RingCentral (NYSE:RNG) Releases FY24 Earnings Guidance

RingCentral (NYSE:RNG) 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.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Mizuho upped their target price on shares of RingCentral from $36.00 to $38.00 and gave the company a buy rating in a report on Wednesday. Wedbush reiterated a neutral rating and set a $40.00 price target on shares of RingCentral in a research note on Thursday. Needham & Company LLC reiterated a buy rating and issued a $42.00 price objective on shares of RingCentral in a research report on Wednesday. Morgan Stanley reduced their target price on shares of RingCentral from $35.00 to $32.00 and set an equal weight rating for the company in a research note on Wednesday, April 17th. Finally, KeyCorp reduced their price objective on shares of RingCentral from $50.00 to $48.00 and set an overweight rating for the company in a research note on Wednesday, February 21st. Ten 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 stock. According to MarketBeat, RingCentral presently has an average rating of Moderate Buy and a consensus price target of $39.58.

RingCentral Stock Performance

Shares of RingCentral stock traded up $0.93 on Thursday, hitting $35.31. The stock had a trading volume of 736,459 shares, compared to its average volume of 1,137,599. The stock has a 50 day moving average of $32.83 and a 200 day moving average of $31.92. RingCentral has a twelve month low of $25.08 and a twelve month high of $43.28. The firm has a market capitalization of $3.26 billion, a P/E ratio of -20.17, a PEG ratio of 3.24 and a beta of 0.94.

RingCentral (NYSE:RNG) last posted its quarterly earnings data 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 company had revenue of $571.27 million during the quarter, compared to the consensus estimate of $569.65 million. Equities analysts expect that RingCentral will post 0.45 earnings per share for the current year.

Insider Activity

In other news, CFO Vaibhav Agarwal sold 14,113 shares of the firm’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $34.84, for a total value of $491,696.92. Following the completion of the sale, the chief financial officer now directly owns 116,640 shares in the company, valued at approximately $4,063,737.60. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other RingCentral news, CFO Vaibhav Agarwal sold 14,113 shares of the stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $34.84, for a total value of $491,696.92. Following the sale, the chief financial officer now directly owns 116,640 shares in the company, valued at approximately $4,063,737.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 of the company’s stock, valued at approximately $816,525.36. The disclosure for this sale can be found here. Insiders sold 23,608 shares of company stock worth $800,974 in the last quarter. 6.76% of the stock is owned by corporate insiders.

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.