RingCentral (NYSE:RNG) Releases FY24 Earnings Guidance

RingCentral (NYSE:RNG) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $3.59-$3.67 for the period, compared to the consensus 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.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft increased their price objective on RingCentral from $38.00 to $42.00 and gave the company a buy rating in a research report on Thursday. Morgan Stanley decreased their price target 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. Robert W. Baird upped their price objective on shares of RingCentral from $32.00 to $35.00 and gave the company a neutral rating in a research report on Thursday. Mizuho lifted their target price on RingCentral from $36.00 to $38.00 and gave the stock a buy rating in a research report on Wednesday. Finally, Needham & Company LLC reaffirmed a buy rating and issued a $42.00 price target on shares of RingCentral in a report on Wednesday. Ten equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, RingCentral currently has a consensus rating of Moderate Buy and an average target price of $39.58.

RingCentral Price Performance

RingCentral stock traded up $0.93 during trading hours on Thursday, hitting $35.31. The company had a trading volume of 736,459 shares, compared to its average volume of 1,137,599. The firm has a 50-day moving average of $32.83 and a 200 day moving average of $31.92. The firm has a market cap of $3.26 billion, a PE ratio of -20.17, a PEG ratio of 3.24 and a beta of 0.94. RingCentral has a one year low of $25.08 and a one year high of $43.28.

RingCentral (NYSE:RNG) last posted 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 firm had revenue of $571.27 million during the quarter, compared to the consensus estimate of $569.65 million. As a group, research analysts expect that RingCentral will post 0.45 earnings per share for the current year.

Insider Buying and Selling at RingCentral

In other RingCentral news, CFO Vaibhav Agarwal sold 6,224 shares of the company’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $31.55, for a total transaction of $196,367.20. Following the completion of the sale, the chief financial officer now directly owns 130,753 shares in the company, valued at $4,125,257.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Kenneth A. Goldman sold 1,287 shares of RingCentral stock in a transaction dated Thursday, March 7th. The stock was 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 $816,525.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 completion of the transaction, the chief financial officer now owns 130,753 shares of the company’s stock, valued at $4,125,257.15. 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.

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.