RingCentral (NYSE:RNG) Releases FY 2024 Earnings Guidance

RingCentral (NYSE:RNG) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 3.590-3.670 for the period, compared to the consensus estimate of 3.550. 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 Q2 2024 guidance to 0.870-0.880 EPS.

Wall Street Analyst Weigh In

RNG has been the subject of several recent analyst reports. Needham & Company LLC reduced their price objective on shares of RingCentral from $46.00 to $42.00 and set a buy rating for the company in a research report on Wednesday, February 21st. Wells Fargo & Company cut their price objective on shares of RingCentral from $36.00 to $31.00 and set an equal weight rating on the stock in a report on Wednesday, February 21st. KeyCorp lowered their target price on shares of RingCentral from $50.00 to $48.00 and set an overweight rating for the company in a report on Wednesday, February 21st. Morgan Stanley cut their price target on shares of RingCentral from $35.00 to $32.00 and set an equal weight rating on the stock in a report on Wednesday, April 17th. Finally, Piper Sandler cut their target price on RingCentral from $34.00 to $31.00 and set a neutral rating on the stock in a research note on Wednesday, February 21st. Eight analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, RingCentral currently has a consensus rating of Moderate Buy and an average price target of $38.56.

RingCentral Trading Down 1.0 %

Shares of RingCentral stock opened at $30.00 on Wednesday. The business’s 50-day moving average price is $32.80 and its 200-day moving average price is $31.90. The firm has a market capitalization of $2.77 billion, a PE ratio of -17.14, 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 data on Tuesday, February 20th. The software maker reported ($0.33) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.31). The firm had revenue of $571.27 million during the quarter, compared to analysts’ expectations of $569.65 million. As a group, analysts predict that RingCentral will post 0.45 earnings per share for the current fiscal year.

Insider Transactions at RingCentral

In related news, Director Kenneth A. Goldman sold 1,287 shares of the business’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $34.47, for a total value of $44,362.89. Following the completion of the transaction, the director now directly owns 23,688 shares in the company, valued at approximately $816,525.36. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other RingCentral news, CFO Vaibhav Agarwal sold 1,984 shares of RingCentral stock in a transaction on Monday, April 1st. The shares were sold at an average price of $34.55, for a total value of $68,547.20. Following the sale, the chief financial officer now directly owns 114,656 shares in the company, valued at approximately $3,961,364.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Kenneth A. Goldman sold 1,287 shares of the stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $34.47, for a total transaction of $44,362.89. Following the transaction, 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 have sold a total of 23,608 shares of company stock valued at $800,974 in the last ninety days. 6.76% of the stock is currently 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.