RingCentral (NYSE:RNG) Releases 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.

RingCentral Price Performance

Shares of RNG traded down $0.32 during mid-day trading on Tuesday, hitting $29.99. 928,868 shares of the company’s stock were exchanged, compared to its average volume of 1,115,825. RingCentral has a fifty-two week low of $25.08 and a fifty-two week high of $43.28. The business’s 50 day moving average is $32.85 and its two-hundred day moving average is $31.88.

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

Analysts Set New Price Targets

RNG has been the topic of several research reports. Wedbush reiterated a neutral rating and issued a $40.00 price target on shares of RingCentral in a research report on Friday, February 16th. Morgan Stanley dropped their price target on RingCentral from $35.00 to $32.00 and set an equal weight rating for the company in a research report on Wednesday, April 17th. Rosenblatt Securities reaffirmed a neutral rating and set a $35.00 price objective on shares of RingCentral in a research note on Wednesday, May 1st. The Goldman Sachs Group cut their target price on shares of RingCentral from $38.00 to $34.00 and set a neutral rating for the company in a research note on Wednesday, February 21st. Finally, KeyCorp decreased their price target on shares of RingCentral from $50.00 to $48.00 and set an overweight rating on the stock in a research note on Wednesday, February 21st. Eight equities research 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 stock. According to MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus price target of $38.56.

Insider Buying and Selling

In related news, CFO Vaibhav Agarwal sold 1,984 shares of the firm’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $34.55, for a total transaction of $68,547.20. Following the completion of the sale, the chief financial officer now directly owns 114,656 shares of the company’s stock, valued at approximately $3,961,364.80. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CFO Vaibhav Agarwal sold 1,984 shares of the firm’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $34.55, for a total transaction of $68,547.20. Following the transaction, the chief financial officer now directly owns 114,656 shares in the company, valued at $3,961,364.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kenneth A. Goldman sold 1,287 shares of the business’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 sale, the director now owns 23,688 shares of the company’s stock, valued at approximately $816,525.36. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 23,608 shares of company stock valued at $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.