RingCentral (NYSE:RNG) Releases Q2 2024 Earnings Guidance

RingCentral (NYSE:RNG) issued an update on its second quarter 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of 0.870-0.880 for the period, compared to the consensus earnings per share estimate of 0.850. The company issued revenue guidance of $584.5 million-$587.5 million, compared to the consensus revenue estimate of $585.5 million. RingCentral also updated its FY 2024 guidance to 3.590-3.670 EPS.

RingCentral Stock Up 3.1 %

NYSE:RNG traded up $1.07 during trading hours on Thursday, reaching $35.46. 1,331,706 shares of the stock were exchanged, compared to its average volume of 1,144,865. The business has a 50-day moving average of $32.87 and a two-hundred day moving average of $31.94. The company has a market capitalization of $3.27 billion, a price-to-earnings ratio of -20.26, a PEG ratio of 3.24 and a beta of 0.94. RingCentral has a twelve month low of $25.08 and a twelve 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 analysts’ consensus estimates of ($0.02) by ($0.31). The company had revenue of $571.27 million during the quarter, compared to analysts’ expectations of $569.65 million. On average, research analysts forecast that RingCentral will post 0.45 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently issued reports on RNG. Morgan Stanley decreased their target price on shares of RingCentral from $35.00 to $32.00 and set an equal weight rating on the stock in a research report on Wednesday, April 17th. Deutsche Bank Aktiengesellschaft raised their price target on shares of RingCentral from $38.00 to $42.00 and gave the stock a buy rating in a research report on Thursday. KeyCorp dropped 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. The Goldman Sachs Group lowered their price target on RingCentral from $38.00 to $34.00 and set a neutral rating on the stock in a research report on Wednesday, February 21st. Finally, Piper Sandler lifted their target price on RingCentral from $31.00 to $32.00 and gave the stock a neutral rating in a report on Wednesday. Ten equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $39.58.

Insider Activity at RingCentral

In other RingCentral news, CFO Vaibhav Agarwal sold 6,224 shares of the company’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $31.55, for a total value of $196,367.20. Following the completion of the sale, the chief financial officer now directly owns 130,753 shares of the company’s stock, valued at approximately $4,125,257.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Vaibhav Agarwal sold 6,224 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $31.55, for a total transaction of $196,367.20. Following the sale, the chief financial officer now directly owns 130,753 shares in the company, valued at approximately $4,125,257.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kenneth A. Goldman sold 1,287 shares of RingCentral stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $34.47, for a total value 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 sold 23,608 shares of company stock valued at $800,974 in the last three months. Corporate insiders own 6.76% of the company’s stock.

About RingCentral

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.