RingCentral (NYSE:RNG) Issues FY 2024 Earnings Guidance

RingCentral (NYSE:RNG) updated its FY 2024 earnings guidance on Thursday. The company provided EPS guidance of 3.620-3.670 for the period, compared to the consensus EPS estimate of 3.630. 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 Q3 guidance to $0.92 to $0.93 EPS.

RingCentral Trading Down 4.5 %

Shares of RNG traded down $1.59 on Thursday, reaching $33.46. 1,397,154 shares of the company’s stock traded hands, compared to its average volume of 1,169,868. The stock’s 50 day simple moving average is $31.31 and its two-hundred day simple moving average is $32.64. RingCentral has a 52-week low of $25.08 and a 52-week high of $40.96. The stock has a market cap of $3.08 billion, a PE ratio of -22.45, a PEG ratio of 2.96 and a beta of 1.03.

RingCentral (NYSE:RNG) last issued its quarterly earnings results on Tuesday, May 7th. The software maker reported $0.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.05. The company had revenue of $584.21 million during the quarter, compared to analysts’ expectations of $577.81 million. Analysts forecast that RingCentral will post 0.54 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Rosenblatt Securities reiterated a neutral rating and issued a $35.00 price objective on shares of RingCentral in a research note on Wednesday, May 1st. Wedbush reaffirmed a neutral rating and set a $40.00 price target on shares of RingCentral in a research report on Thursday, May 9th. Robert W. Baird lifted their price objective on RingCentral from $32.00 to $35.00 and gave the stock a neutral rating in a report on Thursday, May 9th. UBS Group upped their price objective on shares of RingCentral from $37.00 to $40.00 and gave the company a neutral rating in a report on Wednesday, May 8th. Finally, Mizuho lifted their target price on shares of RingCentral from $36.00 to $38.00 and gave the stock a buy rating in a research note on Wednesday, May 8th. Ten equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus price target of $38.94.

Insider Buying and Selling

In related news, CFO Vaibhav Agarwal sold 1,985 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $28.20, for a total transaction of $55,977.00. Following the completion of the transaction, the chief financial officer now directly owns 156,799 shares in the company, valued at $4,421,731.80. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, CFO Sonalee Elizabeth Parekh sold 8,478 shares of the stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $34.85, for a total value of $295,458.30. Following the transaction, the chief financial officer now owns 388,919 shares of the company’s stock, valued at approximately $13,553,827.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Vaibhav Agarwal sold 1,985 shares of RingCentral stock in a transaction on Monday, July 1st. The stock was sold at an average price of $28.20, for a total transaction of $55,977.00. Following the sale, the chief financial officer now directly owns 156,799 shares of the company’s stock, valued at $4,421,731.80. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 21,869 shares of company stock worth $762,165. 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.