RingCentral (NYSE:RNG – Get Free Report) issued an update on its second quarter earnings guidance on Tuesday morning. The company provided earnings per share guidance of $0.87-$0.88 for the period, compared to the consensus earnings per share estimate of $0.85. The company issued revenue guidance of $584.5-$587.5 million, compared to the consensus revenue estimate of $585.78 million. RingCentral also updated its FY24 guidance to $3.59-$3.67 EPS.
Wall Street Analysts Forecast Growth
Several equities analysts recently commented on the company. StockNews.com upgraded RingCentral from a buy rating to a strong-buy rating in a research note on Thursday. Deutsche Bank Aktiengesellschaft upped their price objective on RingCentral from $38.00 to $42.00 and gave the company a buy rating in a research note on Thursday. KeyCorp dropped their price objective on RingCentral from $50.00 to $48.00 and set an overweight rating on the stock in a research note on Wednesday, February 21st. Rosenblatt Securities reiterated a neutral rating and issued a $35.00 price objective on shares of RingCentral in a research note on Wednesday, May 1st. Finally, Piper Sandler increased their target price on RingCentral from $31.00 to $32.00 and gave the stock a neutral rating in a research report on Wednesday. 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 company’s stock. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus target price of $39.58.
Read Our Latest Research Report on RingCentral
RingCentral Trading Down 1.0 %
RingCentral (NYSE:RNG – Get Free Report) last announced its quarterly earnings data 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 business had revenue of $571.27 million during the quarter, compared to analysts’ expectations of $569.65 million. Analysts predict that RingCentral will post 0.45 earnings per share for the current year.
Insider Buying and Selling
In other news, Director Kenneth A. Goldman sold 1,287 shares of the company’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $34.47, for a total transaction of $44,362.89. Following the transaction, the director now directly owns 23,688 shares of the company’s stock, valued at $816,525.36. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CFO Vaibhav Agarwal sold 14,113 shares of the stock in a transaction on Friday, March 15th. The stock was sold at an average price of $34.84, for a total transaction of $491,696.92. Following the sale, the chief financial officer now owns 116,640 shares in the company, valued at approximately $4,063,737.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kenneth A. Goldman sold 1,287 shares of the 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 completion of the sale, the director now directly owns 23,688 shares in the company, valued at $816,525.36. The disclosure for this sale can be found here. Insiders have sold a total of 23,608 shares of company stock valued at $800,974 over the last ninety days. 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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