RingCentral (NYSE:RNG) Issues FY24 Earnings Guidance

RingCentral (NYSE:RNG) issued an update on its FY24 earnings guidance on Tuesday morning. 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.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. KeyCorp dropped their target price on shares of RingCentral from $50.00 to $48.00 and set an overweight rating on the stock in a report on Wednesday, February 21st. Rosenblatt Securities reissued a neutral rating and issued a $35.00 price target on shares of RingCentral in a research report on Wednesday, May 1st. The Goldman Sachs Group reduced their price objective on RingCentral from $38.00 to $34.00 and set a neutral rating for the company in a research report on Wednesday, February 21st. Wedbush reissued a neutral rating and issued a $40.00 target price on shares of RingCentral in a report on Friday, February 16th. Finally, Needham & Company LLC reduced their price target on RingCentral from $46.00 to $42.00 and set a buy rating for the company in a report on Wednesday, February 21st. Eight investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, RingCentral currently has an average rating of Moderate Buy and an average price target of $38.56.

RingCentral Price Performance

RingCentral stock traded down $0.31 during mid-day trading on Tuesday, reaching $30.00. 984,684 shares of the stock traded hands, compared to its average volume of 1,118,446. The business’s 50-day moving average is $32.85 and its 200-day moving average is $31.88. The stock 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 announced its earnings results on Tuesday, February 20th. The software maker reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.31). The company had revenue of $571.27 million for the quarter, compared to the consensus estimate of $569.65 million. Equities analysts anticipate that RingCentral will post 0.45 EPS for the current fiscal year.

Insider Transactions at RingCentral

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 transaction, the chief financial officer now owns 116,640 shares of the company’s stock, valued at $4,063,737.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other RingCentral news, Director Kenneth A. Goldman sold 1,287 shares of the company’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 $816,525.36. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Vaibhav Agarwal sold 14,113 shares of the firm’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $34.84, for a total transaction of $491,696.92. Following the sale, the chief financial officer now owns 116,640 shares in the company, valued at $4,063,737.60. The disclosure for this sale can be found here. Insiders sold 23,608 shares of company stock worth $800,974 in the last three months. 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.