RingCentral (NYSE:RNG) Updates FY 2024 Earnings Guidance

RingCentral (NYSE:RNG) updated its FY 2024 earnings guidance on Wednesday. The company provided EPS guidance of 3.590-3.670 for the period, compared to the consensus EPS estimate of 3.550. The company issued revenue guidance of $2.4 billion-$2.4 billion, compared to the consensus revenue estimate of $2.4 billion. RingCentral also updated its Q2 2024 guidance to 0.870-0.880 EPS.

RingCentral Stock Up 3.1 %

Shares of RingCentral stock traded up $1.07 on Thursday, hitting $35.46. 1,331,706 shares of the company were exchanged, compared to its average volume of 1,144,865. RingCentral has a 1-year low of $25.08 and a 1-year high of $43.28. The stock has a market capitalization of $3.27 billion, a price-to-earnings ratio of -20.17, a price-to-earnings-growth ratio of 3.24 and a beta of 0.94. The company has a 50-day moving average price of $32.83 and a 200 day moving average price of $31.92.

RingCentral (NYSE:RNG) last issued its earnings results on Tuesday, February 20th. The software maker reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.31). The business had revenue of $571.27 million during the quarter, compared to the consensus estimate of $569.65 million. Research analysts forecast that RingCentral will post 0.45 EPS for the current year.

Analysts Set New Price Targets

RNG has been the topic of several recent analyst reports. Needham & Company LLC reiterated a buy rating and issued a $42.00 target price on shares of RingCentral in a report on Wednesday. Robert W. Baird raised their target price on RingCentral from $32.00 to $35.00 and gave the stock a neutral rating in a research note on Thursday. KeyCorp decreased 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. Wells Fargo & Company raised their price objective on RingCentral from $31.00 to $33.00 and gave the stock an equal weight rating in a research report on Wednesday. Finally, Morgan Stanley decreased their target price on shares of RingCentral from $35.00 to $32.00 and set an equal weight rating on the stock in a research report on Wednesday, April 17th. Ten analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of Moderate Buy and a consensus price target of $39.58.

Insider Activity

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