RingCentral (NYSE:RNG) Updates Q2 Earnings Guidance

RingCentral (NYSE:RNG) issued an update on its second quarter earnings guidance on Tuesday morning. The company provided EPS guidance of $0.87-$0.88 for the period, compared to the consensus EPS estimate of $0.85. The company issued revenue guidance of $584.5-$587.5 million, compared to the consensus revenue estimate of $585.78 million. RingCentral also updated its FY24 guidance to $3.59-$3.67 EPS.

Analyst Upgrades and Downgrades

RNG has been the topic of several recent research reports. KeyCorp dropped their price target on RingCentral from $50.00 to $48.00 and set an overweight rating on the stock in a research note on Wednesday, February 21st. Wedbush reissued a neutral rating and issued a $40.00 price objective on shares of RingCentral in a research report on Friday, February 16th. Mizuho lifted their price target on shares of RingCentral from $36.00 to $38.00 and gave the company a buy rating in a research note on Wednesday. The Goldman Sachs Group lowered their price target on RingCentral from $38.00 to $34.00 and set a neutral rating on the stock in a research report on Wednesday, February 21st. Finally, Rosenblatt Securities reissued a neutral rating and issued a $35.00 price objective on shares of RingCentral in a report on Wednesday, May 1st. Nine research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, RingCentral has a consensus rating of Moderate Buy and an average price target of $39.28.

RingCentral Stock Up 14.6 %

Shares of NYSE RNG traded up $4.39 during midday trading on Wednesday, reaching $34.38. The company had a trading volume of 3,263,867 shares, compared to its average volume of 1,142,775. The firm’s fifty day moving average price is $32.80 and its 200-day moving average price is $31.90. RingCentral has a one year low of $25.08 and a one year high of $43.28. The stock has a market cap of $3.17 billion, a PE ratio of -19.57, a price-to-earnings-growth ratio of 3.24 and a beta of 0.94.

RingCentral (NYSE:RNG) last released its quarterly earnings data on Tuesday, February 20th. The software maker reported ($0.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.31). The business had revenue of $571.27 million for the quarter, compared to analysts’ expectations of $569.65 million. As a group, equities research analysts expect that RingCentral will post 0.45 EPS for the current year.

Insider Buying and Selling

In other news, CFO Vaibhav Agarwal sold 6,224 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $31.55, for a total value of $196,367.20. Following the sale, the chief financial officer now directly owns 130,753 shares of the company’s stock, valued at approximately $4,125,257.15. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, Director Kenneth A. Goldman sold 1,287 shares of the company’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $34.47, for a total value of $44,362.89. Following the completion of the transaction, the director now owns 23,688 shares of the company’s stock, valued at approximately $816,525.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Vaibhav Agarwal sold 6,224 shares of RingCentral stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $31.55, for a total transaction of $196,367.20. Following the sale, the chief financial officer now owns 130,753 shares in the company, valued at approximately $4,125,257.15. The disclosure for this sale can be found here. Insiders sold a total of 23,608 shares of company stock worth $800,974 in the last three months. 6.76% of the stock is owned by corporate 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.