RingCentral (NYSE:RNG – Get Free Report) updated its FY 2024 earnings guidance on Wednesday. The company provided EPS guidance of 3.590-3.670 for the period, compared to the consensus EPS 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 Analysts Forecast Growth
Several equities analysts have recently commented on RNG shares. The Goldman Sachs Group decreased their price objective on shares of RingCentral from $38.00 to $34.00 and set a neutral rating on the stock in a report on Wednesday, February 21st. Mizuho dropped their price objective on shares of RingCentral from $40.00 to $36.00 and set a buy rating for the company in a report on Wednesday, February 21st. Wedbush reiterated a neutral rating and set a $40.00 target price on shares of RingCentral in a report on Friday, February 16th. Needham & Company LLC dropped their price target on shares of RingCentral from $46.00 to $42.00 and set a buy rating for the company in a research note on Wednesday, February 21st. Finally, Wells Fargo & Company reduced their price objective on RingCentral from $36.00 to $31.00 and set an equal weight rating on the stock in a research note on Wednesday, February 21st. Eight investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average price target of $38.56.
View Our Latest Report on RingCentral
RingCentral Trading Down 1.0 %
RingCentral (NYSE:RNG – Get Free Report) last issued its quarterly 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 company had revenue of $571.27 million for the quarter, compared to analysts’ expectations of $569.65 million. As a group, research analysts predict that RingCentral will post 0.45 earnings per share for the current year.
Insider Activity at RingCentral
In other news, CFO Vaibhav Agarwal sold 6,224 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The stock was 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 of the company’s stock, valued at $4,125,257.15. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CFO Vaibhav Agarwal sold 6,224 shares of the business’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $31.55, for a total transaction of $196,367.20. Following the transaction, the chief financial officer now directly owns 130,753 shares in the company, valued at $4,125,257.15. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Kenneth A. Goldman sold 1,287 shares of the firm’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $34.47, for a total transaction of $44,362.89. Following the completion of the sale, the director now 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 have sold 23,608 shares of company stock worth $800,974 in the last quarter. Company 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.
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