RingCentral (NYSE:RNG) Updates FY24 Earnings Guidance

RingCentral (NYSE:RNG) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $3.59-$3.67 for the period, compared to the consensus earnings per share estimate of $3.55. The company issued revenue guidance of $2.379-$2.399 billion, compared to the consensus revenue estimate of $2.38 billion. RingCentral also updated its Q2 guidance to $0.87-$0.88 EPS.

RingCentral Trading Down 1.0 %

NYSE RNG traded down $0.31 during trading on Tuesday, hitting $30.00. 984,684 shares of the company traded hands, compared to its average volume of 1,118,446. The company has a market capitalization of $2.77 billion, a P/E ratio of -17.14, a PEG ratio of 3.24 and a beta of 0.94. The business has a fifty day simple moving average of $32.85 and a 200 day simple moving average of $31.88. RingCentral has a 12 month low of $25.08 and a 12 month high of $43.28.

RingCentral (NYSE:RNG) last issued its quarterly earnings data on Tuesday, February 20th. The software maker reported ($0.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.31). The company had revenue of $571.27 million during the quarter, compared to analyst estimates of $569.65 million. Equities research analysts predict that RingCentral will post 0.45 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts recently issued reports on RNG shares. Mizuho lowered their target price on shares of RingCentral from $40.00 to $36.00 and set a buy rating on the stock in a research note on Wednesday, February 21st. The Goldman Sachs Group dropped their price objective on RingCentral from $38.00 to $34.00 and set a neutral rating on the stock in a research note on Wednesday, February 21st. KeyCorp cut their price objective on RingCentral from $50.00 to $48.00 and set an overweight rating for the company in a research report on Wednesday, February 21st. Wells Fargo & Company lowered their target price on RingCentral from $36.00 to $31.00 and set an equal weight rating on the stock in a report on Wednesday, February 21st. Finally, Morgan Stanley reduced their price objective on RingCentral from $35.00 to $32.00 and set an equal weight rating for the company in a research report on Wednesday, April 17th. Eight research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus target price of $38.56.

Insider Buying and Selling at RingCentral

In related news, Director Kenneth A. Goldman sold 1,287 shares of the stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $34.47, for a total transaction of $44,362.89. Following the completion of the sale, the director now owns 23,688 shares in the company, valued at approximately $816,525.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Vaibhav Agarwal sold 14,113 shares of the company’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $34.84, for a total transaction of $491,696.92. Following the transaction, the chief financial officer now owns 116,640 shares in the company, valued at approximately $4,063,737.60. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Kenneth A. Goldman sold 1,287 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $34.47, for a total transaction of $44,362.89. Following the completion of the sale, the director now directly owns 23,688 shares of the company’s stock, valued at approximately $816,525.36. The disclosure for this sale can be found here. Insiders have sold 23,608 shares of company stock worth $800,974 over the last three months. Company insiders own 6.76% of the company’s stock.

RingCentral Company Profile

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.