RingCentral (NYSE:RNG) Issues Q2 Earnings Guidance

RingCentral (NYSE:RNG) updated its second quarter earnings guidance on Tuesday. 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.

Analyst Ratings Changes

Several research firms have recently issued reports on RNG. Mizuho increased their price objective on shares of RingCentral from $36.00 to $38.00 and gave the stock a buy rating in a research report on Wednesday. Robert W. Baird increased their price objective on shares of RingCentral from $32.00 to $35.00 and gave the stock a neutral rating in a research report on Thursday. UBS Group increased their price objective on shares of RingCentral from $37.00 to $40.00 and gave the stock a neutral rating in a research report on Wednesday. Needham & Company LLC restated a buy rating and issued a $42.00 target price on shares of RingCentral in a research note on Wednesday. Finally, The Goldman Sachs Group reduced their price objective on shares of RingCentral from $38.00 to $34.00 and set a neutral rating on the stock in a research note on Wednesday, February 21st. Ten analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus price target of $39.58.

RingCentral Stock Up 2.7 %

Shares of RingCentral stock traded up $0.93 during trading 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 simple moving average of $32.83 and a 200 day simple moving average of $31.92. RingCentral has a 1 year low of $25.08 and a 1 year high of $43.28. The company has a market capitalization of $3.26 billion, a PE ratio of -20.17, a P/E/G ratio of 3.24 and a beta of 0.94.

RingCentral (NYSE:RNG) last posted its earnings results on Tuesday, February 20th. The software maker reported ($0.33) earnings per share (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 analysts’ expectations of $569.65 million. As a group, equities analysts expect 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 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 transaction, the director now owns 23,688 shares of the company’s stock, valued at $816,525.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other RingCentral news, 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 value 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Vaibhav Agarwal sold 14,113 shares of the company’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $34.84, for a total transaction 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 disclosure for this sale can be found here. Over the last three months, insiders sold 23,608 shares of company stock worth $800,974. 6.76% of the stock is owned by 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.