RingCentral (NYSE:RNG) Updates FY24 Earnings Guidance

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

RingCentral Price Performance

Shares of RNG traded down $0.36 during mid-day trading on Friday, hitting $35.10. The stock had a trading volume of 204,544 shares, compared to its average volume of 1,134,133. The firm has a market cap of $3.24 billion, a P/E ratio of -20.26, a PEG ratio of 3.24 and a beta of 0.94. The business has a fifty day moving average price of $32.87 and a 200-day moving average price of $31.94. RingCentral has a 52 week low of $25.08 and a 52 week high of $43.28.

RingCentral (NYSE:RNG) last released its quarterly earnings data on Tuesday, February 20th. The software maker reported ($0.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.31). The company 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 fiscal year.

Analyst Ratings Changes

RNG has been the subject of several research analyst reports. Needham & Company LLC reaffirmed a buy rating and set a $42.00 price target on shares of RingCentral in a research note on Wednesday. Mizuho raised their target price on RingCentral from $36.00 to $38.00 and gave the company a buy rating in a research note on Wednesday. StockNews.com raised RingCentral from a buy rating to a strong-buy rating in a research report on Thursday. Piper Sandler lifted their price objective on RingCentral from $31.00 to $32.00 and gave the stock a neutral rating in a report on Wednesday. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on RingCentral from $38.00 to $42.00 and gave the stock a buy rating in a research report on Thursday. Ten equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and an average price target of $39.58.

Insider Activity

In related news, CFO Vaibhav Agarwal sold 6,224 shares of the company’s stock in a transaction 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 directly owns 130,753 shares in the company, valued at approximately $4,125,257.15. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CFO Vaibhav Agarwal sold 6,224 shares of RingCentral 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 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 is available through the SEC website. Also, Director Kenneth A. Goldman sold 1,287 shares of the firm’s 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 completion of the transaction, the director now directly owns 23,688 shares of the company’s stock, valued at $816,525.36. The disclosure for this sale can be found here. Insiders have sold 23,608 shares of company stock worth $800,974 over the last 90 days. 6.76% of the stock is owned by company insiders.

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.