RingCentral (NYSE:RNG – Get Free Report) updated its FY24 earnings guidance on Tuesday. The company provided EPS guidance of $3.59-$3.67 for the period, compared to the consensus EPS 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.
Wall Street Analysts Forecast Growth
A number of equities research analysts have weighed in on RNG shares. UBS Group lifted their price objective on RingCentral from $37.00 to $40.00 and gave the company a neutral rating in a report on Wednesday. Piper Sandler lifted their price objective on RingCentral from $31.00 to $32.00 and gave the company a neutral rating in a report on Wednesday. The Goldman Sachs Group decreased their price objective on RingCentral from $38.00 to $34.00 and set a neutral rating on the stock in a report on Wednesday, February 21st. Mizuho lifted their target price on shares of RingCentral from $36.00 to $38.00 and gave the company a buy rating in a research note on Wednesday. Finally, Rosenblatt Securities reiterated a neutral rating and issued a $35.00 target price on shares of RingCentral in a research note on Wednesday, May 1st. Nine analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, RingCentral has a consensus rating of Moderate Buy and an average price target of $39.28.
Read Our Latest Stock Report on RNG
RingCentral Price Performance
RingCentral (NYSE:RNG – Get Free Report) last released 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 company had revenue of $571.27 million for the quarter, compared to analyst estimates of $569.65 million. On average, equities analysts predict that RingCentral will post 0.45 EPS for the current fiscal year.
Insider Activity
In other news, CFO Vaibhav Agarwal sold 6,224 shares of the company’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $31.55, for a total transaction of $196,367.20. Following the transaction, the chief financial officer now owns 130,753 shares in the company, valued at $4,125,257.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO Vaibhav Agarwal sold 6,224 shares of the company’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $31.55, for a total value 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 completion of the sale, the director now owns 23,688 shares in the company, valued at approximately $816,525.36. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 23,608 shares of company stock worth $800,974. Company insiders own 6.76% of the company’s stock.
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.
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