investor's Business Daily]
▶ Twilio Inc Is a Good for the Short Term, But Thats It   [Nov-21-17 10:33AM  InvestorPlace]
▶ RingCentral Quarterly Earnings, Revenue Beat Expectations   [Nov-08-17 05:02PM  Investor's Business Daily]
▶ RingCentral reports 3Q loss   [04:19PM  Associated Press]
▶ RingCentral Slips As Cisco Gobbles Up Rival BroadSoft   [Oct-24-17 05:00PM  Investor's Business Daily]
▶ 2 Top Stocks Break Out Today; A Third Sets Up To Move Higher   [Oct-02-17 01:01PM  Investor's Business Daily]
▶ This Unknown Cloud Player Has Its Own App Store, And Big Momentum   [Sep-29-17 04:55PM  Investor's Business Daily]
▶ This Potential Breakout Stock May Also Be A Takeover Target   [04:08PM  Investor's Business Daily]
▶ Why RingCentral Inc. Stock Jumped Today   [Aug-09-17 12:29PM  Motley Fool]
▶ RingCentral reports 2Q loss   [Aug-02-17 11:17PM  Associated Press]
▶ ETFs with exposure to RingCentral, Inc. : August 1, 2017   [Aug-01-17 05:14PM  Capital Cube]
▶ ETFs with exposure to RingCentral, Inc. : July 7, 2017   [Jul-07-17 03:26PM  Capital Cube]
▶ ETFs with exposure to RingCentral, Inc. : June 26, 2017   [Jun-26-17 04:47PM  Capital Cube]
▶ Stocks To Buy And Watch: Top IPOs, Big And Small Caps, Growth Stocks   [Jun-16-17 05:23PM  Investor's Business Daily]
▶ Kenneth Goldman Joins RingCentral Board of Directors   [Jun-13-17 11:00AM  Business Wire]
▶ RingCentral to Speak at Upcoming Investor Conferences   [Jun-05-17 09:00AM  Business Wire]
Financial statements of RNG
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