RingCentral (NYSE:RNG) Issues Q2 2024 Earnings Guidance

RingCentral (NYSE:RNG) issued an update on its second quarter 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of 0.870-0.880 for the period, compared to the consensus earnings per share estimate of 0.850. The company issued revenue guidance of $584.5 million-$587.5 million, compared to the consensus revenue estimate of $585.5 million. RingCentral also updated its FY 2024 guidance to 3.590-3.670 EPS.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on RNG shares. KeyCorp reduced their price objective on RingCentral from $50.00 to $48.00 and set an overweight rating for the company in a report on Wednesday, February 21st. The Goldman Sachs Group cut their price target on RingCentral from $38.00 to $34.00 and set a neutral rating for the company in a research note on Wednesday, February 21st. Wedbush reaffirmed a neutral rating and set a $40.00 price objective on shares of RingCentral in a report on Thursday. 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. Finally, Robert W. Baird upped their price target on shares of RingCentral from $32.00 to $35.00 and gave the company a neutral rating in a research note on Thursday. Ten investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, RingCentral presently has an average rating of Moderate Buy and a consensus target price of $39.58.

RingCentral Trading Up 3.1 %

Shares of RNG traded up $1.07 during trading hours on Thursday, reaching $35.46. 1,331,706 shares of the company’s stock traded hands, compared to its average volume of 1,144,865. The firm’s 50 day simple moving average is $32.83 and its 200-day simple moving average is $31.92. The stock has a market cap of $3.27 billion, a PE ratio of -20.17, a price-to-earnings-growth ratio of 3.24 and a beta of 0.94. RingCentral has a 12 month low of $25.08 and a 12 month high of $43.28.

RingCentral (NYSE:RNG) last released its quarterly earnings results on Tuesday, February 20th. The software maker reported ($0.33) 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 analyst estimates of $569.65 million. As a group, analysts expect that RingCentral will post 0.45 earnings per share for the current fiscal year.

Insider Buying and Selling at RingCentral

In other RingCentral 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 completion of the sale, the chief financial officer now directly owns 130,753 shares in the company, valued at $4,125,257.15. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 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 transaction of $44,362.89. Following the completion of the sale, the director now directly owns 23,688 shares in the company, valued at approximately $816,525.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Vaibhav Agarwal sold 6,224 shares of the firm’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $31.55, for a total transaction of $196,367.20. Following the completion of the sale, the chief financial officer now directly owns 130,753 shares in the company, valued at approximately $4,125,257.15. The disclosure for this sale can be found here. Insiders have sold 23,608 shares of company stock worth $800,974 over the last ninety days. 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.