RingCentral (NYSE:RNG) Updates 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 guidance of 3.590-3.670 for the period, compared to the consensus earnings per share 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 topic of a number of analyst reports. Robert W. Baird upped their target price on shares of RingCentral from $32.00 to $35.00 and gave the stock a neutral rating in a report 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. Mizuho lifted their price objective on RingCentral from $36.00 to $38.00 and gave the company a buy rating in a research note on Wednesday. Morgan Stanley decreased their target price on RingCentral from $35.00 to $32.00 and set an equal weight rating on the stock in a research note on Wednesday, April 17th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on RingCentral from $38.00 to $42.00 and gave the company a buy rating in a research report on Thursday. Ten equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, RingCentral has a consensus rating of Moderate Buy and an average price target of $39.58.

RingCentral Trading Up 3.1 %

RingCentral stock traded up $1.07 on Thursday, hitting $35.46. 1,331,706 shares of the stock traded hands, compared to its average volume of 1,144,865. The business’s fifty day simple moving average is $32.83 and its 200 day simple moving average is $31.92. The firm has a market cap of $3.27 billion, a P/E ratio of -20.17, a price-to-earnings-growth ratio of 3.24 and a beta of 0.94. RingCentral has a 1 year low of $25.08 and a 1 year 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 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 analyst estimates of $569.65 million. As a group, analysts predict that RingCentral will post 0.45 earnings per share for the current year.

Insider Activity at RingCentral

In other 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 transaction, the director now owns 23,688 shares in the company, valued at $816,525.36. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, Director Kenneth A. Goldman sold 1,287 shares of the business’s stock in a transaction on Thursday, March 7th. The stock was 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 owns 23,688 shares in the company, valued at $816,525.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Vaibhav Agarwal sold 6,224 shares of the stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $31.55, for a total value of $196,367.20. Following the sale, the chief financial officer now directly owns 130,753 shares in the company, valued at $4,125,257.15. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 23,608 shares of company stock valued at $800,974. 6.76% of the stock is owned by insiders.

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.