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 EPS guidance of 0.870-0.880 for the period, compared to the consensus EPS 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.

Analysts Set New Price Targets

A number of research firms have issued reports on RNG. Mizuho boosted their target price on shares of RingCentral from $36.00 to $38.00 and gave the company a buy rating in a research note on Wednesday. Morgan Stanley lowered their target price on 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 lifted their target price on RingCentral from $38.00 to $42.00 and gave the company a buy rating in a research note on Thursday. The Goldman Sachs Group decreased their price target on RingCentral from $38.00 to $34.00 and set a neutral rating for the company in a research note on Wednesday, February 21st. Finally, Rosenblatt Securities restated a neutral rating and set a $35.00 price objective on shares of RingCentral in a research note on Wednesday, May 1st. Ten analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and an average target price of $39.58.

RingCentral Trading Up 3.1 %

Shares of RingCentral stock traded up $1.07 on Thursday, reaching $35.46. 1,331,706 shares of the company were exchanged, compared to its average volume of 1,144,865. RingCentral has a fifty-two week low of $25.08 and a fifty-two week high of $43.28. The firm has a market capitalization of $3.27 billion, a price-to-earnings ratio of -20.17, a price-to-earnings-growth ratio of 3.24 and a beta of 0.94. The stock has a fifty day moving average price of $32.83 and a 200-day moving average price of $31.92.

RingCentral (NYSE:RNG) last posted its quarterly earnings data on Tuesday, February 20th. The software maker reported ($0.33) 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 the consensus estimate of $569.65 million. On average, equities analysts anticipate that RingCentral will post 0.45 earnings per share for the current fiscal year.

Insider Activity at RingCentral

In other news, Director Kenneth A. Goldman sold 1,287 shares of the firm’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 sale, 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 SEC, which is accessible through this link. In other RingCentral 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 value of $196,367.20. Following the transaction, the chief financial officer now owns 130,753 shares in the company, valued at approximately $4,125,257.15. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Kenneth A. Goldman sold 1,287 shares of RingCentral 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 sale, 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. In the last 90 days, insiders sold 23,608 shares of company stock worth $800,974. 6.76% of the stock is owned by corporate 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.