RingCentral (NYSE:RNG) Updates 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 Trading Down 1.0 %

Shares of RNG stock opened at $30.00 on Wednesday. RingCentral has a twelve month low of $25.08 and a twelve month high of $43.28. The stock has a fifty day simple moving average of $32.80 and a two-hundred day simple moving average of $31.90. The stock has a market capitalization of $2.77 billion, a price-to-earnings ratio of -17.14, a P/E/G ratio of 3.24 and a beta of 0.94.

RingCentral (NYSE:RNG) last announced its quarterly earnings results on Tuesday, February 20th. The software maker reported ($0.33) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.31). The firm had revenue of $571.27 million for the quarter, compared to analysts’ expectations of $569.65 million. Research analysts predict that RingCentral will post 0.45 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Piper Sandler cut their price objective on shares of RingCentral from $34.00 to $31.00 and set a neutral rating on the stock in a report on Wednesday, February 21st. Rosenblatt Securities restated a neutral rating and issued a $35.00 target price on shares of RingCentral in a research note on Wednesday, May 1st. KeyCorp dropped their price target on RingCentral from $50.00 to $48.00 and set an overweight rating on the stock in a research note on Wednesday, February 21st. Morgan Stanley reduced their price objective on RingCentral from $35.00 to $32.00 and set an equal weight rating for the company in a research note on Wednesday, April 17th. Finally, Needham & Company LLC dropped their target price on RingCentral from $46.00 to $42.00 and set a buy rating on the stock in a research report on Wednesday, February 21st. Eight research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus target price of $38.56.

Insider Buying and Selling at RingCentral

In other RingCentral news, CFO Vaibhav Agarwal sold 6,224 shares of RingCentral 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 of the company’s stock, valued at $4,125,257.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other RingCentral news, Director Kenneth A. Goldman sold 1,287 shares of the company’s 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 owns 23,688 shares of the company’s stock, valued at $816,525.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Vaibhav Agarwal sold 6,224 shares of the stock in a transaction dated Wednesday, February 21st. The stock was 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 of the company’s stock, valued at approximately $4,125,257.15. The disclosure for this sale can be found here. Insiders sold a total of 23,608 shares of company stock worth $800,974 in the last three months. 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.